More Under $1m

Posted by Dave Fratello on Thursday, December 11th, 2008 at 2:27am.

The median price for SFRs in MB hasn't been at $1m since the second half of 2002. (See "How're Median Prices Doing?")

Indeed, there have been very few offerings at or below $1m for a few years running. This year, supply below $1m is not yet a flood – west of Sepulveda, anyway – but there are more now than last year at this time, when we had just 2.

The 6 actives today (click any highlighted address for more pics & details via Redfin):
  • 2500 Oak (3br/2ba, 1350 sq. ft.) (pictured) is a dated cottage at the busy intersection of Marine/Sepulveda (see "A New Low"). It began at $824,900, and is now at $789k.
  • 772 Rosecrans (2br/1ba, 884 sq. ft.) is a dated (proudly "original") little home that has been a rental for quite a while. Homes along this particular part of Rosecrans do not back up to the alley, unfortunately, but the lot is a bit larger than your average Tree Section offering at 5350 sq. ft. Started recently at $798k.
  • 1102 Ardmore (2br/1ba, 1150 sq. ft.) (pictured), technically the Hill Section, just across from the Vons and near MBB, just hit the market at $849,900. It's a bank-owned property – apparently a HELOC from late 2006 gone bad.
  • 1733 Elm (3br/2ba, 1325 sq. ft.) boasts a green construction fence and gutted baths and kitchen – a demo/rebuild stopped midstream. Now selling short at $850k, after a purchase at $1.050m in Oct. 2004. Said to have offers in hand already.
  • 2602 Pacific (3br/2ba, 1500 sq. ft.) is dated, uninspiring, and obviously overpriced at $995k with no bites after 4 months. (Don't believe the reset DOM; it began Aug. 1.) How uninspiring? The listing agent didn't write a single word for the description.
  • 422 21st Place (3br/3ba, 1825 sq. ft. and now a non-conforming duplex) began before Thanksgiving at $1.1m, but is now down to $999k.
Add to those 6 another lower-end offering, 3529 Walnut (2br/1ba, 900 sq. ft.), which hit the market in early November at $789k but almost immediately went "on hold." Owner appears to intend to sell, but has some issues.

So that's 3 under $800k, 2 at $850k and 2 more under $1m. Seems like the beginning of something new.

Last year in mid-December, the only 2 active SFR listings under $1m west of Sepulveda were 462 36th Place, the Turkey, and 3612 Poinsettia (2br/1ba, 850 sq. ft.) then-fresh at $957k, and eventually sold at $849k in July of this year.

Dare to cross Sepulveda, and you'll find 14 more listings under $1m today, including one at $549k. That's too much for this story, but we'll open up another EMB Bucket soon with that list.
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