Tuesday, August 28, 2007

Nothing sold

Nothing sold over the weekend in Santa Monica. I always expect something to go into escrow between Friday evening and Monday evening. Nothing did in Santa Monica.

Remember 2614 2nd (above), 3 bed / 1.75 bath, at the corner of Ocean Park Blvd? It's been on the market about a year. Originally listed at $1,495K, its price has been $1,375K since March and now was finally cut to $1,250K. How many other prices of long-languishing properties will start breaking soon?

5 comments:

Anonymous said...

Inventory is still pretty low in SM, so I don't expect to see big price drops yet. If people are scared off and we have a few more weeks of no sales in Santa Monica, we might see some price drops start to happen. It will be interesting to see how many new properties are coming on the market.

A complete guess, but if the credit crunch continues for six more months, it could have a real impact on SM (short of that, only a small one).

WarChestSM said...

Westside,

I e-mailed you from a different e-mail address with my findings on a unique foreclosure situation on Franklin Street. I don't know if you were planning on doing a post or anything but I decided to just throw the info up on the web as a way to share and archive my longer winded findings (rather than use up all of your comment space).

I probably won't put stuff up very often but for anyone who wants to see what a $100K comp killer on a SM condo in 3 months looks like, then here it is:

http://smdistress.blogspot.com/

The bank is listing it for LESS than it bought it back at earlier this month. To me, this shows the banks "get it" and know how screwed up things have gotten in August alone.

Mr.Mortgage said...

Senators and Bankers Beg for Jumbo Loan Changes
http://thegreatloanblog.blogspot.com/

Westside Bubble said...

Good post, WarChest, and good step setting up your blog! I'll be interested to see what others can illuminate on that situation.

Bubblewatcher said...

re: warchest

We had a similar foreclosure situation in our WeHo building. The previous owner ripped out everything before leaving -- the kitchen, the bathroom fixtures, the light fixtures...you name it. Not sure if it was revenge or for resale, but apparently this is pretty common among foreclosure "victims". This guy was a real nutcase/flipper -- two HOA board members ended up with TROs against him after he threatened them physically when they wouldn't lower his dues to make it easier to flip his place!

A real estate agent ended up buying it at the foreclosure auction for more than this dude paid for it in 2005. Then he fixed it up and is now asking about $280K more than he paid at the auction.

I think he's out of his mind, but who knows? I've been wrong before.