MB Confidential

Sunday Opens (2/28)

dave@mbconfidential.com (Dave Fratello) — Sun, 28 Feb 2010 04:08:00 -0800

February looks like it's going to close out with 38 new SFR offerings west of Sepulveda – a bumper crop here in Winter as Spring officially approaches.Once again that means plenty of new offerings for open-house viewing.To plan your open-house tours for this week, use MB Confidential's online list of Manhattan Beach open houses (it's mobile-friendly).Please report back here at MBC on any open houses you visit – what you like, what you don't like, etcetera.Hill Section 1009 8th (5br/5ba, 4550 sq. ft.) is a big, newer (2004) home with a big sense of space, including amply sized secondary bedrooms. On this 7200 sq. ft. lot, you also get a real yard without going east of Sepulveda.Yes, Highway 1 is relatively nearby, but the location is off the path enough to be a quiet corner of the Hills.Sellers paid $2.280m new in Nov. 2004 and seek more or less the same price now: $2.3m. A larger family could easily prefer this offering to much of what's available in the Trees.1009 8th is open Sun. 1-4pm.Sand Section Arches, curves and other unusual shapes accent 473 34th (3br/4ba, 3175 sq. ft.), a custom, newer (2005) home up near the quiet end of a cul-de-sac on the plateau.Even if they re-open Sand Dune Park, it's virtually no factor at 34th St. The listing boasts of a "beautiful... hidden city lights view." Click here for a narrated virtual tour, or drop by in person Sun. 2-4.3316 Crest (4br/4ba, 2100 sq. ft.) is uptown contemporary beach living – an ambitious remodel that is cozy in parts (very small BRs), on a half lot. Includes a separate rental or guest unit downstairs.Terrific, unexpected, big-time ocean views upstairs, and a nice execution of the modern wood/steel/glass look on the remodel.Crest was offered in Summer & Fall 2008 for $1.995m, but didn't sell. Starts now at $1.785m.3316 Crest is open Sun. 1-4pm.Tree Section2305 Pine (3br/2ba, 2000 sq. ft.) is a late-40s cottage with lots of updates all around.Extra bonus: The covered patio/outdoor room for entertaining – really, why live inside here in MB?As MBC noted the other day, Pine sold in Summer 2007 for $1.570m, and starts now at $1.449m. (See "2305 Pine Is Back, 3 Years Later.") 2305 Pine is open Sun. 1-4pm.660 33rd (5br/5ba, 4750 sq. ft.) is probably the best deal by the square foot in the Tree Section, certainly in terms of new construction. At $2.195m, you can be the first occupant of the home for $461/PSF – 2/3rds the price of other newbies.The "rustic spanish" (listing) already served a long tour of duty on the local market, running from June 2008 till late last year, when the bank took it back. It's now an REO. (See "REO Speckie Gets a Markup.") The listing certainly lingered for most of that time due to price, but there is also the problem that people just haven't loved the house for any number of reasons. Price should cure the range of issues this year.Speaking of price, for a little window last year, the same home was offered for $200k less (as our story linked just above noted), but that was then.660 33rd is open Sun. 1-4pm. 3001 Valley (3br/2ba, 1975 sq. ft.) is a curious 1950s cottage that doesn't look like much on the outside, but offers decent space inside and a 5000 sq. ft. lot for $995k. There are all kinds of issues, from the speedway location to the overgrown yard to the obsession with blue, inside and out. You'd want to update the updates and spruce up the ugly-duckling aspects, but if you take a little vision to Valley you get more land and more space than other entry-level homes.Note that $995k is 30 below the price of similarly sized 2305 Pine, the first Tree Section listing above. Whether that makes this one a deal all depends on your priorities.3001 Valley is open Sun. 1-4pm.

