Then there's this 2 bed/1.5 bath house at 724 Navy St., second block west of Lincoln, asking $949K. "Great location in Ocean Park Neighborhood just blocks to Main Street and the beach!" Notice how they never say how many blocks? "Completely renovated with new kitchen, granite counters, stainless appliances, and bamboo floors. The architecturally designed master is bright and has over-sized French doors that open into the yard." Almost a million dollars for a little old house on a tiny 25' x 80' lot?! Words fail me.
Tuesday, May 22, 2007
Navy St.
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38 comments:
I'd buy that in a heartbeat over the one on Virginia. It seems like every property you profile around Stewart Park has a security door...hmm, I wonder why?
That's a ton of money for such a small lot! I guess any buyers will be looking for a condo alternative or the possibility of upgrading to a second floor and underground parking. Nevertheless, there ain't no elbow room here now...
Sliver Lot... But, it is Santa Monica. Only one problem. 713 Ozone, one street over just sold for $417K. Know anything about that transaction?
1+1, 600 sq ft, SOLD on 5/2/07, 1999 ft lot.
It seems awfully low...
http://westsidermeltdown.blogspot.com
Cute home. I'll buy it for 300K. No, wait, I may be overpaying. Forget it.
WTF has happened to Santa Monica? This is insane and when you put it into perspective there is no reason for anyone to buy something like this (or many of the "low end" million dollar homes featured here).
When I see things like this, I get more and more interested in saving a bundle of money and then going to Colorado or some place like that and buying a nice big house on LAND (yea foreign concept in so cal) for less than half of what a shack costs anywhere near the westside...
I maintain that there is little incentive to live in LA if you are not making a lot of money...the cost of living is too high and the sacrifices too big. It seems like the westside won't have any real families living in it anymore if this continues...and the traffic has gotten outrageous lately. anyone else notice that?
If you get to keep the little red flag out front, count me in!
"Only one problem. 713 Ozone, one street over just sold for $417K. Know anything about that transaction?"
The seller's last name is Burger, the buyer's last name is Burger. Answer your question?
Saved by credit cards!!
"American Express Co. plans to announce today what is believed to be the first program designed to allow consumers to put their monthly mortgage payments on plastic -- and to earn credit-card rewards for doing so."
Shoot me in the head
The seller's last name is Burger, the buyer's last name is Burger. Answer your question?
DWR, what does that mean? Is it a refinance?
cassiopeia
I think it means that it was an "intra-family transaction"...thus not a sale at arms length so it isn't really able to be used as a comp. Was probably a situation where a parent was "gifting" to a child or something...I could be wrong but thats my take
yes, an intra-family deal.
"American Express Co. plans to announce today what is believed to be the first program designed to allow consumers to put their monthly mortgage payments on plastic -- and to earn credit-card rewards for doing so."
I hope my credit card company does this, I'd love to earn $50 in rewards every month for doing something I'd already be doing.
This AmEx scheme is a bad deal for consumers who don't pay off their bill monthly. Pay interest on interest and soon you'll have a bankrupt man.
And isn't this a risky venture for AmEx? They're making the mortgage payments and don't even have a position in the collateral. Or have the laws been changed once again in favor of the lender? I wonder how universal default plays in this sad scenario.
WESTSIDE FORECLOSURE
2718 s barrington ave,los angeles, CA 90064
Area: West L.A.
Bank Owned Foreclosure !!! Great opportunity in desirable WLA neighborhood. 3 + 1.75 with bonus room / office. Needs some TLC but priced accordingly. Seller selects services / Offers to have pre-qual or proof of funds / Vacant call listing agent for lock box combo.
IT IS ON A BUSY STREET AND UNDER THE SM FLIGHT PATH - BUT STILL! - DLP
"This AmEx scheme is a bad deal for consumers who don't pay off their bill monthly."
No kidding. On the flipside, for those that don't carry any revolving debt, it's a sweet deal. I get about $800 per year from my credit cards, simply from using them instead of a debit card.
Yea the credit card rewards situation is great for us...but think of most people who get suckered into carrying balances. If anything, this could be something that somewhat postpones the deflation of the real estate market because people can delay defaults by racking up the bill on plastic and then transfering it to new cards with low into rates.
I use my credit card for almost everything. Chase rewards gives me 1% cash on everything except for gas, groceries, and drug stores...I get 5% back at them!
