No question, this Fannie Mae and Freddie Mac stuff is scary. The enterprises are behind half the mortgages in America, and no one knows quite what will happen now that they're on the ropes.
Let's just say – fundamental problems in the mortgage industry may diminish enthusiasm for home purchases.
But that doesn't mean you can't window-shop. There are some nice new offerings worth 15 minutes this weekend.
To plan your open-house tours for this week, use MB Confidential's online list of Manhattan Beach open houses
Also, the new MB Market Update spreadsheets are available now – click here to download the 6/30/08 spreadsheets
or, at any time, use the link at the upper-right part of the front page.Hill Section717 10th (pictured)
is a sharp, appealing modern home with big ocean views. Offers 5br/4ba and 4250 sq. ft. on a 5800 sq. ft. lot. Starts at $3.850m
, a tad more than $1m above
the Oct. 2004 purchase price. (See the "Sales History" on the Redfin listing for more.)
If you find that price a bit steep, the home's available for rent, furnished, for – gulp – $14,000/mo
. Open Sun. 2-4pm.
debuted in late February at $3.449m, went quiet for a while, and now returns $250k lighter at $3.199m
. Offers 4br/5ba and 3300 sq. ft. (4br/5ba, 3300 sq. ft.) and ocean views, but a bit of an East Manhattan look at the curb. (Thinking much
further east, the listing says the home design has a "French influence.") Open Sat. & Sun., 1-4pm.
has bumped down again, now at $4.850m
. (That's -$400k/-8%
in a month.) Open Sun. 1-4pm.Sand Section
West of Highland, on a great street (next to 18th
, officially one of MBC's "Great Streets"), 220 19th
is gorgeous, and the sellers know it. That's why they believe the 2001 home will command $5.2m
or so – a nice return on their $2.1m purchase price.
Bring that kind of coin, and you get a walkstreet home with 5br/4ba, 4325 sq. ft. on 3 levels with an elevator. The home boasts big views, but, surprisingly, most of the pics in the listing are blurry and pixelated. Well, you don't sell these sorts of properties online, right? Open Sat. & Sun. 1-5pm.341 10th
has been around more than 100 days, and is now down $500k
from its start at $3.3m. It's a walkstreet home very near downtown that's stylish (nice woodwork) but also a bit broken up – only 2400 of the 3150 sq. ft. are in the main house; the rest is part of a less-improved, attached rental unit. The whole package stands now at $2.799m
. Open Sun. 1-4pm.Re-list of the week:
This is at least the third time that 417 28th
has been "new," courtesy of this week's bogus re-list. The real news is that the price has moved down twice in $200k chunks in the past couple of weeks. (See "Shaving for Summer
.") Keep that up, and it might really sell. Now at $2.899m
. Open Sat. & Sun., 1-4pm.Tree Section
Mrs. MBC is a sucker for the promise of a true Craftsman. Tacking some shingles and prominent beams onto an otherwise plain home design is not going to convince her. But 560 35th
, her pick of the week, takes some strides in the right direction.
Above all, the home is stylish, not cookie-cutter, doesn't suffer from garage-face syndrome, and offers a decent PPSF ($591
) for 6br/6ba and 4100 sq. ft. The Craftsman style on the exterior is inspired, and some elements carry over well inside. (The listing's reference to the Gamble House vastly over-promises.)
Mrs. MBC would repaint several rooms (the current palette can't be authentic) and would try to figure out which period to place the master bath in – the 1990s look is a downer, but she might go for a 2008 look, instead of, say, 1890s.560 35th
starts at $2.425m
. Open Sat. & Sun., 1-4pm.640 30th
is a 5-year-old Mediterranean with 5br/6ba and 3450 sq. ft. It's plush, with lots of extra details and great décor. Starts at $2.349m
. Open Sat. & Sun., 1-4pm.3404 Pine
is an attractive newbie that has been around 10 weeks, and recently cut $150k to $2.295m
. It's not so far from The Twins on Poinsettia (3307 and 3309), which just hit MBC's radar for cutting to $2.499m (see "The Twins Slip
3404 Pine is open Sun. 2-5pm
. The Twins are open Sat. & Sun. 2-4pm.