Recent ActionPosted on Wednesday, February 11th, 2009 at 5:31am.
Inventory is growing faster than buyer interest right now. We passed 130 SFRs west of Hwy. 1 this week before a couple of cancellations.
Let's take a look at which listings have gone into escrow in 2009.
2500 Oak (3br/2ba, 1350 sq. ft.) offers one of the worst locations west of Sepulveda, but the last price of $789k was enough to deal with that liability.
505 Anderson in the Hills (4br/2ba, 1850 sq. ft.) needed everything – some were of the opinion it was a teardown. Very aggressively priced at $799k, it went quickly with multiple offers.
3404 Alma in the Sand (3br/2ba, 1300 sq. ft.), a nice remodel, has been around since last Summer with one deal gone bad, last at $1.069m.
612 11th in the Hills (4br/2ba, 1550 sq. ft.) is the odd "flag lot" home purchased for $1.275m in a bidding war in May 2007 (see "Maybe They Lost the War"), last priced at a loss at $1.199m.
129 1st in the South End Sand (2br/2ba, 1300 sq. ft.) offers 2 masters, nice updates, and a west-of-Manhattan-Ave. location – listed for $1.199m and went quickly.
539 23rd may not belong on this list – it's small for 4br/2ba and 1900 sq. ft. and quite dated. Lot values in the gaslight area here seems strong, but we'll have to see how close to the last price of $1.395m the sellers got.
One Short, One Flat
1608 Poinsettia (5br/4ba, 3625 sq. ft.), called "[p]robably the best deal on the market in the trees" by the agent, has found its second buyer while listed as a short sale (first buyer walked), last at $1.599m.
340 7th will get someone into a big home (4br/4ba, 3850 sq. ft.) on a flat walkstreet famous (infamous?) for the kids' toys up and down the block. (It's one of MBC's "Great Streets.") This home was purchased for $2m in June 2005 and just closed for $2.025m three and a half years later.
208 The Strand and 204 The Strand have both found a buyer. 204 was on the MLS a while (and can still be found in a search) while 208 popped up more as a formality, in escrow. Both had been listed at $6.8m.
2829 Valley (5br/4ba, 3425 sq. ft.) made a deal in January and has already closed. This one, a pretty nice, unique home with that Valley liability, began in Aug. 2008 a nick below $2m, at $1.989m, as if to acknowledge the softening market. It sold for $1.650m (-$339k/-17%), a somewhat greater acknowledgment.
1901 Walnut (5br/6ba, 3125 sq. ft.) is probably the best home on this list, new and in a nice location, taking great advantage of a sunny corner lot. It hung around almost 5 months – nearly the minimum these days for new construction – starting at $2.449m and last at $2.289m.
We'll also note that 757 30th, long rumored to be in escrow, got posted as such and then switched back to active during this period.
So that's 12 sales (new escrows) so far this year, of which 6 we categorized as "cheap" (a relative term), 2 were short or flat, 2 were high-end Strand lot sales and 2 were new homes.
We don't expect the pace of 2 sales per week to persist. Get this rain and cold and this financial crisis behind us, and the buyers will be out again, right?
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