short sales 
There are currently 84 blog entries related to this category.
You Don't Need to Be Prime
Tuesday, February 19th, 2013 at 9:03am. 310 Views, 0 Comments.
Is it a coincidence, or a trend?
Among the most recent deals (new escrows) in MB are several properties with issues of some sort – and an appeal that you can identify, somewhere in the rough.
It goes to show you don't need to have a pristine property, ideally located, and normal circumstances just to make a sale.
416 21st Place (3br/4ba, 1950 sq. ft.) is a rear-unit TH built in the early 90s with some real views.
You wouldn't expect a rush to the door for a rear unit, nor for one with the unusual style and materials here – black marble, anyone? Glossy black kitchen?
But views and price seem to have helped a lot.
Up on the top level, there's a substantial patio/balcony with real views to the north and west, and there are more to the south
…Ocean Views, 23% Off
Wednesday, December 12th, 2012 at 5:00pm. 213 Views, 0 Comments.
Sometimes the promise of short sales and REOs as some sort of bargain is dashed in reality.
The market value is what it is, and distress sales – rare as they are in MB these days – just don't seem to deliver huge discounts.
But a new El Porto Norte short sale looks pretty good pricewise, and looks extremely good from inside. Moreover, it's a huge discount to the peak-year acquisition.
That's 316 45th (3br/4ba, 2320 sq. ft.) we're talking about, a 2006-built TH at the north end of town, and almost at the top of the steep hill that rises up to the tank farm a peak in El Segundo territory.
Views? Oh yeah. We said in our review in September:
There are few higher points in MB with more unobstructed panoramas than this TH on the furthest edge of town. The master…
The market value is what it is, and distress sales – rare as they are in MB these days – just don't seem to deliver huge discounts.
But a new El Porto Norte short sale looks pretty good pricewise, and looks extremely good from inside. Moreover, it's a huge discount to the peak-year acquisition.
That's 316 45th (3br/4ba, 2320 sq. ft.) we're talking about, a 2006-built TH at the north end of town, and almost at the top of the steep hill that rises up to the tank farm a peak in El Segundo territory. Views? Oh yeah. We said in our review in September:
There are few higher points in MB with more unobstructed panoramas than this TH on the furthest edge of town. The master…
The Boundary
Thursday, September 13th, 2012 at 2:11pm. 201 Views, 0 Comments.
There's MB's Hill Section, and then there's Hermosa.
And in between, there's the boundary. Specifically, Boundary Place, an alley street that separates our towns.
This week, they finally sold 1027 Boundary Place (4br/4ba, 3250 sq. ft.), a reasonably large, old-world European-inspired quirk-fest.
Final price: $1.475m (-$174k/-11% from start).
It's a U-shaped house built around a "grotto" (not many of those!). There are bedrooms here and there, the kitchen's got an odd setup and finishes, and there are several step-up and step-down levels all around – including, memorably, the split-level master with jacuzzi tub in the room. (Here's our review from March.)
But if we sound skeptical, know this: Mrs. MBC always had a soft spot for this house,…
And in between, there's the boundary. Specifically, Boundary Place, an alley street that separates our towns.
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| 1027 Boundary |
Final price: $1.475m (-$174k/-11% from start).
It's a U-shaped house built around a "grotto" (not many of those!). There are bedrooms here and there, the kitchen's got an odd setup and finishes, and there are several step-up and step-down levels all around – including, memorably, the split-level master with jacuzzi tub in the room. (Here's our review from March.)
But if we sound skeptical, know this: Mrs. MBC always had a soft spot for this house,…
Close the Books on 329 19th
Wednesday, March 14th, 2012 at 2:28pm. 153 Views, 0 Comments.
The on-again, off-again saga of the modern, ocean-view short sale at 329 19th (4br/4ba, 3625 sq. ft.) is now over. Purchased for nearly $3m in March 2006 ($2.950m), it was offered for a stretch in 2010 for a rescue price ($2.999m) and in early 2011 for the same number, before the downward cascade began.
First it was a cut to $2.599m. They posted a deal. But in August, the story behind the scenes began to come out. It would be a short sale. The bank had approved a short-sale price of $2.380m.
And yet, the buyer who had ground down the lenders was having second thoughts. As we said in "Ocean Views for Less":
Behind the scenes, what's going on is that the buyer is playing chicken with the bank, dropping the offering price to try to get a better deal. That…
Third Spanish TH Asks the Most
Thursday, March 8th, 2012 at 12:30am. 160 Views, 0 Comments.
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| 2216 Manhattan Ave. |
We've had a few of those cases recently around town, but not this time.
Many townhomes look alike, especially this one, as it is in the same building as 2 other recent sales.
Yes, any buyer looking at this Spanish, beach-close TH (with 4br/4ba, 2580 sq. ft.) is going to have 2 recent sales to use as barometers – same building, same vintage (2007), similar views, and sales in both 2007 and 2011.
The third TH in this building to be offered for sale recently is now coming out at the highest price: $2.599m.
Neighbor 2212 Manhattan Ave. (4br/4ba, 2600 sq. ft.) sold off-market last April for $2.5m. (More on that in a sec.)
But…
Close the Books on 1305 8th
Friday, February 17th, 2012 at 3:30pm. 165 Views, 0 Comments.
We're going to remember the first weeks of 2012, at least, as a time when East MB listings flourished and sold.
New listings were slow to unfold west of the highway, but there was no such constraint on EMB.
In the first week of the New Year, while your blog author was still re-adjusting to West Coast time after a trip east, out came 1305 8th (6br/4ba, 4100 sq. ft.).