2305 Pine Is Back, 3 Years Later

dave@mbconfidential.com (Dave Fratello) — Fri, 26 Feb 2010 04:44:00 -0800

Three years will give you some perspective. The very first post here at MBC, back in March 2007, concerned 2305 Pine, a home that was for sale then, and is for sale again now.Way-back-when, your blog author was aghast that 2305 Pine – and one other listing – had increased its price by $100k. That didn't seem like a smart way to sell a property in a market that appeared to be declining.But you know what they say about predicting...Your blog author's opinion about the market, in general, in that first post has proved to be right. We've seen prices slide 15-20 or more since MBC launched with a public statement that home prices locally were dropping.But boy, were we wrong about 2305 Pine.Pine began at $1.495m almost 3 years ago to the day (Feb. 23, 2007). The price hike to $1.595m took place March 5. (MBC's debut was 10 days later.) MBC tut-tutted, and Pine lingered. The sellers largely missed the Great Spring Rally of 2007 – a last-gasp burst of enthusiasm in the local market before the slump of the last couple years.The Pine listing hung around, in its price-elevated condition, till nearly July 4. And then came a deal a-knockin'. (See "A Happy Holiday on Pine.") Now here's the surprise. 2305 Pine later closed for $1.570m, or $75k more than the start price.Had the sellers panicked in the Spring that they'd made the wrong move, seeing everything else around them selling but not their home, they might have cut their price unnecessarily and left money on the table. (Isn't that every seller's fear?) Turns out that patience worked for them.Now, here in 2010, here come the buyers who paid nearly $1.6m those 3 years ago. They're starting out at $1.449m, conceding – as anyone would have to – that the market has downshifted since they bought.If they sell at that level, they would stand to lose about $200k, including 5 costs of sale. All in all, they'd still be better off than lots of 2006-2007 resales over the past year. (MBC's chart of resales of 2003-2006 acquisitions resold in 2009 shows 5 separate 2006 acquisitions that lost 20 or more.)2305 Pine (3br/2ba, 2000 sq. ft.) enters a Tree Section market with fairly low inventory below $1.5m. There are buyers looking in that range who are frustrated by the options. Anything could happen.Anyone want to advise them now to raise the price?

Neighborhood Runs Coming Up

dave@mbconfidential.com (Dave Fratello) — Thu, 25 Feb 2010 21:35:00 -0800

One of the great little features of life in MB is the school-sponsored runs through town.Yes, the beachfront MB 5k's in Summer and Winter are great, there's a friendship run/walk in October and, of course, the granddaddy of them all, the MB Hometown 10k.As a newbie to MB, you'd be forgiven for thinking that everyone in town is a runner.Where your blog author grew up (wherever that was), we simply didn't have such things. Nor did they shut down our main thoroughfares for a renowned bike race. And fireworks were usually in July, not at Christmas. But we digress.Here are the upcoming school fundraiser runs: Martyrs 5k: This Saturday (Feb. 27) at 8am is the first school fundraiser run of the season, a 5k benefiting American Martyrs School. It's the 30th year for the race. Online signups are over, but Friday you can register at O'Donnell Hall (at Church & 15th) almost all day, and also there Saturday morning from 6:30-7:30. Sorry to say it looks like rain Saturday, but that can be terrific for dedicated runners. Robinson Fun Run (5k): On Saturday, March 20, at 8am, Robinson Elementary hosts its 10th annual Fun Run (another landmark anniversary run). This year, the course should be faster and less perilous. Someone decided it's too dangerous to run on the walkstreets, so most of the run is on Valley and Ardmore down south.Be sure to register online before next Wednesday to get the $25 rate and reserve a T-shirt with this adorable design. Organizers promise more finish-line, post-race fun this year.When Grand View posts a date and info for their run, we'll note that as well. That one looks like a landmark, too – the 15th year. Usually it's in the first week of June.

