Thursday, July 12, 2007

Arcadia Terrace

This new listing can really claim to be unique. It's at 26 Arcadia Terrace, the gated walk street north of the Loews Hotel, 5 bed / 6 bath (including guest house, I presume) for $6 million. "Renovated from ground up/w head-on unobstructed ocean views from every room. Plus guest house. Offered together w/ adjoining vacant lot at 24 Arcadia for combined price of 10 million."

The photo above is at the top of the Arcadia Terrace steps down to Appian Way and the beach. The photo below is looking up Pacific Terrace from Appian Way, showing the rear guest house over garage and the side of the main house. It's old Santa Monica history with an incredible view. Only $6 million. Or $10 million to get the lot on the beach side too (the red retaining wall).


speedingpullet said...

Sorry, I know this is OT, but I wonder if anyone would have any clue as to what is going down in Topanga at the moment.

1 particular place.....666 N Topanga Canyon Blvd. - zillow says 2 bed 2 bath, 1200 sq ft.

On the market for 65 days (with 2 listings), original list price $847K, dropped to $837,777.

And, get this, sold on 7/11/07 for $10,000,000

I know lots of smart, informed people come here - so can anyone tell me if
either: the seller simply cannot figure out where to put the decimal point (Zillow confirms this sale at $10 million too)
or: this is the biggest 'cashback' in the history of the housing bubble.

Anyway, sorry for the threadjack.

Westside Bubble said...

Do you know how much land was included? Any chance a larger parcel was finally sold with the house?

(No problem with the OT. This has become an interesting forum on such things.)

speedingpullet said...

Not as far as I can tell - the owners upgraded it from 1b/1/b to a 2b/2b, but the lot size is still about 10,500 sq ft.

Its a beautiful place - the old Topanga Canyon chapel - I'd love to live there, but not for $10 million.

Actually, at $10 million, it may be the biggest sale in Topanga in years - even the mansions up on Stunt Rd don't sell for that kind of moolah.

I've left a question about the price for the sellers on Zillow. They seem very chuffed to have sold it and have answered other questions about the place, so maybe they'll answer mine.

I tried to be as nice/diplomatic as possible.

Anonymous said...

Something tells me Zillow added an extra "0" to the price. And the address is 660, not 666.

speedingpullet said...

Anon - thanks! It is indeed 660 not 666...Wrote that way too early in the morning.

Anyway, the plot thickens....

I aksed a question regarding the startling selling price - thus:

Submitted 1 hour 8 minutes ago by speedingpullet

"Not wishing to be rude or nosy, but the listing price was around $838K according to ZipRealty, yet you have a recorded sale price of $10 million. Is this a typo?"

And they answered with this:

"I am not listing the sale price, out of respect to the buyer, but what I can say, is that it sold very well vs comparable sales and market slowness, but at the same time, the buyer got a good deal, as I didn't have to pay a selling Realtor. A great win win for all sides. Very happy dollars."

I haven't answered back yet, because I'm confused...surely the sale price is public?
I can go and look it up at the public records office, no?
Does putting up an obviously ridiculous selling price on Zillow have any repercussions for the comps in the area (which Zillow will use for Zestimates), and is it even legal?
If it is legal, then why hasn't everyone who sold in the last 2 years or so simply make up a price?

As I said, confused.

Anonymous said...

I believe Zillow enters its own sales price data, and via operator error I have seen many incorrect sales prices (e.g., "$1,270" when the sales price was actually $1,270,000, etc.)

People can attempt to conceal their purchase price, but eventually it shows up somewhere (assesor's office web site seems to be failsafe because they need to know how much tax they get to collect)

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