December 2010 
There are 19 blog entries for December 2010.
High/Low Prices of 2010, Hills
Friday, December 31st, 2010 at 1:30am. 181 Views, 0 Comments.
As is our custom at year end, let's review the highest and lowest prices paid in MB in the past year.
We'll look at the 3 areas west of Sepulveda separately. Also, take a look back at our 2009 Hill Section high/low story, or our 2008 high/low story for all of MB west of Sepulveda.
Hill Section
The Hills quietly put together an amazing year, with 9 of the 12 priciest sales in west MB occurring in the sub-region, all above $4m. The 12th-most-expensive sale west of Sepulveda, 222 N. Poinsettia, was a double-lot land sale at $4.2m, and another land deal (600 John) is pending above $4m as well, though not yet sold.
Highest Price: 814 10th (5br/7ba, 9000 sq. ft.) got "honorable mention" in our end-of-year wrapup for 2009, because it was in escrow and had not…
We'll look at the 3 areas west of Sepulveda separately. Also, take a look back at our 2009 Hill Section high/low story, or our 2008 high/low story for all of MB west of Sepulveda.
Hill Section
The Hills quietly put together an amazing year, with 9 of the 12 priciest sales in west MB occurring in the sub-region, all above $4m. The 12th-most-expensive sale west of Sepulveda, 222 N. Poinsettia, was a double-lot land sale at $4.2m, and another land deal (600 John) is pending above $4m as well, though not yet sold.
Highest Price: 814 10th (5br/7ba, 9000 sq. ft.) got "honorable mention" in our end-of-year wrapup for 2009, because it was in escrow and had not…REOs East and West (WoS)
Wednesday, December 29th, 2010 at 5:36am. 206 Views, 0 Comments.
MB has mostly been spared the foreclosure carnage visited on other parts of California. That's one reason our market was recently called "the most stable housing market in the Los Angeles metro area." (See "Stability, Bullishness.")
But rules always have exceptions.
Two active listings in very different areas west of Sepulveda cry out to buyers with bargain prices for foreclosed/bank-owned properties.
The first that draws our notice here officially launched in early December, though it had a sign in front and was available as early as October.
1508 Oak (4br/2ba, 1775 sq. ft.) is as far east as you can get but still be west of Sepulveda, and it's got all the liabilities you might worry about.
It's on the "wrong" (commercial-adjacent) side of Oak and adjoins…
But rules always have exceptions.
Two active listings in very different areas west of Sepulveda cry out to buyers with bargain prices for foreclosed/bank-owned properties.
The first that draws our notice here officially launched in early December, though it had a sign in front and was available as early as October. 1508 Oak (4br/2ba, 1775 sq. ft.) is as far east as you can get but still be west of Sepulveda, and it's got all the liabilities you might worry about.
It's on the "wrong" (commercial-adjacent) side of Oak and adjoins…
White Elephant Finally Sells Out
Monday, December 27th, 2010 at 3:50pm. 168 Views, 0 Comments.
A package of 5 modern, new condos we once called the "White Elephant of El Porto" has now mostly sold.
It has taken more than a year. The first listing hit the MLS in October 2009; all were up by Thanksgiving 2009.
MBC first took note of the project's launch in March 2008, when a steep, sandy hillside was being torn up and shaped for the development. (See "Coming Soon to El Norte.") It was a heck of a time to start a spec build, as the whole local market was, itself, on a major downslope. The land – a double lot with the legal address of 4321 Crest – had actually been acquired a year earlier, in Feb. 2007, for $3m.
We've checked in occasionally on these units. Some price records were wiped out in re-lists during 2010, but we've preserved the start prices…
It has taken more than a year. The first listing hit the MLS in October 2009; all were up by Thanksgiving 2009.
MBC first took note of the project's launch in March 2008, when a steep, sandy hillside was being torn up and shaped for the development. (See "Coming Soon to El Norte.") It was a heck of a time to start a spec build, as the whole local market was, itself, on a major downslope. The land – a double lot with the legal address of 4321 Crest – had actually been acquired a year earlier, in Feb. 2007, for $3m.
We've checked in occasionally on these units. Some price records were wiped out in re-lists during 2010, but we've preserved the start prices…
Holiday Gifts for MB'ers
Thursday, December 23rd, 2010 at 4:29am. 247 Views, 0 Comments.
Christmas is just around the corner, and there are always a few tough-to-shop-for people on your list.
