There are currently 19 blog entries related to this category.
Wednesday, May 22nd, 2013 at 4:38pm. 270 Views, 0 Comments.
The recent sale of 1804 Agnes serves as a reminder that finding a lot for a custom build is getting costlier by the day.
You can definitely say this flat lot at Agnes on a sleepy street boasts a prime location.
However, the 4780 sq. ft. lot size is average, and the backyard exposure will be to the east – less sunny in the afternoon – so we're not looking at pluses on every front.
So the sale price, after multiple bids, at $1.700M, is a wake-up call.
Wasn't it just last year that 1805 John shocked onlookers (and the 19 losing bidders) with a sale at $1.352M?
But that lot was a tad bigger (5065 sq. ft.) and with western exposure on the back. About the only major liability of the lot was (is) the giant eucalyptus in the front yard, which…
Monday, May 20th, 2013 at 1:01pm. 126 Views, 0 Comments.
Ready for another shocking overbid? Or maybe we don't get "shocked" anymore?
725 12th (3br/2ba, 1325 sq. ft.) is a nearly perfect little beach cottage inside, in a location that affords a quick walk to downtown, church and elementary school.
We said in our review:
It's a great example of the most you can do to a little 1950s cottage. Wide open, high ceilings in the great room, a modern kitchen – with marble, not granite – and attractive baths.
Those "must have" qualities sparked a bidding war when the home came out in April at $1.399M. Multiple multiples again.
What would happen?
First, look back. The same property had traded in very nice condition in 2008 at $1.187M, after a start at $1.400 and 100+ DOM.
But that was 5 years…
Monday, May 13th, 2013 at 11:59am. 213 Views, 0 Comments.
They've just closed an above-asking deal at 2417 Crest (3br/4ba, 2300 sq. ft.), a rear-unit TH with great ocean views.
This is a bigger-than-standard TH at 2300 sq. ft., and they sought a bigger-than-standard $1,090/PSF when they first put a sticker on the home.
But those views, and the distinctive stlying, brought many suitors. And when that happens, prices jump.
In this case, from $2.499M to $2.575M, with an enhanced PPSF of $1,123/PSF.
This home, a 2002 build, got a thorough re-do with panache in 2009, and it's got several signature elements that stick with you.
Two unique features jump out: The long (14' long) built-in, modern dining table stretching from the kitchen – a bold statement that defines the home as an entertaining space.…
Monday, April 15th, 2013 at 12:55pm. 239 Views, 0 Comments.
Is the frenzied real estate atmosphere we're seeing almost everywhere today inflating a new bubble?
We liked seeing that Redfin, a consumer-friendly real estate firm if there is one, took on that question with some nerdy – but accessible – analysis. (Click here for Redfin's report.)
Redfin's conclusion: Mostly no bubble, but maybe a "mini-bubble" in some markets. Otherwise, the elements that overinflated the last bubble are absent.
Instead, Redfin sees a more classic supply/demand imbalance driving prices up. They don't see the same kinds of off-kilter factors breaking home values away from fundamentals as we saw last round. They even summarize their take in this handy chart:
So buyers are more real, credit is reasonable or tight – if cheap…
Thursday, April 4th, 2013 at 2:15pm. 597 Views, 0 Comments.
The last great housing bubble inflated in Manhattan Beach in the early part of the last decade.
Roughly speaking, things got interesting in 2002-03, eye-opening in 2004, head-smacking in 2005 and bonkers in 2006-07, before things got wobbly and we saw some deflation.
Now that the market is rebounding, and occasionally shocking observers, the question becomes: Can you now get a bubble-era price on resale in 2013?
There's more evidence emerging that the answer is "yes."
Here are some recent sales (including new escrows) on properties with a prior trade in an earlier 2000s bubble year.
721 36th (5br/5ba, 3450 sq. ft.) is a smartly built, spacious Cape Cod that was new just a few years back – perhaps defining the tail end of the last building…
Tuesday, March 19th, 2013 at 8:58am. 400 Views, 0 Comments.
It's a theme we keep checking in on, because the results are so interesting: What couldn't sell before, does sell now.
And in two very recent cases, listings that ran quite a while in 2012 sold quickly in 2013 with $200K overbids.
In fact, the stories of these two recent sales have almost everything in common.
1125 3rd (4br/4ba, 3900 sq. ft.) is a newer (2005), custom-built home built on a steep hillside. In our review in February, we summarized: "Suffice to say it's an unusual home, but that they've done a lot to try to echo a conventional home despite the quirks – like countless stairs inside and out that move you into the home, around the home, and among the various tiers of outdoor spaces."
This home was offered on and off over nearly 7 months
Wednesday, February 27th, 2013 at 11:01am. 478 Views, 0 Comments.
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Buy it or rent it? That's a conventional question.
Sometimes a property is offered both ways, and the consumer can make the choice.
Take 3521 Walnut (5br/4ba, 3250 sq. ft.), which sold for $1.435M just 14 months ago, and hit the market this year with big ambitions: a 30% markup to $1.850M.
It's down a little now to $1.769M, but they've got a backup plan. It's for rent at $7K/mo. (See the rental listing here.)
That poses a straightforward choice: Do you want to park at least $350K in a down payment and…
Thursday, January 24th, 2013 at 4:44am. 346 Views, 0 Comments.
At least one of the listings that hit late in the year – December 2012 – delivered a couple of surprises to the high side.
Are these hints of what 2013 may hold?
It's hard to disagree with our initial opinion, that it "really doesn't look like much outside." It's a 1940s cottage that's been expanded and updated. (See "Weekend Opens [12/1-12/1].")
Inside, the remodeled home delivered a lot.
There's a big, open series of living spaces. A sharp, modern, open kitchen. Pretty good merging of the indoor with outdoor living spaces, which are ample on this 7000 sq. ft.…
Monday, December 3rd, 2012 at 7:56pm. 208 Views, 0 Comments.
Just look at 2 recently closed sales in East MB.
1180 Keats (3br/3ba, 1700 sq. ft.) is a 50s cottage that we plainly described as less impressive than its photos. One part of our review:
It's impossible to shake the sense of the place as a 1950s cottage that has gotten a fresh coat of paint and some fairly inexpensive and incomplete kitchen and bath upgrades. And the location's no dream, a street that can be busy with high school buzz and traffic.
We toured this one twice, once with clients, and each time took note of investors looking to rent out the property mixing with actual buyers attracted by the price.
Start price: $933k.
Sold price: $1.021m (+$88k / +9%).
Tuesday, November 20th, 2012 at 3:08pm. 286 Views, 0 Comments.
And what if it needed some updates to be fully realized?
How 'bout nearly $1.9m?
You can't call 2301 John (4br/3ba, 2600 sq. ft.) a "fixer," exactly, as it's nicely livable now.
But you have to look at it with some kind of vision. The midcentury modern floorplan flows nicely, but the kitchen and baths could use a little work to come into the current moment.
Heck, the outgoing owners bought this house 10 years ago with plans to scrape the house and start over, only to decide: Hey, we can make this work.
The location drove a frenzy this year.
As we noted in a post last week ("Two Other 'Auctions'"), the start price of $1.519m was "absolutely wiped out in a bidding war" that saw…