It's Still the Higher End Selling

Posted by Dave Fratello on Wednesday, June 2nd, 2010 at 4:03am.

As we wrap up work on MBC's market update spreadsheets for the second half of May, we're seeing a continuation of a pattern.

As we noted, for instance, in "Buyers Raid Trees" a couple of weeks back, it's still the higher-end listings in each west-of-Sepulveda submarket that are going like hotcakes.

Of the 9 sales (new escrows) we have logged so far – leave room for updates – we see:

  • 2 of 2 in the Hill Section were priced above $2m;
  • 3 of 3 in the Sand Section (SFRs only) were priced over $2m, actually all nearer to $3m; and
  • 3 of 4 in the Tree Section were priced over $1.5m, with the top-end listing priced at $2.895m.
Now, in the Hills, pretty much everything is priced over $2m, so it's not a huge surprise that the sales are in that range. The livable exception is the REO at 801 11th (near MBB), a fairly big (4br/3ba, 3050 sq. ft.) newer home at $1.6m.

But in the Sand and Trees, there are nearly a dozen options in each region in the "lower" end, meaning <$2m in the Sand and <$1.5m in the Trees.  By and large this is inventory that's getting stale for one reason or another.

More detail on local market activity shortly in our next market update.
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