MB Market Update for 5/15/09, Sales and InventoryPosted on Thursday, May 21st, 2009 at 4:01am.
We've got to begin this update by saying huzzah and "well done" to the Tree Section, which saw 9 sales (new escrows) in the first half of the month. These included the removal of 5 speckies from the market, with varying lengths of stay on the MLS – from under 100 DOM to more than a year.
Of the 11 total sales in this period among SFRs west of Sepulveda, 3 of them – including one of the Tree Section speckies – were bank-owned properties. That's the first time we've written a sentence like that in 2-plus years of public market tracking.
For all that activity, though, new listings still outpaced those coming off the market. MBC recorded 18 new listings hitting the market in this 2-week period, plus another briefly vanished listing (617 6th) that returned.
Inventory overall wound up at 155 at mid-month, back to the highest level we've recorded, equal to the number at the end of March. (See "Inventory Recedes a Bit," from mid-April, for a graphic.)
Inventory broke down this way by sub-region as of May 15:
Hill: 39Since the sales activity was so interesting, let's focus there today.
"Two New REOs" were the subject of one early-May story, while another bank-owned property snuck onto the market in late April. All sold quickly:
- 958 Rosecrans (2br/1ba, 975 sq. ft., 6000 sq. ft. lot) (pictured) had sold for as much as $977k in Summer 2006 before going back to the bank. Offered this month for $649,900.
- 543 24th (3br/2ba, 1225 sq. ft.) is a little cottage in the gaslight area, needful of repair, but priced nicely at $891k and drawing multiple, multiple offers.
- 2504 Poinsettia (4br/4ba, 3200 sq. ft.) was a different kind of Tree Section speckie, with a sort of Asian contemporary flair and dormlike basement bedrooms. It began last May at $2.499m, failed, went to the bank and returned at $1.659m, which worked.
- 2103 Elm (5br/4ba, 3100 sq. ft.) (pictured) wasn't crazily overpriced to begin in January, at $2.199m; after 100+ DOM and just $100k off the list, it found a buyer;
- 3404 Pine (5br/5ba, 3250 sq. ft.) was more of a counterexample, beginning a year ago (4/21/08) at $2.45m, chopping to $1.975m before making a deal; [UPDATE: 3404 Pine closed for $1.895m shortly after this story was posted]
- 3109 Oak (4br/4ba, 3200 sq. ft.), a beauty with a location challenge, was optimistic last October at $2.329m, and had cut to $1.899m by the time there was a knock at the door; and
- The Fisher Queen, 1208 Fisher (4br/4ba, 4750 sq. ft.), perhaps the nicer of two bold new moderns with ocean views just up a hill from Metlox (see "The Fisher King (& Queen)"), had chopped $1m from its start at $4.995m but made a match.
- 2600 Poinsettia (4br/4ba, 3200 sq. ft.) (pictured), a newer (2000) home with lush, custom details and a sweet back yard; the listing had cut from $1.899m to $1.569m;
- 1817 Pacific (5br/4ba, 3300 sq. ft.), a ravable, newer (2005) home that was priced below acquisition – $1.925m in April 2005, this year: $1.799;
- 2300 Laurel, a lot sale on a corner, last at $1.279m; and
- 333 3rd (4br/3ba, 2750 sq. ft.) in the South End, which actually made a deal last month but just made the spreadsheets; tried last year at $1.999m and came back this year at $1.7m.
- 620 9th (pictured), a big, if rehab-worthy, ocean-view home near downtown featured in "Low on the Hill" wound up closing close to its $2.199m start, at $2.123m; interestingly, after one failed escrow, the home's square footage dropped to 3681 from 4500, putting the final PPSF of $577/PSF well above a similar remodel-to-be nearby at 755 11th ($481/PSF);
- 3404 The Strand, a custom, but dated, Spanish-style home on a 3500 sq. ft. lot got $5.35m, down 31% from its first asking price (see "Strand Adjustments");
- 2616 Highland (4br/4ba, 2400 sq. ft.) closed a nick below its May 2005 acquisition price; then: $2.0m, now: $1.975m; and
- 3413 Pacific (5br/6ba, 3400 sq. ft.) sold short for $1.687m, the second Tree Section newbie to go for less than $500/PSF this year (the other being 2829 Valley); that was a cool -$408k/-19% from start (see "Can't Fight the Future No More").
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