September 2010 
There are 20 blog entries for September 2010.
What Can You Get for About $1.2m?
Thursday, September 30th, 2010 at 3:43am. 197 Views, 0 Comments.
In MB west of Sepulveda, the $1m mark isn't really the entry level, though there are some homes priced around there.
It seems that $1.2m is more of the price at which you'll get some of the right combination of size, location and decent condition to provide value. Here's a look at some recent offerings, including some in escrow:
516 1st (pictured), a smallish (3br/2ba, 1175 sq. ft.) cottage that launched in early August at $1.219m. (See "Breaking the Curse on 1st?") They made a deal within a few weeks and recently changed the "in escrow" sign to "sold," but haven't posted a closed price yet.
922 11th (3br/2ba, 1525 sq. ft.) is technically in the Hill Section, a 1950s cottage that's had some sprucing up here and there but is otherwise pretty plain, and that…
It seems that $1.2m is more of the price at which you'll get some of the right combination of size, location and decent condition to provide value. Here's a look at some recent offerings, including some in escrow:
516 1st (pictured), a smallish (3br/2ba, 1175 sq. ft.) cottage that launched in early August at $1.219m. (See "Breaking the Curse on 1st?") They made a deal within a few weeks and recently changed the "in escrow" sign to "sold," but haven't posted a closed price yet. 922 11th (3br/2ba, 1525 sq. ft.) is technically in the Hill Section, a 1950s cottage that's had some sprucing up here and there but is otherwise pretty plain, and that…
Racing Pumpkins Return
Wednesday, September 29th, 2010 at 4:06am. 145 Views, 0 Comments.
The humble origins of MB's pumpkin races trace back to neighborhoods east of Highland – gasp! maybe even east of Sepulveda!
Some day we'll tell our kids, and people all over America the world will tell their kids, that the notion of racing pumpkins on skate wheels down any available incline didn't always used to culminate in a high-pressure, big-money spectacle at the Manhattan Beach Pier.
Oh, yes, we'll say, there was a time when there was more beer and less candy, and a lot less hype. But that was all before the internets. And before the big boys got involved.
Face it, though, as an MB original turns 20 this year, the World Famous Pumpkin Race has grown. We now do it downtown. The originators now claim "hundreds" of clones of the event.
Soon there will be a…
Some day we'll tell our kids, and people all over America the world will tell their kids, that the notion of racing pumpkins on skate wheels down any available incline didn't always used to culminate in a high-pressure, big-money spectacle at the Manhattan Beach Pier.Oh, yes, we'll say, there was a time when there was more beer and less candy, and a lot less hype. But that was all before the internets. And before the big boys got involved.
Face it, though, as an MB original turns 20 this year, the World Famous Pumpkin Race has grown. We now do it downtown. The originators now claim "hundreds" of clones of the event.
Soon there will be a…
They Say It's Nice to Be #3
Tuesday, September 28th, 2010 at 3:59am. 144 Views, 0 Comments.
The word among RE agents is that you want to be the third agent on a listing.
You'd prefer to be so charming and rigorous and persuasive with a seller as to nail the right price on a property the first time. In that sense, it's better to be first. You'll close the deal if all goes right.
But the third agent should benefit most from the sacking of a problem seller's delusions.
There's only going to be a third agent if the listing has had issues. Time and hard experience have hammered a seller to the breaking point.
If they really mean to sell, by #3 the sellers are thinking: Hey, maybe it IS the price, not my harebrained agent's failings – maybe that's why I can't sell this house. Finally, they'll start to make the cuts they need to make to get a deal they can…
You'd prefer to be so charming and rigorous and persuasive with a seller as to nail the right price on a property the first time. In that sense, it's better to be first. You'll close the deal if all goes right.
But the third agent should benefit most from the sacking of a problem seller's delusions.
There's only going to be a third agent if the listing has had issues. Time and hard experience have hammered a seller to the breaking point.
If they really mean to sell, by #3 the sellers are thinking: Hey, maybe it IS the price, not my harebrained agent's failings – maybe that's why I can't sell this house. Finally, they'll start to make the cuts they need to make to get a deal they can…
A Boost Over '07?
