East MB Bucket (7)

Posted by Dave Fratello on Wednesday, February 4th, 2009 at 5:32am.

MBC has been accused of neglecting East MB. We'll cop.

But we do like to provide the occasional forum for discussion of Eastern matters, and a friendly reader was kind enough to suggest some directions for the kickoff...

1) Closed sales in January. Looks like just 2 SFRs closed last month:
  • 1405 Faymont – one of the failed auction houses – new in 2007 and never lived in, sold for $1.350m. Not bad for 5br/5ba, 3550 sq. ft. That's $381/PSF in the 90266.
This one was once priced at $2.095m, and hit the auction at $1.399m to start. Ultimately it came in lower, a total chop of $745k (-36%) from start.
  • 1201 23rd, a dated little cottage (3br/1ba, 985 sq. ft.) was unloaded for $750k.
2) New escrows in January. Same number for new deals – just 2 sales/new escrows:
  • 317 Aviation, a 3br/2ba home with 1525 sq. ft. that is kinda cute, except for the busy street. As title transfers, the area also loses a "board and care facility for the elderly," the property's current use. Last at $759k.
  • 1737 6th, a 5-year-old, 5br/5ba, 4400+ sq. ft. home was last listed for $1.899m, marked up about 16% from its price when new (Aug. 2003). Maybe you intuitively calculated that the PPSF on this one is low – try $428/PSF before we get the final price.
Now, things could heat up any time in EMB.

First, there's the (minor) crime wave gripping the west-of-Sepulveda region. It's small, but sufficiently alarming to be chatter-worthy. (If you haven't already had 5 repetitive conversations about it around town, you don't get out much.)

Strange, no similar reports east of Hwy. 1. Maybe a safer neighborhood?

Next, selection is growing and prices are down. We see 8 SFR listings right now under $800k.

Of those, 1 is an REO, 1 is a short sale, and 2 feature pickups prominently in the driveway in the listing pics. (1768 Gates scores in 2 of those categories.)

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OK, as before, please use this "East MB Bucket" thread to post information about all listings and goings-on east of Sepulveda, data, critiques, news, etc.
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