Quick Picks
Posted on Wednesday, March 18th, 2009 at 4:02am.Sales activity is slow in town, but not absent.
As the new MB Market Update spreadsheets (click to download) for the first half of March show, there were 7 sales of SFRs west of Sepulveda between March 1-15.
In fact, several sales (new escrows) over the past few weeks have come quickly, shortly after listings hit the market:
The remaining 3 each provided the right tradeoffs between location, condition and price to be attractive.
All of these quick picks beat out properties in their submarkets that have lingered for 6 months, 9 months, even a year or more. Somehow they figured out the state of the market faster than sellers who have been living it a lot longer.
As the new MB Market Update spreadsheets (click to download) for the first half of March show, there were 7 sales of SFRs west of Sepulveda between March 1-15.
In fact, several sales (new escrows) over the past few weeks have come quickly, shortly after listings hit the market:
In the Hills late last month, it was 620 9th, a big (4br/4ba, 4500 sq. ft.) home near downtown with some views and a real need for updating. (See "Low on the Hill.") We counted 8 days till someone agreed that $2.199m was pretty peachy, and the listing switched to "backup offer" status. (Currently viewable via Redfin.)
- 1712 The Strand is the priciest of the listings we'll discuss. After a few months of off-market promotion at $12m+, this new home came up in early March at $10.5m. Gone within 2 weeks. (Currently viewable via Redfin while in "backup offer" status.)
- 112 19th Place in the Sand, a clean, if somewhat dated, cottage (3br/2ba, 1500 sq. ft.) right along Ocean and, therefore, very near the beach, lasted 7 days at $1.295m.
429 31st (4br/5ba, 3800 sq. ft.), a dandy Cape Cod up on the plateau (pictured), lasted 11 days at $2.199m (almost $300k below its May 2005 acquisition price).
- 3505 Pacific (4br/3ba, 2850 sq. ft.) tolled 11 DOM before agreeing to an offer; it had begun at $1.299m, a bit below the Jan. 2004 acquisition price.
- 2111 Valley is this cheapest of this pack, a full-size lot (4400 sq. ft.) with some kind of structure on it that blazed out of the blocks asking just $638k. What was that? A Tree Section lot with a "6" in front? Gone within 8 days.
The remaining 3 each provided the right tradeoffs between location, condition and price to be attractive.
All of these quick picks beat out properties in their submarkets that have lingered for 6 months, 9 months, even a year or more. Somehow they figured out the state of the market faster than sellers who have been living it a lot longer.
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