Monday, September 27th, 2010 at 4:06am. 173 Views, 0 Comments.
This year's been a recovery year of sorts, but that doesn't mean sellers are getting 2007 prices, does it?
One new listing is going to try for a little markup. We'll see how it plays out.
The home's a beaut in the quiet South End, so that's a good start.
It's 417 2nd (5br/5ba, 4325 sq. ft.), a newer (2004) Cape Cod on a corner lot at Crest, which the listing describes simply as "the finest" Cape Cod in the Sand.
Big claim. Oh, the agent built it.
There was a pretty big jump in this home's market value between 2004-2007.
A listing logged 30 DOM in 2004, but looks like a pre-completion sale. (The listing noted "new construction" and was listed for sale by the builder.) Regardless, the sale price was $2.1m in March '04.
The owners solicited buyers at $3.599m in…
One new listing is going to try for a little markup. We'll see how it plays out.
The home's a beaut in the quiet South End, so that's a good start. It's 417 2nd (5br/5ba, 4325 sq. ft.), a newer (2004) Cape Cod on a corner lot at Crest, which the listing describes simply as "the finest" Cape Cod in the Sand.
Big claim. Oh, the agent built it.
There was a pretty big jump in this home's market value between 2004-2007.
A listing logged 30 DOM in 2004, but looks like a pre-completion sale. (The listing noted "new construction" and was listed for sale by the builder.) Regardless, the sale price was $2.1m in March '04.
The owners solicited buyers at $3.599m in…
Messages Behind the Cuts
Friday, September 24th, 2010 at 7:12pm. 138 Views, 0 Comments.
For several weeks now, the sellers at 3521 Maple have been nearly begging for attention: Please, someone notice our shortie.They're doing it by way of significant price cuts every week to 10 days. The most recent chop, to $1.099m, brings the price down $420k, fully 28% off the start from July 31 at $1.519m.
That makes for an attractive price, overall, on a home we called "adequately sized (4br/3ba, 2525 sq. ft.) ... on an extra-size lot (5800 sq. ft.) with a pool" in our first reference to the property.
But here's something you might not have known while Maple was sending up these smoke signals over the past 2 months – it has only now returned to the price we first saw it at late last year. In December it was up briefly at $1.1m as a short sale, but the…
Median Price Bouncing Back
Wednesday, September 22nd, 2010 at 8:55pm. 118 Views, 0 Comments.
If you know MBC, you know we're not big fans of median-price data.
We've called medians one of the worst measures of the market, except for the alternatives.
The attraction of median prices is that they typically come out of a large dataset. Also, you don't engage in averaging of prices, which in a town like MB would be incredibly misleading. The median's the midpoint of all sale prices: half the homes sold for more, half sold for less. (You can forgive some people for seeing this as arbitrary.)
People rely on the median nonetheless. The problem is that its movement is just a big trend note. You'll see individual sales and resales bounce all around the median line, with no rhyme or reason. Depending on what you're looking for, you probably won't find it in…
We've called medians one of the worst measures of the market, except for the alternatives.
The attraction of median prices is that they typically come out of a large dataset. Also, you don't engage in averaging of prices, which in a town like MB would be incredibly misleading. The median's the midpoint of all sale prices: half the homes sold for more, half sold for less. (You can forgive some people for seeing this as arbitrary.)
People rely on the median nonetheless. The problem is that its movement is just a big trend note. You'll see individual sales and resales bounce all around the median line, with no rhyme or reason. Depending on what you're looking for, you probably won't find it in…
To Tax or Not to Tax?
Tuesday, September 21st, 2010 at 5:45pm. 130 Views, 0 Comments.
Tuesday night, the MB City Council takes up a discussion of taxing real estate agents.
Is it a new idea? Yes and no.
Is there a lot of money at stake? Almost surely, no.
Do other cities impose the tax? By and large, yes.
But ever since MB began down this road, it's been controversial. Who wants to pay a tax if they don't have to? (See the Daily Breeze's recent coverage here, and the Beach Reporter's here.)