A Dropout Sells Off-Market

dave@mbconfidential.com (Dave Fratello) — Thu, 25 Feb 2010 05:00:00 -0800

One of the more unique properties in the Trees has found a buyer – 1811 Agnes is in new hands as of Wednesday.That's interesting in part because Agnes quit the market in early November, as MBC noted at the time in "A Pair of $2m Dropouts." Speaking of Agnes and one other listing in the story, we said: Perhaps buyers will get another crack at them after the Super Bowl. In fact, the buyers made their move a couple of weeks before that, in late January, while selling another home in MB. Let's reach back for a refresher on Agnes, which drew some oohs and ahhhs the couple of times we mentioned it here. From our MB Market Update for 7/31/09: 1811 Agnes (4br/3ba, 3425 sq. ft.) is on perhaps the most isolated street in the Trees, opening down a hill into a European-style courtyard. In fact, the old world stylings – mostly from a mid-90s remodel – are more serious here than in a hundred newfangled homes that claim an Italian or French style. The home was never open to the public, and only rang up 105 DOM at $2.295m. But that was enough to make an impression, as it made a deal 3 months later. Final sale price: $2.150m.We're still waiting for a bunch of other holiday-season quitters to return to the market. It's starting to be questionable whether many of them will.Maybe they're all just making behind-the-scenes deals like 1811 Agnes. Or maybe they should be.

Long in the Tooth

dave@mbconfidential.com (Dave Fratello) — Wed, 24 Feb 2010 05:04:00 -0800

Yesterday we discussed several listings that have sold quickly here in 2010. But of course, there's some stale inventory out there as well. That contrast was on full display when 645 12th (pictured) made a price cut early this week amid the minor rush of fast sales. The "new" home near Martyrs is now down to $3.445m, down $1.054m from its start in September 2008, a full 515 DOM ago.(We're saying "new" in quotes because, while the home is new construction, 515 days was a long time ago – here's a link to our Sept. 2008 open-house feature mentioning the first open. Note that the listing gives 2009 as the build date because that's when the occupancy permit was issued.)So what else is lingering long-term, getting a little long in the tooth? Let's look by section west of Sepulveda, as is our custom here at MBC:Hill SectionThe DOM champs in the Hills are both halfhearted lot sales (1022 1st at 630 DOM, and 113 S. Dianthus at 403 DOM). Among homes for sale, 2 listings stand out:645 9th (6br/6ba, 7750 sq. ft.), a big, new certified "green" house with no views to speak of, now at 257 DOM after a start last Summer.We've taken note of the home several times – it's a beautiful accomplishment, inspired, but also, we fear, off-base in its "green" mission. Such a massive house demands higher-than-average energy usage for heating and basic operations.Still, it's not the Prius set that's turning up noses over some esoteric "green" debate. There's a different kind of green problem. After a start at $7.950m, the home's still at $6.999m, the highest-priced listing in the Hills (by $4k). It might take a bold move to get some action.913 Highview, a fairly small (3br/4ba, 2350 sq. ft.) but luxe home with views, is now at 250 DOM and $2.199m, still nearly $300k above its February 2005 acquisition price.Sand SectionThe longest-toothed listings in the Sand Section are, first, the home of a prominent athlete who just doesn't seem to be in any hurry to sell, a new build and a Strand offering:204 19th (4br/4ba, 4250 sq. ft.) is still on the MLS after 530 DOM. Someone may want to wake the listing agent or drop an update in Derek Lowe's inbox. (He's probably reported to Kissimmee by now, so he's likely preoccupied.) To recap, Mr. Lowe acquired the home for $5.0m in August 2006 when he played for the Dodgers, but after clearing out of town, he tried to sell – first for $5.7m, then gradually allowed the price to come down to its current point, $4.599m. The last price adjustment was in May last year. Yes, May. Also in the 200 block, but further south, 216 7th is a custom Tuscan with a corner lot along Bayview. We called it one of a few "big and audacious" homes in a "Weekend Opens" feature last June. Since then, 258 DOM later, the listing is down from $6.495m to $5.295m, but still not finding the love.2920 The Strand set up the listing agent to fail. Acquired for $9.0m in June 2006, this one's been stuck at $12.5m since late June last year (240 DOM). This, despite a range of oddities in the layout and the simple fact that the home needs work to reach the tier it's priced at. (See our "Weekend Opens" description from October.) Mr. Lowe seems more committed to selling.Tree Section645 12th, which kicked off the story up above, is near the head of the pack, but not the leader in the Trees for DOM:529 18th (5br/5ba, 5600 sq. ft.) edges out the 12th St. listing with 16 extra days on offer (531 DOM). It's also new construction, but someone's currently enjoying the digs. That means either that there's some bonus value to having the home pre-tested, or it's lost the caché of "new."Take another look at that square footage (5600+) and the location (18th) and you can imagine why the listing began at $4.279m. (Location note: The MB Badminton Club across the street is something of a distraction.) Alas, the home now has an NOD against it and the price is down nearly $1m to $3.399m. 848 14th (5br/5ba, 3500 sq. ft.) is another speckie that began way too high in September 2008, and you know what happened right around then? Some called it Armageddon. The stony palace near Pacific School has lingered for 521 DOM, slowly dropping from $2.899m to $2.299m now.This one also list a 2009 build date, due to an occupancy permit coming some months after the home was first offered. Re-lists cause the listing DOM to show up in the low 100s.But we're going to go out on a limb and trust our own public market tracking and various posts on the Internets (like this one) in saying this one's dustier than they might tell you at the front door.------------------------------------------UPDATE: Upon receiving information that the build dates on 645 12th and 848 14th are properly listed as 2009, based on occupancy permits coming that year, some elements of this story were changed.

