There are currently 33 blog entries related to this category.
Thursday, November 7th, 2013 at 7:55am. 315 Views, 0 Comments.
This year is full of stories of short-term holds resold for a profit. It's a classic rising-market (bubble?) phenomenon.
One of the boldest is the newest listing to hit the market, 88 Manhattan Ave.
This is a 3br/4ba, 2150 sq. ft. detached TH with a mid-90s build date and much more recent updates that gave it a modern feel.
This one traded back in May 2012 for $1.925M, and is back now offered to the public at $2.650M. That's a markup of $725K and 38% over the acquisition price about 18 months ago.
Interestingly, the same property was offered three times during the slow years of 2009-2011 at prices ranging from $1.899M down to $1.799M. It never could sell. The 2012 sale was arranged off-market.
What matters, of course, is not the history, but the…
Wednesday, October 30th, 2013 at 7:59pm. 414 Views, 0 Comments.
We're starting to see quite a few homes bought and put up for resale within the year. It may not always be profiteering or a fix-and-flip situation, but quick resales are benefiting from the quick uptick in prices in MB.
Ordinarily, if you were to buy a property to remodel and resell, you'd need to get it close to, or under, market price, do the work and resell at such a price as to mark a solid profit. Indeed, some say the profit is all made in the acquisition price.
Then there's 309 18th St.
Not so long ago, this Spring, 309 18th drew multiple bidders, finding one who just cleared the field with a monster offer.
To wipe out the competition, the buyers paid $2.459M in March, against an asking price of $2.099M. That was an overbid of $360K (+17%).
Tuesday, October 22nd, 2013 at 2:46pm. 304 Views, 0 Comments.
We keep hearing talk to the effect that the market in Manhattan Beach is "slowing," but that seems to be either a hope or a fantasy, for the most part.
Look, it's late October – there should be fewer listings and fewer sales, based on seasonal factors alone. But a "slowing" would need to leave a better trail of evidence.
As you recall, our already-light inventory got chopped by 20% within the span of a couple weeks recently, and lots of new offerings continue to draw multiple offers.
So where's this "slowing?"
Look up high at the high end.
We sorted the 47 listings active as of Monday afternoon by their combined days on market (CDOM). That's the total number of days exposed to market, irrespective of any re-listing. (The CDOM "clock" is only reset to…
Tuesday, September 24th, 2013 at 8:48am. 230 Views, 0 Comments.
It was bold. It was bullish.
In April, a home we called "one of the most difficult listings from 2012" came back to market priced higher than it had been in its failed run last year.
That was 1701 Gates (4br/3ba, 3390 sq. ft.), where the act of increasing the price to try to sell this year "fairly dares this market to prove that everything really is different in 2013," MBC said in April.
Gates dared. The market stared back. A 5-month standoff ensued.
Alas, Gates blinked. And quit.
At 1701 Gates, anyway, everything was not different in 2013.
You will note in our post from April ("A Challenge from Gates Ave.") that MBC was skeptical that this tactic of boosting the price 13% was going to work out. You try never to say never – if you're old enough to…
Thursday, September 12th, 2013 at 7:45am. 386 Views, 0 Comments.
Even in this market, some listings don't sell. Usually it's a matter of price.
Up at the highest tier of the MB market, 250 S. Dianthus has been offered more or less continuously since June 2012.
This classic estate has been called "Summerhill" and was floated, however tentatively, as high as $15M before listing officially for $11.9M.
Then, over 445 DOM, it came down $4M to where it last settled: $7.950M, a price set in January 2013.
The property had a buyer from March to May this year, but things didn't work out.
In early August, Summerhill said goodbye to the market.
But now, it's back with a new agent and a new (old) price: $9.900M.
That's where it was at in June 2012, 3 weeks after first listing, when the sellers made a quick correction.
Friday, April 26th, 2013 at 6:56pm. 487 Views, 0 Comments.
Plans change. You buy a house, something changes, you gotta get out again.
This is a scenario that could have cost sellers a lot of money over the past few years.
Indeed, we remember a Hill Section example of this that was brutal. In June 2010, someone said "must have" to a Craftsman at 861 10th St., paying $2.635M for the privilege.
Just 5 weeks after closing, it was right back up for sale – but the resale took forever (16 months) and lost a bundle when the price dropped well under $2.3M.
The final damage: -$366K (-14%). (For more, see "Hey, Didn't They Just Buy That? – Part 2," from Nov. 2011.) And that's just the market price; the sellers also had to pay roughly 5% costs of sale.
But more recently, we saw someone profit from a…
Tuesday, April 16th, 2013 at 5:47pm. 494 Views, 0 Comments.
The story is one we keep writing over and over: Houses that couldn't sell before, have sold recently.
Does it always happen, though?
How about one of the most difficult listings from 2012? How will it fare now that it's back?
And how about its new price increase? Will that stand up?
We're talking here about 1701 Gates Ave. in East MB.
The listing fairly dares this market to prove that everything really is different in 2013. Approaching one year since it debuted, the listing has now increased in price by 13%.
In May 2012, 1701 Gates (4br/3ba, 3390 sq. ft.) launched at $1.598M.
No action through Summer. It went on "hold" in August.
In October, 1701 Gates returned $100K lighter at $1.498M.
The listing ran another 5 months like that, with no takers.…
Monday, February 4th, 2013 at 7:17pm. 598 Views, 0 Comments.
Median prices haven't moved like that, but medians don't capture a lot. They speak to the city as a whole, not individual properties.
Our most recent data show that SFRs west of Sepulveda jumped only 1.5% – that's one-point-five percent, not fifteen – last year, based on median price.
Now there's a new listing out that reflects someone's sense that the market's up nearly 30% since... not very long ago at all – Dec. 2011, in this case.
It's a nice…
Wednesday, July 11th, 2012 at 3:25pm. 442 Views, 0 Comments.
311 32nd (3br/3ba, 3500 sq. ft.), a big ocean-view TH, rejoice: It's back.
Just 3 months after it sold.
That's right. 311 32nd sold in early April and is back now.
And wouldn't this work out to be an outstanding flip? The seller is marking it up 23%, fully $600k, over acquisition.
April 2012: $2.600m (sold)
July 2012: $3.200m (asking)
Good luck with that.
Here's a link to our review from February this year.
Worth noting: This one sold quickly when new in Sept. 2007 for $2.850m, but the first try at reselling it failed, for big chunks of 2009 and 2010. This year's $2.6m…
Friday, July 1st, 2011 at 2:01pm. 393 Views, 0 Comments.
Can you believe it? There was a typo. A few – no, just 2 – extra zeroes. It was $930k. So much for that overbid.
Our thanks to the several alert readers who pointed this out privately, before the listing agent corrected the sale price. (Is he being sarcastic again?)
On the very same day as our $93m story, 2 new Tree Section listings popped up at <$200k.
|1308 Oak: $200k, then $1m|
Neighboring 1312 Oak (2br/1ba, on a 4480 sq. ft. lot), a corner lot, offered a bargain even more compelling. You almost wanted to go rush to the ATM to literally buy it with cash – bills in a briefcase. The start price: $126,732. (You…