We hope you'll bear with us as we unveil the somewhat delayed MB Market Update spreadsheets for 9/15/08. They are now available for download by clicking here or, any time, by using the link at the upper-right corner of the front page.
Inventory of SFRs west of Sepulveda stood at 110 on Sept. 15, inching back near…
We hope you'll bear with us as we unveil the somewhat delayed MB Market Update spreadsheets for 9/15/08. They are now available for
download by clicking here or, any time, by using the link at the upper-right corner of the front page.
Inventory of SFRs west of Sepulveda stood at
110 on Sept. 15, inching back near 116, the highest figure MBC has recorded in 18 months of public market tracking.
In the first half of the month, we saw
16 new listings,
10 sales
(new escrows) and 3 cancellations. (We are actually aware that 2 of the 3 cancellations came back as re-lists after Sept. 15, but the spreadsheets show them dropping out of action.)
The most noteworthy trend in this update was probably the re-pricing of several listings in the Tree Section in the $2m+ segment. Several listings that started in the mid-to-high $2m range are now pushing down toward $2m even.
That can be good strategy. Once it became the lowest-priced of the $2m+ listings, at $2.199m, the new modern at
560 36th made at deal, down
at least $800k from start. (See “
Not Holding Out.”)
Leapfrogging down afterward:
3404 Pine (
start: $2.45m,
now: $2.175m) and
757 30th (
start: $2.699m, now:
$2.199m). Several others are now clustering near $2.3m, from start prices around $2.5m.
We now have another Hill Section listing that has
dropped more than $1m –
218 N. Dianthus is now at
$5.695m after a start in March at $6.750m (now
down $1.055m/-16%).
Among closed sales, the biggest cut percentagewise in this period was 25% on
794 27th (see “
Close the Books on 794 27th”). With a closed sale price of
$1.950m, the seller actually went
$550k below the May 2006 acquisition price – a symptom, in part, of overpayment back then, and of course a slower market now.
Three Sand Section listings closed, all double-digits below their start prices –
125 31st came in at
$3.150m (-$399k/-11%), 224 23rd Pl. came in at
$1.525m (-$274k/-15%) after just about 2 months on the market, and the nice remodel offering only 2br to go with 2650 sq. ft. up at
448 27th closed at
$1.725m (-$364k/-17%).
On a brighter note, two lower-priced Tree Section listings came in closer to their starts – 1412 Elm closed for $1.250m (-$135k/-10%) and 3513 Oak, near Rosecrans and Barnabey's – no, wait, Belamar! – took $990k, down just $9k/-1% from asking.
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 29th, 2023 at 2:15am 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.
