MB Market Update for 12/31/09

By Dave Fratello | January 8th, 2010
While you were away, or focused on other things, for the holidays, did a lot happen in the local RE market?

Not really.

But what did happen is encapsulated in the new MB Market Update spreadsheets for 12/31/09, posted online here, and also at any time by using the pulldown menu labeled "MB Market Updates" at the top of the MBC front page.

We ended the month and the year with very low inventory of SFRs west of Sepulveda: just 59 offerings.

That was down 44% from year-end 2008 (105 SFRs), and precisely the same as our count for year-end 2007. (See our 12/31/08 update here.) The breakdown as of 12/31/09 by sub-region west of Hwy. 1:
Hills: 7
Sand: 30
Trees: 22
This was mostly not a time for new listings: Just 1 hit the market in the last 2 weeks of the year:

  • 1704 Highland is a newer 4br/4ba, 3300 sq. ft. home with big views and downtown proximity. And Highland proximity, of course, but that's called a tradeoff. 
The home was briefly the home of a former Dodgers pitcher, Brad Penny, who paid $2.425m in May 2005 and unloaded the home to the current owners for $300k less ($2.125m) in Aug. 2006.
Prospective new owners are currently asked for $2.199m.

Meanwhile, not much sales activity in the final days of 2009, either. In addition to 222 N. Poinsettia, referenced here the other day in "One Less Hill Dirt Option," we saw a buyer grab 758 14th, the Arbolado REO mentioned just before Thanksgiving in "Would-Be Flip Returns as REO."

The Arbolado home was purchased for $1.695m in July 2006, and had cut to $1.288m when a deal was struck.

Yes, as you might expect, most of the action in the latter half of the month was in closed sales. There were 8 in this period, equal to the number of closed sales in the first half of the month. We'll write those up separately with some early-January updates in a post early next week, but for the time being, you can check the Hill Solds page, Sand Solds page or Tree Solds page for yourself.

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