There are 20 blog entries for January 2011.
Monday, January 31st, 2011 at 8:58pm. 392 Views, 0 Comments.
That is what happened at one point to 1604 Poinsettia (5br/4ba, 3125 sq. ft.). Upon its completion in late 2004, investors paid $1.8m for the home, and soon had tenants moved in.
By July 2005, with a wondrous surge of real estate optimism all around, the owners were ready to cash in. (Even if it had been only 6 months.) The property came to market at $2.495m (+$695k/+39%).
That astonishing markup may look delusional now, but guess what they got for it?
In December 2005, a resale of the same property closed at $2.2m (+$400k/+22%). Even with 5% costs of sale deducted, that's still a…
Sunday, January 30th, 2011 at 5:04am. 438 Views, 0 Comments.
The selling season should begin to kick into a higher gear next week. The Super Bowl marks the traditional kickoff for local RE.
Meantime we'll mix up a few new and returning listings as we prepare for Green Bay's big march to victory next week. (Unless they let Roethlisberger roll out.)
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…
Friday, January 28th, 2011 at 5:07am. 469 Views, 0 Comments.
Over at 224 34th, we have yet another 2006 purchase that's hoping for a 2011 sale.
It's the third 2006 purchase we've covered this week, with 2 others being recent closed sales that came in 24% and 43% (yikes!) below their 2006 acquisition prices.
But at 224 34th, the sellers are thinking they've got a different story to tell.
Let's stipulate that this El Norte walkstreet home is big (4br/4ba, 3700 sq. ft.) and beautiful, thanks to a fairly recent remodel ("built by a perfectionist and impeccably maintained," per the listing). The ocean views are significant. (The listing pics are good, too – you notice the difference when someone puts in the effort.)
The main question we'll confront here…
Thursday, January 27th, 2011 at 5:29am. 591 Views, 0 Comments.
Now comes another.
3011 Valley (4br/4ba, 3250 sq. ft.) is a big, charming home. We always loved the red door on this Cape Cod for some reason.
Inside, the home's interesting and different, but quite friendly and mostly up to date. The busy street outside recedes in importance, since most of the home faces treetops out back and is built along a modest downslope. You actually feel "above it all" rather than somehow hemmed in by Valley.
3011 was last purchased in April 2006 for $1.9m, a mint for something on Valley even then, and that was the first mistake.
The home soon became a rental, but the investor/owners started looking for a…
Wednesday, January 26th, 2011 at 7:06pm. 446 Views, 0 Comments.
As we noted in "Three Comebackers, Different Fates," the shortie was poised for a substantial loss against its April 2006 acquisition at $1.355m. Last year's start at $989k was brutal, and a later drop to $899k set up a loss of value of at least one-third against the bubble price.
All these months later, a sale that closed last week represents an even deeper chasm. 714 MBB sold for $776k, a stark 43% drop in less than 5 years, and $579k in vanished equity.
Pay too much at a market peak, and be punished.
This was one of the first homes to be prominently featured at MBC, back in May 2007, in a post called "A Tale of Two Townhomes." That story concerned a…
Tuesday, January 25th, 2011 at 6:56pm. 613 Views, 0 Comments.
Tired of those old-school "virtual tours," amounting to little more than a montage of the listing pics?
Check out this new video hawking 1600 The Strand (current list: $12.499m) and let us know what you think.
Oh, and due to some vaguely adult themes, it's probably best to be sure the kids aren't watching.
Monday, January 24th, 2011 at 9:05pm. 315 Views, 0 Comments.
A half lot in the Tree Section? Except for the skinny lots along Valley, a half lot is as rare there as a little cottage is in the Hill Section. Maybe rarer.
But a half lot (2240 sq. ft.) is what they offered along with the home at 910 14th (3br/3ba, 1575 sq. ft.), which hit the market last November. This created a puzzle for valuing the home. There are no true comps if you can't find land of the same size in other recent sales.
Land is normally the biggest component of a valuation in MB, but what would you say about the land at 14th? If Tree Section dirt is worth…
Saturday, January 22nd, 2011 at 4:05pm. 370 Views, 0 Comments.
It turns out, much of the rest of the South Bay is in a similar spot.
That previous story – tying back to a prior South Bay Confidential column for the Daily Breeze – also showed that Redondo's median was down 14% from peak. Hermosa was down 19% at year-end 2010.
Now, research for the newest SB Confidential column shows that Torrance and PV are each down 15% from peak. (Click the link to see the whole writeup; click this graphic to enlarge.)
That's a pretty impressive state to find the whole South Bay in after the carnage of recent years.
Friday, January 21st, 2011 at 7:23pm. 527 Views, 0 Comments.
A listing comes, it goes, it comes back. In the not-quite 4 years since MBC launched, we've had the opportunity to cover the sales, and then resales, of several properties.
Looks like we'll have another chance, this time with 2509 Palm.
You may recall that 2509 Palm (5br/4ba, 3200 sq. ft.) was one of the last speckies developed by one particular builder in the last cycle. Facing a torrent of issues, he put up 5 unsold speckies for auction back in November 2008. None sold, and 2509 Palm wound up foreclosing.
(For a refresher, see MBC's first post on the auctions, "Name Your Price?", the post on Palm foreclosing, "Back to the Bank," or the recent wrapup story on the auctions' results,…
Thursday, January 20th, 2011 at 5:27pm. 507 Views, 0 Comments.
That was certainly the nature of the question early last month, when we asked you about 2913 Pacific (3br/2ba, 1900 sq. ft.), which had just hit the market at $1.1m. (See "Pricing Poll: 2913 Pacific.")
But you never know who's out there shopping, or what motivations or assets they may have.
Turns out, 2913 Pacific was targeted by someone relocating to MB who was on a fairly tight timeline, and had about $1m to spend. The home seemed to be the best of the available options, and he cut a deal before Christmas.
Did we say he…