Is there a price for that west LA foreclosure? Here are the details for it:
2718 s barrington ave
Sale History
03/28/2007: $670,263
09/27/2005: $740,000
So it was purchased at the top of the bubble in late 05 and the early 07 sale date is the bank taking it back. Here is the loan info for the lady who bought it in 05 and went into foreclosure:
first mortgage:
Lender: FIELDSTONE MORTGAGE CO
Type of Mortgage: FANNIE MAE/FREDDIE MAC; FIXED RATE/CONVENTIONAL
Loan Amount: $ 629,000
Rate: 7.25 %
Term: 10/1/2035
Title Company: UNITED TITLE COMPANY
and the second mortgage:
Mortgage Type: NON-PURCHASE MONEY
Lender: FIELDSTONE MORTGAGE CO
Lender Type: SUBPRIME LENDER
Loan Amount: $ 111,000
Loan Type: STAND ALONE SECOND
Due Date: 10/1/2020
So what do we see here? $0 down, 100% financed...also note the second mortgage by subprime lender Fieldstone...
Finally, the current owner is:
Buyer: HSBC BANK USA NA (Beneficiary)
Sale Date: 3/23/2007
Recorded Date: 3/28/2007
Sale Price: $ 670,263 (Full Amount)
Document Number: 07-0716845
Deed Type: TRUSTEE'S DEED - (CERTIFICATE OF TITLE)
Assessor's Parcel Number: 4258-008-004
Thats right...HSBC is now the proud owner. It would be great to know what they are asking for this place and for it to be featured on this blog when/if it sells so we can see how much of a loss there is. So this property that sold for $740K at the top got bought by the bank for $670K (a 10% decline)...now lets see how the bank does.
Can someone please look up the asking price on this? Westside, is this worth a post?
2718 Barrington went on ZipRealty yesterday with an asking price of $699,900.
Here's the URL:
http://tinyurl.com/28ypbj
Ridiculously, Zillow Zestimates it at $983,848, or $746 per sq ft.
Having lived on the intersection of Barrington and Texas Ave for 5 years, you couldn't pay me to live on Barrington ever again.
Constant traffic, weekly (often fatal) crashes at the traffic lights, plus the University High kids screaming and shouting down the road on their way to school at 7am - and back again at 3pm.
Horrible, horrible road to live on.
Thanks for posting the price...I think this should fall further but my guess is that it will sell in the high 600s as many folks will salivate at "bank owned" foreclosures at this point.
Craig said...
Yea the credit card rewards situation is great for us...but think of most people who get suckered into carrying balances. If anything, this could be something that somewhat postpones the deflation of the real estate market because people can delay defaults by racking up the bill on plastic and then transfering it to new cards with low into rates.
Craig, you are so right! And what is happening with the inversion of collateralized debt to short term debt? This is a topic about which we should prod Charles Hugh Smith to pontificate. For how can it make sense for a consumer to pay higher rates on collateralized debt when compared to low rates on short term uncollateralized loans?
From my limited point of view, what I see as a significant problem in this market which seems to have no severe correction yet in sight, is a mismatching of risk and rates to various types of debt. But maybe I've got the risk picture all wrong and I'd love someone to ring in with tales of enlightenment.
Anon,
I'm assuming you are talking about mortgages when you say "collateralized" but can you define which types of "uncollateralized" loans you are talking about? Are you talking about low intro rates on credit cards? Maybe I'm missing something
1419 15th St - 1/1 condo
Came across a 1 bedroom condo on Craigslist asking $400K...I don't know which unit it is but the most recent 1/1 sale in the complex was on 1/31/06 for $431K (equivalent square footage, etc)...
Looks like we are already rolling prices back 2 years!
This was on Ben's blog, about foreclosures in Santa Monica:
http://tinyurl.com/2osc3t
"Do you want to see something more? you can visit too:Great investment opportunity at Costa Rica"
Can I buy 2?
3273 Granville - also trust/conservatorship - does that make it a foreclosure?
It dropped $150000 today.
REMARKS: PRIME WESTDALE AREA HOME ON MAR VISTA HILL! CLOSE DISTANCE TO MAR VISTA ELEMENTARY. TRENDY SHOPS AND EATERIES, WHOLE FOODS MARKET! UPDATED KITCHEN WITH NEW APPLIANCES! BREAKFAST NOOK! MOSTLY ORIGINAL WOOD FLOORS UNDERNEATH CARPET! CLOSE TO STUDIOS! QUAINT COMMUNITY! COME AND SEE THIS AMAZING TREASURE!
