Not Flying Off the Shelves – Yet

Posted by Dave Fratello on Wednesday, March 28th, 2012 at 4:15am.

It's easy to get caught up in the news of this year's rush by buyers to snap up new listings. Yet some offerings aren't seeing that kind of quick action.

Among those to linger – just a bit – there's quite a range. Let's look at them by submarket; focusing on truly new 2012 listings. (We'll cover west of Sepulveda here first, but East MB will get its due.)


Tree Section: Rosecrans-Adjacent Division

3609 Oak
3609 Oak (3br/2ba, 1100 sq. ft.) is small, but largely updated with a good yard. After a launch at $975k in mid-February, it cut substantially on Tuesday to $899k.

3601 Elm (5br/3ba, 2400 sq. ft.) is one of the better homes on offer in the Trees now, a very sharp remodel. Yes those are 5br, and the gardens are a big plus, if you dig that sort of thing. (See our review from early this month.) It's at $1.359m.

3504 Palm
3504 Palm (5br/4ba, 3450 sq. ft.) is a large late-90s home with some early-oughts updates. It last traded at $1.349m in Jan. 2004 after a flipper's upgrades, and is now up at $1.695m.

966 Rosecrans (3br/1ba, 1050 sq. ft.) is small and challenged, both locationwise and inside, not to mention limited public market exposure. It's at $995k.


Tree Section: Miscellaneous Division

2912 Pine
2912 Pine (5br/4ba, 3800 sq. ft.) is an expansive, newer (2001), heavy-feeling home tucked away on a fairly quiet corner lot up and off of Ardmore. It last traded in July 2004 for $1.950m, and is up currently at $1.995m. (See our review from January.)

766 33rd (5br/5ba, 4800 sq. ft.) doesn't count as a listing truly new to 2012, since it ran a bit in 2011 as well, but we'll count it here as a lingering 2012 listing. It's a huge home on a big lot (for the Trees), offered at $2.4m now after a start $99k higher last year (see our review).


Sand Section: 6 Weeks or More

There are just 6 listings of Sand Section SFRs with more than 30 DOM among those that truly began this year. Slicing it more narrowly, there are just 4 with at least 6 weeks of exposure:

128 18th
128 18th (5br/5ba, 4000 sq. ft.) is a nice new "tropical contemporary" in one of the best locations in town, period. After a start at $6.1m, it's down a tad to $5.950m and has hit 2 months on market.

Competition of a sort just emerged at 209 16th ($5.6m), but you can't move into a CAD drawing.

121 36th Place (4br/4ba, 2700 sq. ft.) is a newer (2005) custom build on a 2/3rds-size lot (1725 sq. ft.) just a few steps up from The Strand, with a PV-to-Malibu ocean panorama plus extra space below the garage level. It's at $2.575m.

228 40th St. (3br/2ba, 1425 sq. ft.) is a 1933 Spanish original in El Porto Norte that people have valiantly updated and added onto over the years, just one door off Highland with a commercial building to its east. It last sold in Jan. 2005 for $939k, and is up now at $1.025m.

217 9th
217 9th (3br/3ba, 1725 sq. ft.) somehow fetched $3.0m back in 2007.

Now this ultramodern on a half lot in the midst of downtown seeks $2.950m. They surprised us in '07, but now?

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If you're wondering, nothing in the Hill Section struck us as truly new (for 2012) and lingering, so we've let that low-inventory region pass us by – for now.
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