Wednesday, April 4, 2007

Hill Street


This 2 bed 1 bath tear-down at 1408 Hill St. sold 2/20/07 for $896K, just under its $899K asking price. Noteworthy is that there was no bidding war, unlike past low-end sales here, including the auction a year ago of 1514 Hill that went up to $1.25M. The city Demolition Permit application is already posted. It's pretty bad inside, as you can see by its kitchen:


Let's use this as the beginning of a look at Hill Street in general. I find it one of the nicest streets in Sunset Park, a little hilly with some views, but not as under the flight path as Ashland, Pier, Marine, etc. Here are Hill Street sales since the fall of 2004, in address order. I'll visit some in more detail in future posts.

Addr Bd Ba    LP($K)        SD SP($K) 
____ __ ____ ______ ________ ______

1131 3 3 1,582 5/24/06 1,501
1212 3 2 12/20/05 1,182
1314 3 2 3/13/06 1,230
1324 4 3 1,795
1334 3 2 10/19/04 875
1352 3 3 11/10/04 1,039
1408 2 1 899 2/20/07 896
1502 3 1 1,249 4/18/06 1,265
1502 3 1 11/3/05 1,150
1509 3 1.8 1,295 11/20/06 1,261
1514 2 1 auction 3/24/06 1,250
1616 2 1 850 8/23/06 928
1649 4 3.5 1,829 6/16/06 1,880
1655 3 2 1,328 2/23/07 1,302
2216 3 1.8 1,595 5/9/06 1,640
2307 2 2 10/26/04 975
2308 3 2 1,309
2315 3 2 1,450 8/4/06 1,400
2315 3 2 1,475 3/8/07 1,475
2414 0 0 8/5/05 1,915
2427 3 2 7/15/05 1,320

7 comments:

Sylvie said...

I'm moving back to So Cal in 10 days is this what I have to look forward too? I'll be renting in W. LA but the whole area gets more insanely over priced each year. I say let the HB unwind and bring on the recession. Then maybe this craziness will subside.

I fear the effects will be felt all over the state and perhaps cause economic pain. I think us that have little to no debt and some cash reserves will be able to ride it out. Those who are living towards the edge and in heavy debt will get a severe wake up call.

We can thank the Fed,Bankers, and RE industry for this ponzi scheme gone bad. Fast and easy money never comes without eventual consequence. Now, if we all can hold on to our jobs (recession) and sit on our savings we'll be ready once the bottom presents itself. It won't be pleasant on the way there however.

Craig said...
This comment has been removed by the author.
Anonymous said...

It's sad. 5 or 6 years ago I thought prices were insane. Now I'm making statistically more than 85% of the population, and I still can't afford a decent house that doesn't require me to sit through 3 hours of traffic every day on the way to work. Who the hell is buying these properties?!

Lionel said...

That 896K can be dubbed a "low-end sale" is one the most frightening comments I've read in a long while.

And Sylvie, good luck finding good rentals. I've been trying to help a buddy of mine find a decent place, and it's been a staggering prospect, especially since he's determined to stay on the westside. He finally found a decent apartment for 2200 in Brentwood. No great shakes, but it's safe and a nice building. He was initially looking for a small house, but even 3000 would only get you a POS. It's why I'm getting the heck out of here.

sylvie said...

Lionel,

I started looking a few weeks before I'm due to arrive and even had one fall through. I finally found a gal on craigslist wanting to move ASAP and couldn't give a 30 days notice. She got lucky and got a place in SM for way below market rent through some friends and had to move on it. We were working on the deal when she called and told me the management company rented it out without notifying her. She was angry and told them they had to do something for me. So I got the same floor plan across from her former place. Here's where it gets good at her old market rent of $1200. It's a 1\1 between Barrington & Bundy just a stones throw below Wishire, Dude... I sent them the cashiers check overnight I wasn't about to leave anything to chance for that location. It's in a rent control area five minutes from SM. I feel fortunate...

Lavi D. said...

Hey man, check out the Ironic Bears in Las Vegas.

Cheers!

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