The city began down this road inartfully, determining on its own that it was time to apply the business tax that applies to other independent contractors equally to real estate agents. The city then began sending nastygrams to real estate agents in April suggesting that they were not complying with the law, and adding that failing to reply to the letter…
Is it a new idea? Yes and no.Is there a lot of money at stake? Almost surely, no.
Do other cities impose the tax? By and large, yes.
But ever since MB began down this road, it's been controversial. Who wants to pay a tax if they don't have to? (See the Daily Breeze's recent coverage here, and the Beach Reporter's here.)
The city began down this road inartfully, determining on its own that it was time to apply the business tax that applies to other independent contractors equally to real estate agents. The city then began sending nastygrams to real estate agents in April suggesting that they were not complying with the law, and adding that failing to reply to the letter…
A Quick Look at August
Tuesday, September 21st, 2010 at 3:17am. 127 Views, 0 Comments.
What happened last year in August?MBC took an unannounced holiday from the MB Market Update spreadsheets. Turns out, that's a tough month to keep everything up to date.
But we emerged last September with a big change. We launched the new, online version of the spreadsheets – allowing at-a-glance views of activity in local market segments and clickable links to property descriptions.
This year, we also fell behind in August.
We've now climbed out of that hole, tightened up the spreadsheet content by knocking out deadwood, and we're providing a glance at the data below.
The mid-September update is right around the corner, and we're still looking at ways to improve our system.
Thanks for bearing with us. We know the updates are among the more popular features…
Sunday Opens (9/19)
Sunday, September 19th, 2010 at 1:04pm. 121 Views, 0 Comments.
Our best wishes to those observing the holiday Saturday.
Here we've reached a minor landmark this week… it's the first time MBC has had occasion to mention Better Homes & Gardens magazine. (See the first Tree Section listing below.)
To plan out your weekend tours, try this Redfin map list of open houses – you can sort by price or sub-region of MB by clicking the title on a column. Or click here for the more traditional Beach Reporter list of opens (which may not be as complete).
As always, click on any highlighted address for more pics & details via Redfin. We ask MBC readers who visit the featured homes, or any open house, to also report back in the comments here. Tell us what you see, what you like and what you don't like.
Sand Section
2808 Manhattan…
Here we've reached a minor landmark this week… it's the first time MBC has had occasion to mention Better Homes & Gardens magazine. (See the first Tree Section listing below.)
To plan out your weekend tours, try this Redfin map list of open houses – you can sort by price or sub-region of MB by clicking the title on a column. Or click here for the more traditional Beach Reporter list of opens (which may not be as complete).
As always, click on any highlighted address for more pics & details via Redfin. We ask MBC readers who visit the featured homes, or any open house, to also report back in the comments here. Tell us what you see, what you like and what you don't like.
Sand Section
2808 Manhattan…Goin' South
Friday, September 17th, 2010 at 4:16am. 126 Views, 0 Comments.
The South End of MB's Sand Section is one of the town's quieter pockets. Despite the area's charms, not all the recent listings down south have had an easy time.
88 Manhattan Ave. (3br/4ba, 2150 sq. ft., TH) is the southernmost listing we'll discuss – in fact, some may wonder if it's technically Hermosa. (Nope.) The mid-90s modern has been updated to suit 21st-century tastes.
The sellers recognize that they won't get the $2.2m they paid in Nov. 2007 in a resale now.
Last year, they tried at $1.999m and came down to $1.899m. This year, they tried at that price point again for a while, but after several months off, they're back at $1.799m, with the property queued up for a $400k drop in value (-18%), while the sellers stand to lose more after costs of sale.
…
88 Manhattan Ave. (3br/4ba, 2150 sq. ft., TH) is the southernmost listing we'll discuss – in fact, some may wonder if it's technically Hermosa. (Nope.) The mid-90s modern has been updated to suit 21st-century tastes.The sellers recognize that they won't get the $2.2m they paid in Nov. 2007 in a resale now.
Last year, they tried at $1.999m and came down to $1.899m. This year, they tried at that price point again for a while, but after several months off, they're back at $1.799m, with the property queued up for a $400k drop in value (-18%), while the sellers stand to lose more after costs of sale.
…