If some of them are MB residents, maybe we can help – with our first-ever, last-minute gift guide.
For the Athletically Inclined
Bike Path Multi-Use Pass – Many were appalled this Summer when police cited a rollerblader for skating on the beachfront bike path. The law is the law, they said, and the bike path is clearly marked.
But despite the crackdown, your friends or loved ones can now jog, blade or push a baby stroller on the bike path, if you're quick enough to purchase one of only 50 exclusive one-year passes. It's like having a carpool-lane sticker for your Prius.
With the new Bike Path Multi-Use Pass, you or your giftee will be free to join the…
If some of them are MB residents, maybe we can help – with our first-ever, last-minute gift guide.
For the Athletically Inclined
Bike Path Multi-Use Pass – Many were appalled this Summer when police cited a rollerblader for skating on the beachfront bike path. The law is the law, they said, and the bike path is clearly marked.But despite the crackdown, your friends or loved ones can now jog, blade or push a baby stroller on the bike path, if you're quick enough to purchase one of only 50 exclusive one-year passes. It's like having a carpool-lane sticker for your Prius.
With the new Bike Path Multi-Use Pass, you or your giftee will be free to join the…
A Few Late 2010 Closings
Wednesday, December 22nd, 2010 at 4:36am. 230 Views, 0 Comments.
There always seems to be a minor rush to get sales closed by Dec. 31. Three of the most recent sales are noteworthy – one for the fact that it took so many, many months to happen.
Fairly quick on the scale is
509 N. Dianthus (3br/3ba, 2250 sq. ft.). This one was last purchased in May 2009 for $1.150m. Before then, the home had been upgraded from its 60s vintage, but the newest (short-term) owners gave it a much more contemporary flair, redoing the kitchen, flooring and such.
Before you knew it, they decided to move to a different home in the Hills, and 509 Dianthus was back on market just 16 months later, right after Labor Day this year.
Hoping to recoup the costs of their upgrades, the owners sought $1.349m to start this year, but they took quite a bit…
Fairly quick on the scale is
509 N. Dianthus (3br/3ba, 2250 sq. ft.). This one was last purchased in May 2009 for $1.150m. Before then, the home had been upgraded from its 60s vintage, but the newest (short-term) owners gave it a much more contemporary flair, redoing the kitchen, flooring and such.Before you knew it, they decided to move to a different home in the Hills, and 509 Dianthus was back on market just 16 months later, right after Labor Day this year.
Hoping to recoup the costs of their upgrades, the owners sought $1.349m to start this year, but they took quite a bit…
Tree Lots Around and Under $800k
Monday, December 20th, 2010 at 4:45pm. 183 Views, 0 Comments.
As we approach year end, there are still 2 homes for sale in the Trees priced below $800k, and one that maybe could be, but isn't yet. These and a few other listings may redefine lot values in the area to the downside, even as other data herald something of a rebound.
When looking at Tree Section lot values, you're always going to find the least-pricey values on difficult streets (Oak, Pacific, Rosecrans) or out on the periphery, often near the refinery.
Of the actives we're looking at today, 2 fit that "periphery" definition:
3401 Palm (2br/1ba, 820 sq. ft., 4640 sq. ft. lot) is within a couple blocks of Rosecrans, but doesn't seem overwhelmed by the refinery-adjacent location. Plenty of newer, nice, bigger homes are found up and down the block. In short,…
When looking at Tree Section lot values, you're always going to find the least-pricey values on difficult streets (Oak, Pacific, Rosecrans) or out on the periphery, often near the refinery.
Of the actives we're looking at today, 2 fit that "periphery" definition:
3401 Palm (2br/1ba, 820 sq. ft., 4640 sq. ft. lot) is within a couple blocks of Rosecrans, but doesn't seem overwhelmed by the refinery-adjacent location. Plenty of newer, nice, bigger homes are found up and down the block. In short,…Stability, Bullishness
Friday, December 17th, 2010 at 5:40pm. 172 Views, 0 Comments.
We know 2010 has been better in local RE than the years just before it. That's been clear in the tone and coverage here at MBC. We followed the facts in years when the indicators pointed to trouble, and we've done the same this year as the picture brightened. (See, for instance, "Front-Line Views of the Rally," from March.)
What is driving the improvement, or whether it's sustainable, is a question for another day.
