Thursday, May 3, 2007

Delaware eccentric

The cheapest R1 listing in Santa Monica is 2961 Delaware Ave at $699K. (With "For Sale" sign to match.)

Major Fixer on lg corner lot in SM. Legally a 2+ 1. House is being sold "as-is" "where-is". Additions to property w/o permits. No dual agency. Buyer to perform all inspections prior to writing an offer at their cost.

There is a house behind all those trees, reworked into something like old Topanga or Venice. Here's an interior view of angled colors and mirrors.
It's $166K less than Warwick (a block east, still unsold), $70K less than 3008 Delaware (2/1, closed 4/7/06), and $396K less than the newly-listed 2937 Virginia Ave. (3/2), "BIG FAMILY HOME NEAR PARK-NEW LISTING Best value in Santa Monica in the desirable Stewart Park neighborhood." Hardly at that price, across the street from the freeway.

9 comments:

Westsider said...

It would have been nice if there were prices on this entry.

Also I just went to the bank today, First Entertainment Credit Union. They have an 8 month cd at 6.00 APY. Has anyone else noticed cd rates increasing? It kind of makes you wonder if the liquidity flood is in jeopardy of evaporating. My "banker" then proceeded to make little sense as he explained bankrs are raising cd rates to "collect" more money because he they thought interest rates were going to rise in the near future (which makes sense) and they fear that the raising interest rates will lead to increased mortgage activity (Not sure mortgage rates and refinancing/purchasing homes are directly related to one another). But it was amusing listening to a supposed "expert" explain the future of housing and the mortgage industry.

Westside Bubble said...

Sorry 'bout that. Price added (with comment about their "For Sale" sign).

So long-term rates are rising in anticipation of short-term rates rising? But how does that increase mortgage activity? Fewer re-fi's, fewer purchases, I'd think.

Westsider said...

Exactly - it just shows how uneducated most people are about mortgages, financing, etc. It's not surprising that commission driven vultures (mortgage brokers) could sell SOOOO many ticking timebomb ARMS to clueless homeowners.

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Anonymous said...

Hello. My wife and I bought our house about 6 months ago. It was a foreclosure and we were able to get a great deal on it. We also took advantage of the 8K tax credit so that definitely helped. We did an extensive remodeling job and now I want to refinance to cut the term to a 20 or 15 year loan. Does anyone know any good sites for mortgage information? Thanks!

Mike