Tuesday, March 6, 2007

Warwick


[See updates at bottom]

Our first Spotlight shines on 18x7 Warwick Ave., Santa Monica. Listed in 8/06, it was slightly reduced in November to its current $869,000.

Let's savor parts of its MLS description:

"The Best Deal in Santa Monica!"

Local comps in the last year sold for about $100,000 less (3344 Delaware Ave., 3008 Delaware Ave., and 1912 Warwick Ave.) per the L.A. County Assessor's Office.

"Wonderful 3br 1ba Home on a quiet, tree-lined street."

It's one block from the Santa Monica Freeway (to the right). Enough said about the "quiet".

"The home is in move-in condition and is just waiting for your personal touches."

You've got a lot of "personal touches" ahead of you, beginning with replacing that security screen door.

"Open Every Sunday 2-5!"

For many weeks to come, at that price. Why do they write stuff that someone visiting quickly finds otherwise? It just wastes everyone's time.
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This is off the MLS as of today (3/2), and the sign is gone. Relisting soon?

Meanwhile, two neighboring houses are new on the market, on 34th for $899K and Virginia for $849K. The latter's description - "Must see!" - somehow doesn't mention its backyard is just across the alley from the Santa Monica Freeway offramp at Centinela. Must be that zin again. We know the comps are $100K less.
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It's baaack! Now (3/6) asking $865K (a whole $4K less), claiming "Extra bonus/media room." [Felt like an old covered patio. Remember those?] "Gorgeous gardens, tons of plants & trees." [The photo doesn't lie.] "Huge lot ready for lucrative expansion project." [Huge compared to what?!]

8 comments:

Anonymous said...

I live on 8th street in Santa Monica, and know EXACTLY where the house is that you refer to. You literally could hurl a bottle out of your car going Eastbound on the 10 and hit this house. That area South of the 10 and East of Lincoln in Santa Monica has some of the worst looking properties in the entire city, trumped only by hood-cities such as Baldwin Hills and Compton. And the Republic of Santa Monica makes it so difficult to do a tear-down, the fool who purchases this property will need to live in in for at least 24 months before being able to consider a rebuild. $869k... What a scam!!!!!

MGB said...

I am SOOOO glad to see your new site that tracks this specific area.
I have been following Pacific Palisades for some time although I now live in NY. I would like to email you a copy of the DQ News tracking info that you can choose to incorporate in your data. Where can i send it?

Westside Bubble said...

Thanks, anonymous, for being my first poster, and mgb, for the offer!

I've been tracking DQ News' county results for the last few years, and should post a summary graph here. Do you have it more detailed, like their zip code monthly data? I clip that intermittantly from the LA Times, but not enough for a data series.

Email to westsidebubble at gmail.com.

dwr said...

Do you live in Santa Monica? If so, why would you ever recommend taking down that security screen door in that neighborhood!?

dwr said...

"I live on 8th street in Santa Monica, and know EXACTLY where the house is that you refer to...That area South of the 10 and East of Lincoln in Santa Monica has some of the worst looking properties in the entire city"

It's actually north of the 10.

Craig said...

Hello,

I wanted to thank you for starting this blog. I am currently living in Pacific Beach (San Diego) and have been following the coastal bubble areas closely. I am moving back to LA soon and will start to focus on watching the westside bubble unfold. I grew up in Santa Monica and my parents still live there (same house for 22 years on 25th Street just south of Montana). My parents (and many) on the westside still think that LA and especially Santa Monica is "special" and that prices can't decline. From what I have seen, Santa Monica is definitely not showing as much stress and San Diego but I think it will be more of a lag effect. And yes, everything north of Montana will always be pricey but things are just out of control right now. I have some specific properties that I would like to mention as well as some anecdotal stories about Santa Monica real estate that I will share in a few weeks when I get back into LA. Thanks again for the blog.

Westside Bubble said...

dwr: It's a funny little neighborhood in Santa Monica, but not unsafe like farther west in the Pico Corridor. It's negatively sandwiched between the freeway to the south and industrial to the north, but stable with many retired Asians and African-Americans, not a place of burglar bars.

craig: You're welcome! I saw prices fall a third 1990-94. Will sub-prime loans drying up trigger that again? Hasn't so far, but we'll see.

dwr said...

"dwr: It's a funny little neighborhood in Santa Monica, but not unsafe like farther west in the Pico Corridor."

I used to play hoops at Stewart Park, so I know the area pretty well.