Spring's Intriguing Signs

dave@mbconfidential.com (Dave Fratello) — Tue, 23 Feb 2010 03:51:00 -0800

Now there's more evidence that February 2010 is not going to feel much like February 2009.Now we see not just a noteworthy bounceback in demand, the first buyers of the Spring Selling Season diving in.We see not just a few quick sales. (MBC first noted a few "impressive" quick sales in "Quickies in the Trees" earlier this month.)Now we are seeing quick sales on new listings that don't even seem particularly well-priced.For perspective, let's recall that February 2009 saw 14 new escrows open among SFRs west of Sepulveda, by MBC's count. (See the MB Market Update for 2/28/09.) In February 2008, the sales pace was exactly the same.This year, we're already up to at least 18, with most of a week left in this short, fairly hot month.Among the more surprising deals (click any highlighted address for more pics & details via Redfin): The standout head-scratcher so far has to be 2708 Pacific (5br/4ba, 3400 sq. ft.), an early-90s home on a busy street that launched at $1.849m early this month. That was a price, MBC noted, near what new construction in comparable parts of the Trees was fetching recently – even a bit higher.The home has been gracefully updated and showed well. Still, we would not have been surprised to see 100+ DOM and a closed price near $1.6m.Instead, the sellers had a deal within 10 days – and early deals rarely involve big discounts. [UPDATE: 2 days after this story posted, 2708 Pacific fell out of escrow and returned to market at $1.777m.] A newer home (2003 build) at 1900 Walnut is hardly the same kind of surprise, but it's always impressive to see a home hit the market and sell pretty much immediately, as is the case here. It hit the market at $2.029m, which seems to have been just fine with the buyers.Yes, that would be a $2m+ resale of an average-size home (5br/4ba, 3150 sq. ft.) right here, early in 2010. Maybe not a shock, but definitely worth a double-take.The location and corner lot are both clear draws for Walnut. The tasteful, shingled Cape Cod has the nice extra of a walk-up façade and entry along 19th rather than the garage-faced design most Tree Section homes are forced to use on their narrow lots.Points of comparison: Across Walnut, new construction at 1901 Walnut (same size, 5br/5ba, 3150 sq. ft.) closed last February for $2.150m. Meanwhile, 1900 Walnut itself was purchased for $1.550m in May 2003. 432 9th (4br/3ba, 2650 sq. ft.) also joined the quick-sale club in the last few days. The surprise here is – again – the price.432 9th launched at $2.699m, more than $100/PSF higher than a close comp from last May. That looked to be pushing the ceiling a bit, and that pricing strategy can succeed only when there's a lot of "must-have" emotion flowing. The comp from last year was 408 9th, quite nearby, and also similarly sized (4br/3ba, 2400 sq. ft.) and nicely remodeled. 408 fetched $2.175m, a big step (more than $500k) below the $2.7m sought this year by 432 9th.Did we say something about "must-have" emotion? It swirled around here, and a deal within 10 days at 432 9th, with multiple offers, could be viewed as a bullish sign all over the flat walkstreets.For instance, the deal is clearly good news for 405 9th, a lot sale on the sunnier north side of the block, which is clearly too optimistic at $2.3m, but suddenly doesn't look as far out of line as it did a week ago.Much the same might be said of plenty of new listings that will be trying to figure out the magic behind the quick Spring success stories around town.

