East MB Bucket (7)

By Dave Fratello February 4th, 2009.

MBC has been accused of neglecting East MB. We'll cop.

But we do like to provide the occasional forum for discussion of Eastern matters, and a friendly reader was kind enough to suggest some directions for the kickoff...

1) Closed sales in January. Looks like just 2 SFRs closed last month:
  • 1405 Faymont – one of the failed auction houses – new in 2007 and never lived in, sold for $1.350m. Not bad for 5br/5ba, 3550 sq. ft. That's $381/PSF in the 90266.
This one was once priced at $2.095m, and hit the auction at $1.399m to start. Ultimately it came in lower, a total chop of $745k (-36%) from start.
  • 1201 23rd, a dated little cottage (3br/1ba, 985 sq. ft.) was unloaded for $750k.
2) New escrows in January. Same number for new deals – just 2 sales/new escrows:
  • 317 Aviation, a 3br/2ba home with 1525 sq. ft. that is kinda cute, except for the busy street. As title transfers, the area also loses a "board and care facility for the elderly," the property's current use. Last at $759k.
  • 1737 6th, a 5-year-old, 5br/5ba, 4400+ sq. ft. home was last listed for $1.899m, marked up about 16% from its price when new (Aug. 2003). Maybe you intuitively calculated that the PPSF on this one is low – try $428/PSF before we get the final price.
Now, things could heat up any time in EMB.

First, there's the (minor) crime wave gripping the west-of-Sepulveda region. It's small, but sufficiently alarming to be chatter-worthy. (If you haven't already had 5 repetitive conversations about it around town, you don't get out much.)

Strange, no similar reports east of Hwy. 1. Maybe a safer neighborhood?

Next, selection is growing and prices are down. We see 8 SFR listings right now under $800k.

Of those, 1 is an REO, 1 is a short sale, and 2 feature pickups prominently in the driveway in the listing pics. (1768 Gates scores in 2 of those categories.)


OK, as before, please use this "East MB Bucket" thread to post information about all listings and goings-on east of Sepulveda, data, critiques, news, etc.

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