MB Market Update for 7/31/09

By Dave Fratello | August 10th, 2009
The end-of-July MB Market Update spreadsheets are available now by clicking here or, at any time, by using the link on the upper-right corner of the front page.

Though the spreadsheets give a 2-week perspective, we'll try to summarize activity on a monthlong basis here.

For the month of July, MBC recorded 24 new listings, 12 sales and 12 cancellations among SFRs in the whole region west of Sepulveda. Inventory stood at 143 overall – a slight upward revision from our post the other day.

Hill Section

Inventory stood at 30 SFRs as of July 31.

For the month of July, MBC recorded 2 new listings, 4 sales (new escrows) and 4 cancellations in the Hills.

New listings were:

808 Duncan Place (5br/5ba, 3525 sq. ft.) (pictured) is a 10-year-old custom build starting at $2.399m.

903 10th
(6br/7ba, 5120 sq. ft.) is new construction entering a tough market, bordering a somewhat busy street (Poinsettia), starting at $3.195m.

Perhaps a good omen: 10th St. has been busy lately in a better sense (see below).

Sales (new escrows) in July included:
  • Giant, new 814 10th (5br/7ba, 9000 sq. ft.) (pictured), which never budged from $6.995m over about 4 months (listing can still be viewed while in "backup offer" status);
  • 1023 10th (5br/5ba, 4350 sq. ft.), a new home – spec, we guess – that happened to move fast, despite a mid-block location somewhat near Sepulveda; it began at $2.488m;
  • 881 10th (5br/6ba, 4000 sq. ft.), the "turret house" across Poinsettia from new entry 903 10th, which may shock some folks when it closes. This home was acquired new for $2.8m in April 2006 and looks like it will close below $2.2m this year.
Speaking of 10th, also, just last month, 918 10th found a buyer as well, closing in July for $2.65m, after concessions of $550k over 400+ DOM. Busy street, eh?

The final sale we'll point to from July was 218 N. Dianthus, which found a buyer and closed within the month at $3.920m, a stunning drop of $2.83m (-42%) from its start price. (See "Deal Done Down Low, High on the Hill.")

Among the cancellations, we'll take note of 603 11th (5br/4ba, 4080 sq. ft.), purchased new in 2003 for $1.75m and offered this year at $2.899m (ummm, no); and also 511 Pacific, the megahome (5br/8ba, 8300 sq. ft.) fronting Ardmore that MBC and plenty of readers like, priced variously over the past year-plus from $5.995m-$8.0m, last at $6.699m.

Sand Section

Inventory stood at 63 SFRs as of July 31.

For the month of July, MBC recorded 11 new listings, 4 sales (new escrows) and 2 cancellations in the Sand.

Some highlights among the new listings:
  • 1200 The Strand (5br/4ba, 4250 sq. ft.), quite near the pier, now used as a triplex, an attractive Spanish that starts at $9.795m;
  • 217 Seaview (3br/3ba, 1400 sq. ft.), last seen at MBC in August 2007 when offered as a lease-option purchase (see "The Lease-Option Gambit," which spelled out the terms of the offer at a price of $1.520m). Though the home posted in escrow (as another MBC story noted), no deal ever closed. Two years later and $200k lighter ($1.312m), the listing for this remodel proclaims "ALL OFFERS WELCOME"; and
  • 128 9th (4br/5ba, 4100 sq. ft.), a pretty amazing new contemporary right downtown and near the beach, which began at the amazing start price of $6.499, now already down to $5.995m.
Among the sales (new escrows) in July:
  • 3607 Bayview (3br/2ba, 1725 sq. ft.) (pictured), a remodel acquired in Sept. 2005 for $1.2m before the work; now a short sale, last priced at $1.395m (listing can be viewed in "backup offer" status);
  • 425 26th (5br/5ba, 4200 sq. ft.), new construction that's also gone short, last at $2.475m after a start at $3.75m in March 2008 (listing can be viewed in "backup offer" status); and
  • 3216 The Strand, what must be called a teardown duplex that has finally made a deal after cutting to $4.799m (see "Guessing Games" for some price history).
Just a couple of closed sales for July that we recorded by month's end:
  • 309 18th (4br/3ba, 2700 sq. ft.) (pictured), a walkstreet home just east of Highland that fetched $1.775m in Nov. 2004, and, again, the same price in July 2009; and
  • 704 Highland (3br/3ba, 1550 sq. ft.), a flip (these days?!) acquired in dated, crusty condition for $1.199m in May 2008, radically redone, and unloaded this past month for $1.270m – that markup didn't cover much, if anything (see "Flippin', Floppin'").
More on the Tree Section's data from July shortly.

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