Weekend Opens (2/20-2/21)

dave@mbconfidential.com (Dave Fratello) — Sat, 20 Feb 2010 04:45:00 -0800

Pitchers & catchers reported this week, certifying that Spring is upon us.As if those few summery days this week hadn't clued you in.Here at MBC we're happy with any time of year that means more new listings and more new opens, and this week brings us a goodly new crop.To plan your open-house tours for this week, use MB Confidential's online list of Manhattan Beach open houses (it's mobile-friendly).Please report back here at MBC on any open houses you visit – what you like, what you don't like, etcetera.Hill Section 929 Highview (4br/4ba, 3550 sq. ft.) is for lovers of bold, modern style – or even dabblers.The local architect who custom-designed the home nearly 20 years ago obviously had a forward vision. The exterior remains striking to any passerby, while the interior's sense of height and abundant light and openness keep it all fresh inside.It helps that the home was recently remodeled as well. The current owner, who paid $2.280m in Aug. 2006, set about reviving the home with a kitchen makeover – high-end stainless appliances, of course – and lot of other details from bath fixtures to carpet to custom paint. And did we mention ocean views from this quiet Hill Section sidestreet?929 Highview starts at $2.895m. It's open Sun. 1-4pm.201 Larsson (3br/4ba, 3900 sq. ft.) probably won't generate the same kind of enthusiasm from most visitors, but it is a bigger home and is literally at the top of the hill with some good views as a result. It's gradually trying to find its market with a cut this week to $2.690m.201 Larsson is open Sat. only, from 2-4pm.Sand Section 456 21st (3br/4ba, 3800 sq. ft.) will call to mind some of the nicer Hill Section homes, but this one offers baseball-field views rather than ocean views. (It's located right above Live Oak Park.)There's a signature style and opulence to this newer (2006) Spanish, with fine woods and other materials throughout and plenty of extras. The low number of bedrooms (3) may limit the audience for this one, and you'll have to roll with the location, which has pros and cons. Starts at $2.850m.456 21st is open Sun. 2-4pm. 435 10th (4br/3ba, 2025 sq. ft.) began in October at $1.799m, and soon thereafter made some kind of deal. Maybe no big surprise – inventory on the flat walkstreets is typically low and this home has some charms amid its slight funkiness.Alas, that deal didn't last, and 4 months have passed now without a taker. This weekend is the first we've seen 10th posted as open, and it's worth a drop-by if you are a flat-walkstreet shopper. There is nothing run-of-the-mill about the home. Its Old World style, abundant tiles and other unique features will not be for everyone, but the right family could love it. Now priced at $1.579m.435 10th is open Sat. & Sun. 1-4pm.112 Shell isn't big (2br/1ba, 1000 sq. ft.), but it's clean, contemporary and very close to the water up in El Porto Norte. Far snazzier than the typical million-dollar surf shack. Starts at $1.049m.112 Shell is open Sat. & Sun. 2-4pm.Tree Section 3104 Maple (5br/4ba, 3350 sq. ft.) first hit the market 3 years ago, brand new, and returns now at something of a discount to its June 2007 price.There's still a premium sought here, though, for an elegant home from one of the bigger-name builders in town. With exterior styling that's much more Montecito than East Manhattan, a bright living room with soaring ceiling, and great touches like the antique farmhouse beams in the master, you get much more with this package than any typical speckie. The aforementioned prior sale was for $2.490m at the literal peak of the local market. Can the sellers get $2.349m this year – a cut above almost every comparable resale last year – or where might they have to go to meet the market?3104 Maple is open Sun. 1-4pm.3213 Walnut (3br/2ba, 1850 sq. ft.) is a surprisingly charming remodel, but it seems to be a reach at $1.475m. Open Sat. & Sun. 1-4pm.665 27th (3br/3ba, 2250 sq. ft.) is just plain surprising – something different around every corner. Lots of updates in this 1950s cottage, not all reflecting one theme. Nice outdoor spaces as well in a good location. Records show the owner paid $1.650m in mid-2008, but now asks $1.499m.665 27th is open Sun. 2-4pm.

