Homeowners west of Sepulveda need not worry, but there is a curious development among today's price reductions.
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| 1311 MBB #5
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A bank-owned TH east of the highway and on Manhattan Beach Blvd. just cut its asking price under $400k.
That's
1311 MBB #5 (2br/2ba, 850 sq. ft.), described in the listing as the rear…
Homeowners west of Sepulveda need not worry, but there is a curious development among today's price reductions.
|
| 1311 MBB #5 |
|
A bank-owned TH east of the highway and on Manhattan Beach Blvd. just cut its asking price under $400k.
That's
1311 MBB #5 (2br/2ba, 850 sq. ft.), described in the listing as the rear unit (furthest off MBB) in an "intimate" 5-unit complex.
New asking price:
$393,536. (Where do they get these oddly precise prices?)
This raised 2 obvious questions.
Since it's an REO, what did someone buy it for before losing it?The answer there:
$545k in June 2006. Today's price is
-$151,464 (-27.792%) off that mark.
Also, when was the last time an MB residential property sold for less than $400k?Three answers on that one:
1466 MBB #2 (1br/1ba, 685 sq. ft.) went for
$310k as an REO in August 2008 – before the bankruptcy of Lehman Bros. Who even knew what an REO was then?
You have to go back 4 1/2 years further to find the next sub-$400k sale, a unit in the same building.
1466 MBB #7 (1br/1ba, 615 sq. ft.) sold for
$349k in the open market in January 2004.
The last SFR listing to go for
$400k (exactly) was
2205 N. Meadows, a 1940s original home on a 5,000-sq.-ft. lot. The listing literally said back in early 2002: "
BULLDOZERS SALIVATE WHEN THEY SEE A HOME LIKE THIS." That $400k lot sale occurred in April '02. A new 5br/5ba, 3450 sq. ft. home sprouted and sold a year later for $1.240m. The least pricey SFR in MB today is 1801 5th, a teeny 2br on a 3825 sq. ft. lot. It's also an REO, currently up at $597k.
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 October 13th, 2024 at 3:01pm 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.