The home felt like what it was: a late-80s home with incomplete remodeling, but it had the asset of lots of space – inside and out.
That's why you go east of Sepulveda. (For the space, not the 80s.)
1305 8th debuted at $1.725m and lasted just 10 days. In early January.
It has now closed for $1.710m.
That quick deal was just a harbinger.
Here are the 7 other quick EMB sales of larger…
New listings were slow to unfold west of the highway, but there was no such constraint on EMB.
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| 1305 8th |
The home felt like what it was: a late-80s home with incomplete remodeling, but it had the asset of lots of space – inside and out.
That's why you go east of Sepulveda. (For the space, not the 80s.)
1305 8th debuted at $1.725m and lasted just 10 days. In early January.
It has now closed for $1.710m.
That quick deal was just a harbinger.
Here are the 7 other quick EMB sales of larger…
East MB's Newest Shortie
Wednesday, February 1st, 2012 at 4:02pm. 164 Views, 0 Comments.
Early this year, 1305 8th (6br/4ba, 4100 sq. ft.) had a notable, quick stroke of luck, making a very quick deal near asking ($1.725m). Yes, 10 DOM in early January is impressive.
When we reviewed that home, we noted that there was a neighbor up the hill by the water tower, 1447 8th (5br/4ba, 4225 sq. ft.), that might pose some competition down the road.
At the time, it was (briefly) listed at $1.869m, which we pointed out "presents no competition at all," given that it is a "1991 home that needs almost everything to be redone."
Suffice to say, that price was preposterous, and everyone knew it. (Did we mention that the home is blank and unattractive and needs everything to be redone?)
Before January ended, much changed at 1447 8th.
Yesterday,…
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| 1447 8th |
At the time, it was (briefly) listed at $1.869m, which we pointed out "presents no competition at all," given that it is a "1991 home that needs almost everything to be redone."
Suffice to say, that price was preposterous, and everyone knew it. (Did we mention that the home is blank and unattractive and needs everything to be redone?)
Before January ended, much changed at 1447 8th.
Yesterday,…
Weekend Opens (1/21-1/22)
Saturday, January 21st, 2012 at 6:29pm. 244 Views, 0 Comments.
Inventory is still light, but we note that two of this week's debut listings both have an 8 in front.
That means: Yes, you can live in MB for less than a million, quite a bit less. But here's hoping you don't have too much stuff.
Before we describe the week's new housing offerings, here's a shout-out to a new feature on CBS (TV) LA's website regarding MB shopping, dining and nightlife. The focus there is on some of our town's newer offerings – a reminder that the last few years have really given us some headline-worthy additions. The feature's author: Mrs. MBC!
To plan out your weekend home tours, use this Redfin map list of open houses – you can sort by price or sub-region of MB by clicking the title on a column. Or click here for the more traditional…
That means: Yes, you can live in MB for less than a million, quite a bit less. But here's hoping you don't have too much stuff.
Before we describe the week's new housing offerings, here's a shout-out to a new feature on CBS (TV) LA's website regarding MB shopping, dining and nightlife. The focus there is on some of our town's newer offerings – a reminder that the last few years have really given us some headline-worthy additions. The feature's author: Mrs. MBC!To plan out your weekend home tours, use this Redfin map list of open houses – you can sort by price or sub-region of MB by clicking the title on a column. Or click here for the more traditional…
False Start at 755 31st
Tuesday, January 17th, 2012 at 6:46pm. 151 Views, 0 Comments.
Nice, big Tree Section homes under $2m – they come and go so quickly sometimes.
In the space of a few days, that happened with 755 31st (4br/5ba, 4050 sq. ft.).
But this time, it wasn't because of a bidding war.
This serious, classy "English Country" remodel on one of the Tree Section's great streets popped up 10 days ago as a short sale at $1.875m. Your blog author toured it and shared info with clients, and the place was slightly crawling with other agents and clients – primed, perhaps, to become the next 800 19th. (See "$1.95m for Pacific 'Sensation.'")
Alas, no.
The property, which is currently rented out, now has been leased to new tenants. Apparently, while that short-sale option was being dangled in front of buyers, it was also up for lease or even a…
In the space of a few days, that happened with 755 31st (4br/5ba, 4050 sq. ft.). But this time, it wasn't because of a bidding war.
This serious, classy "English Country" remodel on one of the Tree Section's great streets popped up 10 days ago as a short sale at $1.875m. Your blog author toured it and shared info with clients, and the place was slightly crawling with other agents and clients – primed, perhaps, to become the next 800 19th. (See "$1.95m for Pacific 'Sensation.'")
Alas, no.
The property, which is currently rented out, now has been leased to new tenants. Apparently, while that short-sale option was being dangled in front of buyers, it was also up for lease or even a…
Shorter by the Sea
Thursday, January 12th, 2012 at 7:57pm. 188 Views, 0 Comments.
A whole week has gone by since 130 19th came down $700k and went short.What, no offers yet?
What to do, then? How about a re-list?
That was this morning's resolution to the problem of how to build interest and generate activity around a 6-month-old listing with a new price and situation.
At least they cut $100k at the same time. Once upon a time, someone said that a $100k cut makes it a whole new property. (Strange but true.)
So 19th is now at $2.695m, barely above the relatively rock-bottom price once paid for Reagan's Suit (121 17th) back in June 2010 ($2.6m). That was the cheapest 100-block/teen-streets land sale in recent years – though the buyers switched it up and used the structure for a cool remodel, defying expectations.
Can you actually get 130 19th…