MB Market Update for 2/15/10, Sand

dave@mbconfidential.com (Dave Fratello) — Fri, 19 Feb 2010 04:33:00 -0800

In February we finally started to see some action in the form of new listings in the Sand, which had been pretty quiet in January.Of the 21 new SFR listings in this 2-week period west of Sepulveda, 10 were by the beach. (See the page of Sand Section actives <$2m, or the Sand actives >$2m; use the links on our online spreadsheets to view properties directly.) The new listings included...3 on The Strand: 112 The Strand (3br/4ba, 4400 sq. ft.), a late-80s home that holds up nicely enough today. (Pictured.) Light, bright, south and Strand – a worthy combo, starting at $7.795m. 908 The Strand (4br/5ba, 2775 sq. ft.), an older home with a bonus unit out back, offered at the come-hither price of $5.595m, below the lot values for 2 other Strand lots further south that sold last year. The strategy worked – 908 The Strand is in escrow. 1600 The Strand (3br/5ba, 5225 sq. ft.) is a jarringly modern, 1980s-vintage landmark. Bonus feature: A rooftop pool. Start price: $13.5m. For more on the home and perspective on the price, see "More Strand Options." There were also 2 new listings on 9th St., both mentioned in our most recent "Weekend Opens" feature: 325 9th (pictured) is a newer (2003), full-featured Cape Cod with 5br/5ba, 3700 sq. ft. Some great details, lots of little private spaces, and a nice flat walkstreet location very close to downtown. Starts at $3.695m. 432 9th (4br/3ba, 2650 sq. ft.) is a recent remodel that starts at $2.699m. More more, including recent comps, see the "Weekend Opens" post. And finally there were 2 we saw last year, trying again: 420 1st (2br/2ba, 800 sq. ft.) is a little cottage – well, 2 little cottages with a small yard between. The property backs up to a school and abuts a parking lot. The current owners took it for $1.075m in June 2007, tried last year at $1.275m and start anew this year at $1.190m. Yes, that's still a markup over 2007. (For more, see "A Wave of Wipeouts on 1st," from last September.) 215 S. Valley (4br/3ba, 2550 sq. ft.), a dated home with a significant location challenge, is back, after a hiatus, at $1.235m – a price MBC thought reasonable a year ago. (For more see "215 Valley's Back.") There was also a little sales action in the Sand, 3 total, including 2 on 20th St.: 332 20th (5br/5ba, 4300 sq. ft.), an inspired Spanish with big ocean views well-featured by the home's design. The home was new in early 2008 and began at $4.795m, and was also one of 2 properties mentioned in an MBC poll (see "$1m to Cross the Street?") that compared it to a new-construction listing down on 19th closer to the water. The comparison property west of Highland sold for $5.6m, quickly, way-back-when.This year, 332 20th was last at $3.695m, after a couple of rentals in between. Clearly, the question in 2008 should have been, "$2m to Cross the Street?" 228 20th (5br/5ba, 4150 sq. ft.) is a late-90s contemporary that has been offered for more than 400 days. After a start at $3.899m, it was down to $2.999m before making a deal. No closed sales this period. More on the Trees in another post soon.

