The first half of July saw some big, scary developments in the mortgage market. IndyMac, a prime source of jumbo and Alt-A loans popular in higher-cost communities, imploded. Fannie and Freddie were thrown to the ropes, leading to some new guarantees of U.S. government intervention.
But MB’s RE market did alright…
The first half of July saw some big, scary developments in the mortgage market. IndyMac, a prime source of jumbo and Alt-A loans popular in higher-cost communities, imploded. Fannie and Freddie were thrown to the ropes, leading to some new guarantees of U.S. government intervention.
But MB’s RE market did alright during this challenging two-week period. This is clear in the new MB Market Update spreadsheets (
click here to download the 7/15/08 edition, or use the link at the top-right of the front page anytime).
MBC previously noted that the month of June saw significant imbalance – 40 new listings and 19 sales (new escrows) that stuck. Last month, inventory of SFRs west of Sepulveda crept up to 113, the highest yet reported by MBC in a year-plus of public market tracking.
In early July, we saw a more balanced
10 new listings and
12 sales (new escrows) that stuck for at least a few days. (At least 3 new escrows failed quickly in this period.) There were 7 cancellations – more folks dropping out rather than sticking it out.
That left SFR inventory in our subject region at
107 as of July 15. (There are 5 new listings since then.)
The Tree Section, our biggest submarket, also saw the most escrows open up – 7, with 4 in the Sand and one in the Hill Section.
Among these new sales:
- 953 9th in the Hill Section moved quickly, starting May 29 at $2.650m and cutting quickly to $2.3m, which netted a deal. Sellers were determined not to hang around.
- 225 Homer in the South End made a deal after cutting 20% from its March 21 start price, down to $1.850m (see “Poor Homer”).
- 465 30th, a newer Sand Section home up on the plateau that had begun at $2.799m, way out of line, but perhaps a rescue price for what turned out to be a short sale – last at $2.399m, and we’re thinking lower when it closes.
- 3119 Valley, a 2br/1ba, 850 sq. ft. cottage whose price was right near $799k.
- 3600 Flournoy, almost a diamond in the rough, a 4br/3ba gorgeous remodel with 2300+ sq. ft., priced at $1.425m.
- 1901 John, a newer gem on a corner lot, which moved from $2.695m down to $2.499m before making a deal.
Let’s look at some other highlights of the first half of July, by region.
As always, click any highlighted address to see pics & details via Redfin.Hill Section- 222 N. Poinsettia challenges the world to define a new high for a lot price – $7.9m for a 13,800 sq. ft. double lot just up the hill from Ardmore, with ocean views. It would be no surprise if this one chopped $2m before making a deal. (See "Just Split 'Em.")
Sand Section
Just 3 new listings in the beach-adjacent parts of town. Two marginal listings (
516 Ardmore and
215 S. Valley) were joined by one big-dollar, newer manse west of Highland (
220 19th) priced above
$5m.
Maybe the big news in the Sand was
the dropouts: - 228 29th Place, a newly custom-built home (ca. 2007) that began last year at $3.049m, and quit after months of cuts to a low of $2.279m.
- 224 32nd, a new (99% remodeled) home offered at $4.999m for just 3 weeks.
- 445 30th, a very decent and spacious Spanish (3br/3ba, 2600 sq. ft.) that tried for 4 months from $1.999m down to $1.795m, but found no takers.
- 532 6th, a warm contemporary at the corner of Valley and the 6th St. walkstreet, last at $2.35m.
- 132 2nd, a large (4br/6ba, 4300 sq. ft.) newer home on the walkstreet at Manhattan Ave., which was rumored to have made a deal above $6m which failed, then hit the market at $6m even and trickled down to $5.695m before canceling.
Closed sales in the Sand:
- 401 3rd (pictured), a big remodel in the South End, shaved just $15k off to get $2.670m;
- 473 31st, a new home on the plateau, chopped 14% (-$450k) to net $2.8m; and
- 117 7th, a couple doors off the Strand, proved a shocker, nabbing $330k more than asking to close at $4.325m for a small (2br/3ba, 2350 sq. ft.), newer walkstreet home. Wow.
Tree SectionAmong the more intriguing new listings, we saw:
- 560 35th, a delightfully designed Craftsman whose illusion breaks down only a bit inside with the 90s-vintage baths – starts at $2.425m;
- 3314 Laurel, a sizable remodel (4br/3ba, 3450 sq. ft.) that started at $1.879m and made a deal immediately, but that didn’t stick; and
Among the closed sales:
- 3612 Poinsettia, a little starter with a location problem, got $849k for a 2br/1ba, 850 sq. ft. home on a full lot (4480 sq. ft.), down $108k (-11%) from start;
- 534 14th, a very odd contemporary in the Martyrs neighborhood, fell $650k (-19%) below its ambitious $3.350m start, closing at $2.7m; and
- A new home at 3500 Blanche took fairly quick cuts, closing at $2.125m – a a total of $424k (-17%) off a start at $2.549m.
Please see our blog disclaimer.
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 6:30pm 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.