January 2011 
There are 20 blog entries for January 2011.
New Tree REO
Monday, January 31st, 2011 at 8:58pm. 140 Views, 0 Comments.
In our local market's go-go years, if you were an investor (or group), your dream was to grab a high-priced property in MB and let it go again shortly thereafter for a tidy profit.
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…
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 Opens (1/30)
Sunday, January 30th, 2011 at 5:04am. 161 Views, 0 Comments.
There's been a nice trickle of new inventory so far this year, though behind the scenes, a number seem to be hitting now due to distress, personal or financial.
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…
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…
Not Rewinding on 34th
Friday, January 28th, 2011 at 5:07am. 191 Views, 0 Comments.
In a trilogy, sometimes you get a different ending than you expected.
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…
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…
Another Big Rewind
Thursday, January 27th, 2011 at 5:29am. 146 Views, 0 Comments.
We just finished telling the tale of a peak-year purchase that suffered terribly in a Jan. 2011 resale. (See "Punishment on MBB.")
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…
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…
Punishment on MBB
Wednesday, January 26th, 2011 at 7:06pm. 157 Views, 0 Comments.
The portents weren't good for the TH at 714 MBB (3br/3ba, 1675 sq. ft.) when it hit the market last April.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…
You Sexy Thing
Tuesday, January 25th, 2011 at 6:56pm. 177 Views, 0 Comments.
And now, for something completely different...
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.
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.
More Than a Half at 14th
Monday, January 24th, 2011 at 9:05pm. 113 Views, 0 Comments.
The Sand Section is rife with half lots. That's what happens by the beach anyplace – we chop up the land into the smallest conceivable rectangles to make them livable and to maximize value.
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…
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…
Other South Bay Medians
Saturday, January 22nd, 2011 at 4:05pm. 139 Views, 0 Comments.
We were feeling kinda special here in MB after learning that the current median price for SFRs is down just 14% from the peak. (See the graph in "4th Qtr.: More Sales, Lower Prices.")
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.
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.
Failed Auction Home Returns on Palm
Friday, January 21st, 2011 at 7:23pm. 150 Views, 0 Comments.
Sometimes it seems that certain homes just can't stay out of the news.
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,…
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,…
A Pricey Perk on Pacific
Thursday, January 20th, 2011 at 5:27pm. 202 Views, 0 Comments.
Ordinarily when we ask MBC readers to chime in on a listing's market value, we're thinking something like this: How much of their own money do you think someone will choose to pay for this property, in light of location, condition and comps?
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…
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…