MB Market Update for 2/15/10, Hills

dave@mbconfidential.com (Dave Fratello) — Thu, 18 Feb 2010 04:47:00 -0800

The MB Market Update spreadsheets for the first half of February are online and can be viewed with this link here, or at any time by using the pull-down menu at the top of the front page. The first half of February saw 21 new listings of SFRs west of Sepulveda, and another week has begun with a smattering more.Yes, that did feel a bit like a "Super Flood." But it also put February 2010 right on pace with February 2009, which saw 42 new listings – including comebacker listings that had taken the holidays off. This year, few comebackers as of yet.Inventory of SFRs stood at 80 as of mid-month. Looking by sub-region west of Sepulveda : Hill Section: 16Sand Section: 35Tree Section: 29 The rush of new offerings was countered by some decent sales activity – 9 sales (new escrows) in the first part of the month. We also took 6 listings off the spreadsheets due to cancellations in this period or within the past few weeks; cuts that hadn't yet been recorded.Let's begin a brief run through the areas west of Sepulveda with a recap of Hill Section activity. Upcoming posts will cover the Sand and Trees.Hill SectionThere were 3 new listings this period, bringing inventory to 16, meaning single-digit inventory in the Hills is probably going to stay in the rear-view mirror for quite a while. These listings have already drawn mention prior to this update: 706 Anderson (3br/2ba, 1900 sq. ft.) (pictured) shows its late-60s vintage but has some charms. The exterior needs help (this pic was the last one in the listing), but inside, with décor they've made the mid-century/60s thing work. It's the lowest-priced offering in the Hills at $1.249m. 1018 2nd (3br/3ba, 1900 sq. ft.) offers much the same living space as Anderson, but in a more spacious-feeling, much-more-updated house. There are ocean views, too, from the top-of-the-hill location, balanced against a busier street on 2nd. The owners paid $1.952m in May 2007, back during the Great Spring Rally of 2007, and now seek $1.589m (-$363k/-19 over 3 years). 505 N. Dianthus (5br/4ba, 4650 sq. ft.) is newer (2002) and plenty big, with city views. Its start at $2.999m seems surprising given the fate of the recently closed 407 Larsson, a slightly bigger, somewhat newer (2005) Craftsman that sat more than a year (408 DOM) before selling recently for $2.190m. Beyond those new listings, the only major note in the Hills was that the REO at 1026 Duncan shed a little from its start price, cutting $55k to $2.395m.No one was buying in the hills this period, and the only pending sale we're still waiting to see close is at 222 N. Poinsettia.More soon on the Sand & Tree Sections, which were busier.

REO Speckie Gets a Markup

dave@mbconfidential.com (Dave Fratello) — Tue, 16 Feb 2010 04:44:00 -0800

The newest SFR listing west of Sepulveda is a failed speckie that's back after a few months in the clutches of a bank.It's also marked up 10 over the last price we saw it at in 2009. One of the most prolific spec-funding banks in the area got behind 660 33rd (5br/5ba, 4750 sq. ft.) in late 2006. The lot was scraped and the new home was ready for market by June 2008.But a start price of $3m, and the general chaos in the market soon after, combined to make it a rough ride for the listing. The bank imploded and eventually got absorbed in Summer 2009, but not before starting foreclosure proceedings on 33rd. The bank that became the new holder of the note, worth $2m at the outset, took title at the courthouse steps last October. The listing remained active for a while at $1.995m as an openly labeled REO. (See MBC's "Bouncing Balls" for our story referencing that.) But that listing quit on Oct. 23.Out of the blocks here in 2010, this large new (well, 2008) build is offered for $2.195m. That price is still a relative steal compared to the smaller, snazzy Cape Cod next door, 664 33rd, which was happily and quickly sold new in mid-2008 for $2.6m, before these 2 speckies' fates diverged. But, as noted above, the new start price on 660 33rd is 10 higher than the listing was at last year when buyers repeatedly passed it by. Well, well, this is Spring 2010, and price increases are happening here and there. It's not yet a trend, but a curious development regardless. This little website was launched about 3 years ago with some sense of shock that sellers were trying price increases in a declining market. What 2010 holds is anyone's guess, but a bank that wants to minimize its losses seems to be betting on a sunny Spring.