Thursday, August 2, 2007

Mar Vista Hill

Mar Vista Hill (south of National, east of Centinela) is the priciest part of Mar Vista. New mansions have been sprouting for $2 million give-or-take. For that you get views and ocean breezes for a couple million less than a similar house north of Montana.

I wonder if it has stalled, though. The last to sell (3675 Wasatch) entered escrow back in April, and seven others are now on the market, including 3653 Mountain View. The oldest is at 3413 Inglewood (above), listed back in March. It has 4 bedrooms / 5 baths, asking $1,899K.

"Seller Says Bring Offer Fantastic top of the hill location! Incredible city views! Spacious and upgraded home over 3500 sqft! 4 bedroom suites + family room + powder room + two balconies + oversized garage + tons of storage +++! Perfect floor plan has two story step down living room, formal dining, cook’s kitchen with granite and stainless appliances opens to family room. Newer landscaping inc. grass yard, entertaining patio, fountain, rock wall & spa!!... "

Buyer Says Reduce Price More! They have three times so far, from its original $1,989K, but keep going. Especially since views will be blocked by new construction beginning on the other side of the street. (Are those crenellations above the garage door?)


Kate said...

Ha! But I think crenelates are generally open on top. No?

Regardless, a crafty homeowner could certainly install canons there.

war chest said...

I don't know the Mar Vista area that well I have played golf at Pen Mar and driven to Costco...that being said, $2 million seems like a lot to ask considering that Mar Vista isn't known as an ultra upscale wealthy haven. And if you are spending $2 million, I would hope that the place you are buying in would be considered as such.

However to be fair, location isn't bad (except for southbound/eastbound traffic and maybe airport noise??). Or how about the school district? Also construction costs on the westside are pretty high. I fully expect them to moderate if/when prices slump and all the excess demand for remodeling and spec building declines. It just doesn't make sense that in just about every other area of the county you can custom build/remodel for much less than what it costs in LA (and other so cal/bubble areas). I chalk it up to supply and demand. Rich folks want their dream home at any price, while speculators know they can turn $100K+ profit on top of whatever it costs for construction so they do it anyways. Anyone want to weigh in on this? Am I totally wrong?

Speaking of construction, how about the just finished spec home at 848 25th? Asking an amazing $3.35 million...looks like the spec home that has been sitting on the market for a long time over on Yale (asking $3.6) just got undercut!! But when you are spending over $3 million, what's another $300K if you really like a place, right?

I'm sorry but for over $3 million, I am taking my money north of Montana or maybe over to Mar Vista where I can buy the same house but it will have a view AND I can then take the other $1 million and live off the interest...while spending half of said interest on property tax! Or go to 1125 Yale and spend $2.3 million on what looks to be a pretty decent place...or how about 1135 Berkeley? Either way, you are north of Wilshire yet still south of Montana...although the Berkeley place should be cheaper since it is so close to that grocery store.

1720 Washington says "looking for backup"...I don't want to be rude but I just can't believe anyone would buy that place.

I don't know how all of this is sustainable...I'm seeing competition between condos in the same building and I see a few cases where losses are going to occur. We will have to see if weakness from the low end creeps up and plays a roll as this year goes on. You already know what I think. The westside took it on the chin in the last downturn so it is certainly within the realm of possibilities...trees don't grow to the sky.

Lionel said...

War Chest, I have a friend who bought a small house in Mar Vista just over a year ago for 850 or so. Completely charmless house on a street devoid of character. My eyes really opened up to the extent of the bubble when I visited. Gangs are still a problem there and I don't think their public school system hovers much above major stinkage. I predict he will live with this mistake for years to come. And, unlike many, he can't merely walk away as he put almost half down.