Under $400k in MB?

By Dave Fratello | October 4th, 2011
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

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