It's almost Christmas, and a couple of new market entrants are asking for stockings full of cash – nah, trunks, really – for homes they've held less than 2 years.
On one, the markup is 26% over the price paid 18 months ago; on the other, 36% on the price paid 13 months ago. (Let's call it a year.) Of course, they're…
It's almost Christmas, and a couple of new market entrants are asking for stockings full of cash – nah,
trunks, really – for homes they've held less than 2 years.
On one, the markup is
26% over the price paid 18 months ago; on the other,
36% on the price paid 13 months ago.
(Let's call it a year.) Of course, they're both multi-million-dollar homes.We all know the Sand Section has been hot, but these markups are pretty astonishing.
The more modest markup is at
468 33rd (click for details via Redfin) for a newer (2005) home up on the plateau above Sand Dune Park. It's big and luscious at 5br/5ba, 4200 sq. ft.
The gubmint (
LA County Assessor) says the owners paid
$2.775m, closing May 25, 2006.
And yet, now, if you'd like this home, you'll be asked for
$3.495m. That's a markup of
$720k (+26%), enough to net the sellers $500k+ before taxes (assuming 6% cost of sale).
We're trying to imagine other investments that might earn 26% over 18 months
in which you can live, but we're coming up short.
If those sellers seem optimistic, you'll be dazzled by the folks offering
317 17th (click for details).
You'll love the location – the 300s near downtown, a walkstreet, sincerely big ocean views... It's a home we frankly can't wait to see (the
pics are plentiful and nice) given its heritage (1929 initial construx) and plentiful updates.
Extra bonus
(we think) – there's a unit over the garage you can rent out.
What's not to like? Initially, we'd say
the highway-robbery price. Y'see, the same old gubmint source (the assessor) says the current owners paid
$2.050m on 11/07/06.
Golly, that wasn't long ago at all. So how did they decide that a new owner should pay
$2.799m? That's a whole $749k
(36%) more – $581k profit, pre-tax, assuming a 6% cost of sale.
Maybe the owners got a deal last year. Maybe they just appreciate how much funny money is flying around MB these days in RE purchases. Perhaps they're selling now because they face imminent court-ordered institutionalization.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 9:48pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.