Tuesday, May 1, 2007

Low-end Sunset Park

Sunset Park (south of Pico, east of Lincoln) is the most-affordable single-family neighborhood in Santa Monica. How affordable, at current prices? Let's ask, what sold there during the last year for less than $1M?

1773 Dewey St., 2 bed/1 bath, closed 11/13/06, $750K (across from golf course, below planes)
2920 10th St., 2/1, 6/30/06, $800K (tiny lot, overlooks Lincoln)
3224 Pearl St., 2/1, 1/19/07, $835K (tiny house)
2338 Pier Ave., 3/2, 3/9/07, $860K (across alley from airport)
3121 17th St., 2/1, 6/29/06, $888K (little lot, hill slope)
2310 31st St., 2/1, 3/10/06, $895K (between Pearl and Pico, 40' lot?)
1408 Hill St., 2/1, 2/20/07, $896K (more)
1733 Robson Ave., 2/1, 12/8/06, $915K (hill slope, below planes)
2314 Pier Ave., 2/1.75, 3/23/07, $920K (across alley from airport)
1639 Oak St., 3/1, 3/1/07, $921K (behind Ocean Park Bl. stores)
2430 Pier Ave., 2/1, 3/30/06, $925K (across alley from airport)
2447 18th St., 2/1.5, 11/1/06, $925K (east of John Adams)
1616 Hill St., 2/1, 8/23/06, $928K (power lines behind, being fixed up)
3117 17th St., 2/2, 9/7/06, $940K (little lot, hill slope)
1309 Pacific St., 3/2, 4/21/06, $940K (west of SM College, shallow lot)
1125 Oak St., 2/1, 1/30/07, $948K (behind Ocean Park Bl. apartments)
1507 Pacific St., 2/1, 12/15/06, $950K (west of SM College, shallow lot)
2234 23rd St., 3/2, 11/29/06, $953K (between Pearl and Pico, 40' lot?)
1717 Robson Ave., 3/1, 1/12/07, $961K (hill slope, below planes)
2237 21st St., 2/1.75, 8/2/06, $975K (between Pearl and Pico)
2111 Pier Ave., 2/1, 11/9/06, $979K (near planes taking off)
1629 Wellesley Dr., 2/2, 11/21/06, $985K (photo above, cute fixer, top of slope, small yard, don't bump your head on the Chinese elm walking to the front door)


Barb said...

To sum up, the information/data you present here suggests an average value of $915K for a smaller older home in Sunset Park south of Ocean Park, east of Lincoln at this time, right?

Craig said...

I love how you chose to highlight a negative quality about each place...seriously though, when you spend $1 million and get a property in a poor location with planes flying over your head then you know the world has gone mad.

It will be important to keep an eye on these "low end" homes as well as condos in Santa Monica to see when some of the first significant declines happen. Oh and by the way, Penmar golf course rocks!

Westside Bubble said...

Barb, kinda yes. The typical price range of Sunset Park is $1-1.5M, with the price varying based on location, size, and fix-up.

Like Craig noted, the houses below $1M all had something extra wrong with them, location close to airplanes, extra-small lot, and/or really bad condition.

Good to hear about Penmar!

latesummer2008 said...

Prices are dropping if you look at the 2 houses on the 2300 block of Pier, that sold most recently.

2314 Pier (Teardown) $920K 3/23/07
2338 Pier (SPANISH) $860K 3/7/07

Not a good sign.......


Anonymous said...

This area (Pico) or 90402 currently has 153 foreclosures listings. Many more homes will be coming on the market as the foreclosures work there way through the system. These prices are going to come way down.

Westside Bubble said...

Which area, Anon? SM south of Pico (Ocean Park and Sunset Park) is 90405. North of Montana is 90402.

Like to start tracking and posting foreclosure counts over time? OC Renter does it by county, but for Westside zip codes would be very interesting!

Westsider said...

Again 153 foreclosures for 90402 - remove tax liens are there are only 9. Believe me, I think the housing market must come down. I sold my condo in January and my family (and our cash) are sitting on the sidelines. History tells us the decline can easily be a 7 year stretch of 3-8% annually. I'm in it for the long fall.

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