Day after day this week, new listings have hit the market starting out below their acquisition prices.
We list them here in order of the reduction from acquisition price, lowest to highest:
- 3505 Pacific, a delightful family home (4br/3ba, 2850 sq. ft.) on a nearly double-wide lot with a big location challenge, was…
Day after day this week, new listings have hit the market starting out below their acquisition prices.
We list them here in order of the reduction from acquisition price, lowest to highest:
- 3505 Pacific, a delightful family home (4br/3ba, 2850 sq. ft.) on a nearly double-wide lot with a big location challenge, was purchased for $1.350m in Jan. 2004, but starts now at $1.299m (-$51k).
- 1604 Poinsettia (5br/4ba, 3125 sq. ft., 2004 build) was last purchased in Dec. 2005 for $2.2m, and began this week at $2.099m (-$101k).
- 528 6th (2005 build) is a sharp, angular modern that made a few appearances on MBC in 2008. Last purchased 3 years ago in Feb. 2006 for $2.995m, now offered for $2.799m (-$196k).
- 429 31st (4br/4ba, 3800 sq. ft., 2002 build) is a Cape Cod up on the plateau that takes the biggest hit among these, right out of the blocks. Last purchased in May 2005 for $2.490m, it starts now at $2.199m (-$291k).
Also this week,
1821 Palm (4br/4ba, 3525 sq. ft., 1990 build, updated) – which we noted just last week in "
Not Worth Their '05 Prices?" as one that was "slipping closer" to its April 2005 price (
$2.250m) – chopped below its acquisition price to
$2.175m.
Pause a moment to recall the go-go days of the early-to-mid-2000s. If you bought a home in Manhattan Beach in any year starting with a 2 and later sold it, you made money. That was true for almost everyone in MB through some point in 2007. No longer.
The turnaround here is pretty stunning, even while we take as givens the broader real estate and financial market meltdowns.
The acquisition dates for these properties range from 5 years ago (Jan. 2004) to 3 years ago (Feb. 2006). If the broader local market is to be evaluated in light of these listings, these data points add to the suggestion that we're living in 2005 right now, pricewise, with real risk to the downside.
Some good news: The stock market is now living in 1997, so we're still better off in MB.
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 19th, 2024 at 5:10am 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.