There are 17 blog entries for November 2012.
Friday, November 30th, 2012 at 2:42pm. 457 Views, 0 Comments.
We took a look at sales volume year to date, and whaddaya know?
2012 has lurched ahead of 2011 with a month to go.
For SFRs in all of MB, we see 318 sales through Nov. 29.
That's a nice margin (+6%) over 301 for the same period in 2011.
For SFRs west of Sepulveda only, it's 223 SFR sales this year, 215 last year (+4% this year).
In each case, we're looking at MLS-reported sales. Yes, there's lots of off-market activity, but a good chunk of those sales do get reported on the MLS after the fact. (Like the off-market walkstreet sale Dave arranged.)
So if December sees a number of closed sales on pace with December 2011, we'll have a better year here than last. We see 20 closed sales (SFRs) in December…
Thursday, November 29th, 2012 at 3:26pm. 579 Views, 0 Comments.
But there's no doubt that the mortgage tax break is a big fat target leaders are looking at while the "fiscal cliff" negotiations are going on. It may no longer be "untouchable," according to this new Washington Post story.
Hey, unthinkable things are already happening, like prominent GOP leaders giving the finger to Grover Norquist.
So why not debate this huge tax break?
Calling the $100 billion-per-year impact of the interest deduction an "extravagance" the nation can no longer afford, one pointy head says in the Post:
We simply cannot afford wasteful government subsidy…
Wednesday, November 28th, 2012 at 2:41pm. 518 Views, 0 Comments.
We noted the deal in the MB Property Ticker, but not here on the blog.
This big, ocean-view TH had sold in April this year for $2.600m, then turned right back around in July asking $3.200m.
The very best we could say in our post then was, "Good luck with that." (See "A Quick Return to Market, +23%.")
Turns out, they had some luck. After 4 months, a serious bite. But now, that deal has flopped out.
D'ya suppose an appraisal had something to do with it?
Undeterred, this one's right back out on the market at $3.2m again.
Good luck with that.
Tuesday, November 27th, 2012 at 2:27pm. 671 Views, 0 Comments.
614 MBB (3br/3ba, 1600 sq. ft.) has just sold for $1.050m, a trifle less than the $1.052m paid in June for 604 MBB (3br/3ba, 1725 sq. ft.).
You could see those figures pass by quickly without noticing, but we did notice. Here's why.
The newly sold unit, 614, is superior. It's the last unit in back, enjoying ocean views and no noise. The June sale was on the front unit, very, very much affected by noise from MBB and with no real view to speak of.
So where's the quiet/view premium for 614 MBB?
When the units sold new in 2002, there was a $70k difference for the back unit – a 10% increase over the street-noisy unit.
Sunday, November 25th, 2012 at 4:21pm. 768 Views, 0 Comments.
It's a great time to forget about work (if you're lucky) and college football (if your team is unlucky).
|Even turkeys gotta stay in shape|
Except the first listing referenced here in East MB, the balance of our reviews are – frankly – recycled. Or should we say leftovers? Kinda like this turkey-on-the-beach pic, which we first ran last year at this time, but it probably won't ever get old.
Speaking of leftovers, Mrs. MBC has a…
Friday, November 23rd, 2012 at 11:29pm. 576 Views, 0 Comments.
We had one of those down markets here from roughly 2008-2010.
Spec builders re-entered the Manhattan Beach market as of early 2011 with the "Speedy Speckies" (see "Speedy Speckies Sprout," April 2011). High-quality spec projects have begun in earnest over the past year-plus, and some have sold.
|The O.G. Flipper|
Friday's LA Times piece on multi-million-dollar flips got us asking that.
To define the term "flippers" here, we're talking about folks who buy a place in dated, imperfect condition and bring it up more toward modern tastes, then quickly resell it.
In most any stable market, you should be able to make some money if you…
Tuesday, November 20th, 2012 at 3:08pm. 795 Views, 0 Comments.
And what if it needed some updates to be fully realized?
How 'bout nearly $1.9m?
You can't call 2301 John (4br/3ba, 2600 sq. ft.) a "fixer," exactly, as it's nicely livable now.
But you have to look at it with some kind of vision. The midcentury modern floorplan flows nicely, but the kitchen and baths could use a little work to come into the current moment.
Heck, the outgoing owners bought this house 10 years ago with plans to scrape the house and start over, only to decide: Hey, we can make this work.
The location drove a frenzy this year.
As we noted in a post last week ("Two Other 'Auctions'"), the start price of $1.519m was "absolutely wiped out in a bidding war" that saw…
Saturday, November 17th, 2012 at 4:40am. 693 Views, 0 Comments.
You might look to the gridiron instead. Both the UCLA and USC coaches live in MB, causing the USC coach to call Manhattan Beach "a town divided" this Spring.
And when the new UCLA football coach was asked recently about his first "rivalry game" against USC, he said of MB:
"Every morning, when I wake up and walk out the front door, there's my neighbor's house with a big USC flag. I drive out and make a left and the house on the right has a gigantic USC flag. It seems like that's what everyone has been talking about for the last week, as much as I have tried to avoid it." Well, coach, there's no avoiding it Saturday at high noon. Not in Pasadena, not in MB.
Maybe by Saturday night,…
Friday, November 16th, 2012 at 5:55am. 687 Views, 0 Comments.
One case in point is a Hill Section listing into its 6th month now.
They launched this one in June, amid all the chatter about an upswinging market, at $2.4m.
It has tumbled since.
As of Thursday, they're asking $1.849m (-$551k/-23%).
It gets ocean peeks, and maybe you'd say views, from a couple of spots, including the rear balcony. The home has an upside-down layout with living spaces up top, to feature those views.
Worth noting: The listing calls these…
Wednesday, November 14th, 2012 at 6:28pm. 450 Views, 0 Comments.
There are 2 other recent sales which were effectively auctions – bidding wars, if you will. No yellow bidding placards here, just a swarm of offers and some kind of "process" to sort them all out in favor of the biggest and best.
512 4th (4br/2ba, 1920 sq. ft.) is a major fixer or (most likely) lot sale in the South End, adjacent to – but not on – one of the area's treasured walkstreets.
It came out in late October asking $1.369m.
That was an eminently sensible price for a non-walkstreet property. The obvious comp was 521 2nd, a house in superior (though dated) condition, which sold in May for $1.370m.
Dave guided clients to success in a bidding war for 521 2nd without…