High/Low Prices of 2010, East MB

By Dave Fratello | January 5th, 2011
Well, we've covered 2010 sales in the MB Hill Section, Sand Section and Tree Section – what could be left?

Oh, right, East Manhattan!

We kid, just a bit. After all, MBC launched as an exclusively all-west-of-Sepulveda blog, and that's pretty much still our focus.

But your blog author has been branching out a bit, and the wild lands of East MB are becoming part of our turf, bit by bit. (Not to mention that our South Bay Confidential gig at the Daily Breeze has got the author running around the hills of PV and checking out open houses in Redondo, among other exotic locales. Who'da thunk?)

So here we go, let's take a look at what 2010 wrought east of the highway. Maybe we'll all learn something.

East MB

Highest Price: 1550 8th (5br/6ba, 4350 sq. ft.) is a newer (2004) Craftsman-inspired build on one of those treasured full-sized lots (7500 sq. ft.), which sold for $2.035m this year.

The home pre-sold during construction 6 years ago, closing in July 2004 for $2.244m.

Not so long after the buyers moved in, it was on the market for a big markup (those were the go-go days), with the description leading off

Grand really says it all, the spectacular craftsman style home boasts huge rooms w/ distinctive interior design features.
A buyer agreed, and paid $2.680m in Nov. 2005, a hearty inflation of $436k/+19% in, really, a matter of months (16 months to be exact). 

That didn't work out well, and the home foreclosed in 2009, coming back to market at almost $2.3m late last year. When this year's sale closed in January 2010, who knew that $2.035m would prove to be a mark never to be exceeded over the ensuing 50 weeks?

Worth noting: The rewind on the home's value this year compared to the original 2004 sale when new was -$209k/-9%.

Honorable Mention: 1737 9th (5br/6ba, 4550 sq. ft.) is also newer construction (2005) on one of the big lots. It's styled with a vaguely farmhouse/Cape Cod hybrid on the outside, with massive kitchen/great room and a back yard outfitted for entertaining.

Like our top honoree, this one sold for less than it did once-upon-a-time, but without the garish excesses or the foreclosure process mixed in. In 2005: $2.200m. In April 2010: $2.020m.

Lowest Price: Just recently we mentioned 1765 Voorhees (3br/1ba, 1100 sq. ft., 6000 sq. ft. lot), a short sale that had been pending forever – spanning several months of both 2009 and 2010, after first launching in Oct. 2008.

It closed just before year-end at $700k, taking the crown for lowest-priced SFR not just in East MB, but for all of MB this past year.

That price was also a $120k (-15%) drop below the July 2004 acquisition price, putting this one into 2002-03 pricing, not unlike you saw with the highest-priced East MB sale.

Now, having looked at the closed sales, we should note that there were a few listings asking for more – they just didn't get it in this past year, which we have generally seen as a recovery year. The top 3 seekers:

116 Terraza Place (7br/9ba, 10,500 sq. ft.) (pictured) launched in Sept. 2009 at $10m and is now at $6.650m. This grand estate will find its match some day, and will likely lead the pack when it does.

1501 9th is also a very big (6br/10ba, 8550 sq. ft.) newer home, with a double corner lot and tons of extras. We've seen it run as high as $6.5m and as low as $4.895m. It's off-market now, but we won't be surprised to see it return.

117 S. Meadows is a lot sale with a fence abutting 116 Terraza. It launched in July 2008 (yes, 2008) at $3.250m and, after some re-listing, is now up at $2.850m.

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