As we near year-end, Zillow.com has run an analysis of various real estate markets for Forbes magazine, and the mag has deemed the market in Manhattan Beach "the most stable housing market in the Los Angeles metro area." Forbes adds:
It is the priciest city to make our list: The median home is worth $1.2 million, almost three times the…
What is driving the improvement, or whether it's sustainable, is a question for another day.
As we near year-end, Zillow.com has run an analysis of various real estate markets for Forbes magazine, and the mag has deemed the market in Manhattan Beach "the most stable housing market in the Los Angeles metro area." Forbes adds:It is the priciest city to make our list: The median home is worth $1.2 million, almost three times the…
2 More Overbids
Thursday, December 16th, 2010 at 5:26am. 230 Views, 0 Comments.
When bidding wars break out, as we've seen a few times this year, you know a couple of things:
It's certainly not 2009 anymore in the Hill Section, where 636 9th, a lot sale, just closed for $3.6m – a marked step up from a start at $3.0m.
This is a 9425 sq. ft. Hill Section lot with "ocean view potential" that lasted only a week.
As we first discussed in a South Bay Confidential column, the bidding war that broke out over 9th included neighbors looking to protect their own views. Turns out, what they feared most was that view "potential" being realized by a new owner.
In the end, it was the neighbors who…
- It's not a depression everywhere; and
- Sellers have gotten some kind of message, maybe something like, "don't play around."
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| View from 636 9th |
This is a 9425 sq. ft. Hill Section lot with "ocean view potential" that lasted only a week.
As we first discussed in a South Bay Confidential column, the bidding war that broke out over 9th included neighbors looking to protect their own views. Turns out, what they feared most was that view "potential" being realized by a new owner.
In the end, it was the neighbors who…
Open Forum (12/16- )
Thursday, December 16th, 2010 at 4:28am. 1,958 Views, 0 Comments.
Sometimes, it's clear when MBC needs a new "Open Forum."
When we lose a police chief, or gain a city manager.
When the governor-elect starts talking about the state budget outlook, and words like "grim" and "devastating" don't even begin to tell the story, and you have to know that carnage trickles down. (See the gov-elect's Powerpoint here, or this page with links to others.)
When there really hasn't been enough talk about toilets in MB, despite some big changes.
Please use this "Open Forum" post to discuss whatever's on your mind – the commercialization of, and/or war on, Christmas, whether the Minnesota Vikings should join the Lakers in playing in downtown L.A., or whether the Fed's relative string of successes will…
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| New MB City Manager David Carmany |
When the governor-elect starts talking about the state budget outlook, and words like "grim" and "devastating" don't even begin to tell the story, and you have to know that carnage trickles down. (See the gov-elect's Powerpoint here, or this page with links to others.)
When there really hasn't been enough talk about toilets in MB, despite some big changes.
Please use this "Open Forum" post to discuss whatever's on your mind – the commercialization of, and/or war on, Christmas, whether the Minnesota Vikings should join the Lakers in playing in downtown L.A., or whether the Fed's relative string of successes will…
Poof! Goes $900k
Tuesday, December 14th, 2010 at 3:04pm. 166 Views, 0 Comments.
A recent Tree Section short sale took months to complete. Then again, it's not easy to make $900k disappear.
That's roughly what happened at 931 17th (6br/5ba, 3425 sq. ft.), though, where a sale has now posted at $1.580m, a full $720k below the June 2005 acquisition price of $2.3m when the home was new.
It's a punishing 31% drop from the price just 5 years ago.
Before we consider this one an object lesson in neighborhood prices – is everyone really down 31% since '05? – we should note that new homes built by the developer of this particular unit during the bubble have occasionally sold for curiously high prices.
Just a few blocks away, the plain-vanilla, less-than-ideally located home at 2612 Poinsettia sold for asking, exactly $2.199m, in Feb. 2008 – after…
That's roughly what happened at 931 17th (6br/5ba, 3425 sq. ft.), though, where a sale has now posted at $1.580m, a full $720k below the June 2005 acquisition price of $2.3m when the home was new. It's a punishing 31% drop from the price just 5 years ago.
Before we consider this one an object lesson in neighborhood prices – is everyone really down 31% since '05? – we should note that new homes built by the developer of this particular unit during the bubble have occasionally sold for curiously high prices.
Just a few blocks away, the plain-vanilla, less-than-ideally located home at 2612 Poinsettia sold for asking, exactly $2.199m, in Feb. 2008 – after…