ROOMS: Breakfast,Den,Dining,Family,Office
EQUIP: Dishwasher,Garbage Disposal,Hood Fan,Range/Oven
AIR: None HEAT: Floor Furnace
FLOOR: Carpet,Hardwood,Laminate,Vinyl LAUNDRY: Inside,Room
FIREPL: Living Room,Wood Burning ROOF: Composition
POOL: None TENNIS: None
PARK: Detached,Garage SPA: None
VIEW TYPE: City Lights,Mountains,Tree Top WATERFRONT: None
SEC: None FIN: Cash To New Loan
SEWER: In Street POSS: Close Of Escrow
DISC: As Is,Trust/Conservatorship SZONE: Other
OCC/SHOW: Call LA 1,Combo Lock Box,MLS Lock Box,Vacant
LP: $999,000 DOM: 84 SP: SSP: OLP: $1,150,876
LD: 03/01/200
-dlp
As far as credit card juggling - I bet you aren't in the entertainment industry. Lot of folks (myself included) try to beat the credit cards at their own game but sometimes (like last year when I was stiffed $50,000) credit is a survival tool. I've managed to use it mostly to my benefit but I can see how it can easily get out of hand especially if you are kidding yourself that your house will pull you through. I'm not sure it bodes well for Amex either.
"Can I buy 2?"
dwr, why not be a little bolder? Pull out that Amex and buy all of Costa Rica! I mean, %100 LTV, oh heck, what am I saying? %110 LTV! And think of the points!
You guys seem to be enjoying this Costa Rica spam, so I'll leave it. Next one gets deleted.
Thanks for the link http://tinyurl.com/2osc3t, dwr. Here's the net:
<< While national economic indicators are still showing signs of growth and the stock market is boasting sustained earnings despite substantial sell-offs earlier in the year, the dramatic slowing of the housing market nationally and in California could begin to impact local revenue, Ewell said.
In Santa Monica, the number of foreclosures has risen dramatically and homes for sale are staying longer on the market, Ewell said.
So far this year, there have been 114 foreclosures in the upscale beachside city, compared to 140 in all of last year, according to foreclosures rates obtained by the City Manager's office though the legal database, Westlaw.
The current foreclosure rate is double what it was in 2005, when there were 65 foreclosures in Santa Monica, according to the data.
"Assuming that you extrapolate that out, we are seeing more foreclosures, and it's showing us that the housing industry is continuing to take a hit," Ewell said. >>
"dwr, why not be a little bolder? Pull out that Amex and buy all of Costa Rica! I mean, %100 LTV, oh heck, what am I saying? %110 LTV! And think of the points!"
True, I would be a bazillionaire overnight. And there is no limit on an Amex card...
I think this may be a record for this blog as far as number of comments...I have enjoyed finding out that I am not the only one who realizes Santa Monica/westside areas are in for trouble. I am excited to see how things turn out at the end of this summer and into next year
Craig, I'm dying to see what happens by the end of the summer and early 2008. That's when reality is going to begin setting in in this area.
I'm beginning to think that once we are there, it is going to be so overwhelming that it's going to scare off the market even some of us who have been waiting for a crash to be able to buy something.
I'm dying to see what happens by the end of the summer and early 2008.
Me too. Right now the market is perking along, with both new and old listings selling.
I think this may be a record for this blog as far as number of comments...I have enjoyed finding out that I am not the only one who realizes Santa Monica/westside areas are in for trouble.
It's great to see this community forming, Craig and others! I'll do my best to keep it entertaining and useful.
To Westside Bubble:
yes, please! keep it up. I just found this blog and love it. Having lived in Ocean Park for close to ten years, I'm fascinated by the real estate machinations going on around me.
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vegetables and fresh seafood. My stress levels are much lower than when I was living in the
States and the potential here for investing, truly is unlimited. The best part of living
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The city rests on a mostly flat slope that angles down towards Ocean Avenue and towards the south. High bluffs separate the north side of the city from the beaches sportsbook.
According to the United States Census Bureau, the city has an area of 41.2 km² (15.9 mi²); 21.4 km² (8.3 mi²) of land. Its borders extend three nautical miles (5.6 km) out to sea, and so 19.8 km² (7.7 mi²) of it is water for a total area that is 48.08% water.
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