Tuesday, July 24, 2007

Ancient on 6th

The Dow melted down 226 points today (see MarketWatch for multiple articles). Mar Vista sales seem to be slowing down, with more failed escrows and price reductions (financing problems?). But that didn't stop a couple of $1.5m+ Sunset Park listings from going into escrow today.

Then there's this 2 bed / 1 bath 720-square-foot tear-down at 2724 6th St. in Ocean Park, the newest member of the Ancient Listings of Santa Monica. Third place after 813 Pier and 2614 2nd, if you discount 2219 Ocean's over two years.

It has quite a history. Sold 6/20/06 for $1,089K, it was back on the market 9/06, asking $1,190K, reduced 10/06 to $1,095K, and off the market 11/06. Relisted 2/19/07 for $1,125K, it was reduced 4/07 to $1,075K, and finally 7/07 to $999K. For that you basically get 4,000 square feet of dirt. Just slightly less per foot than north-of-Montana dirt.

1 comment:

Westside Bubble said...

On the debt on this property, I received this comment via email (thanks!):

Married couple owns. They also recently sold 2722 6TH ST. They had owned that property for quite a while and had refinanced several times over the years...may have been a development or something.

Current loans recorded 6/20/2006 are $871,200 fixed-rate first and $108,900 credit line second.

So they're underwater on the lot purchase, but maybe not on the loans, depending on how deep they are into the credit line.

I recall when 2722 was for sale last year (a big modern house) and this was also available.