Wednesday, November 21, 2007

Hype in PP!

There's hype, and there's HYPE!! This 3 bed / 3 bath house at 1588 Chastain Parkway West in Pacific Palisades, asking $1,999K, practically leaped out from the other listings, begging to be blogged.

"Priced to sell immediately!

Or not. Listed 9/20/07, price reduced to $1,999K in October.

Showcase! A fusion of sophistication, vibrancy & warmth,w/exciting contemp. colors, paired w/ rich woods & materials. Light & bright corner prop.

On its corner lot (up in the far reaches of Palisades Highlands), barely bigger than the house, it looks like the OC in PP.

on street w/much more expensive props.

The street to the upper right passes a guard gate to "The Enclave"; guess those are gated and this isn't.

3 lg. BRs + ocean view loft/office (could be 4th BR) upstairs. Fam. rm. & fab. din. rm. dn. Tuscan gourmet kitch. w/top appls. Master w/2 walk-ins, bar, sumptuous bath. High ceilings, cherry finished wd. flrs, xlnt. laund, 3 car att. garage. Lush pvt. yd, charm frt garden. Summit Club..."

Where's that yard? But I won't forget that "fusion of sophistication, vibrancy & warmth"!

Shall we give thanks tomorrow for the (albeit slow) return of economic sanity?


allsouledout said...

While it would just be for humor's sake, I think either you or Warchest should devote an upcoming post to some "brilliant realtor descriptions" from the MLS listings. Funny stuff, some.

My favorites include (in all caps, of course) "ZILLOW SAYS THIS IS WORTH $XXXXX!!".


"Unit in the same building sold for the same price earlier this year."

My personal favorite is some variation on:

"This is the BEST-PRICED unit in (Santa Monica, Brentwood, etc etc )"

Anonymous said...

222 Palisades avenue just closed

Buyer paid $6,975,950

Dates was October 12th

Get your facts straight -look it up - do your homework

Plenty of buyers eager and willing to buy $7 million dollar houses.

Why not be honest and look at the facts rather than living in a fantasy world where NO ONE will pay 7 million

As i said, look it up and speak the truth

WarChestSM said...


This property appears to have been purchased on 3/24/06 for $1,925,000.

Westside Bubble said...

Plenty of buyers eager and willing to buy $7 million dollar houses.

Some are, but the facts show not all are finding buyers.

Anonymous said...


There are people today aggressively looking to spend $7 million in the 90402 for a home.

But they are only willing to pull the trigger on something they consider to be very special.

Some houses priced at $7 mil will be snapped up (like 222 Palisades) and others will languish on the market and might never sell

There are two sides to the market in the 90402

There is certainly no frenzy, no desperation on the part of the people looking to spend $7 mil

they are very choosy.

Anonymous said...

$7 million is not crazy if it's in the 90402, as long as a house is in that zip code prices will simply keep going up because you can't make more land in the 90402.

Get educated and get your facts straight; $7 million may sound like a lot but not if it's in the 90402.

Anonymous said...

Save this Listing We're sorry, but this listing could not be saved. Please try again later. $1,950,000
2 Bed, 2 Bath
Property Type: Single Family Home
Single Family Property, Area: Santa Monica, Single story, Garage, Fireplace(s), Dining room, Den, Laundry room, Hardwood floors ... View details.

The above is a new listing in the 90402 - they forgot to list the address on realtor dot com - anyone know where this house is?

I want to see what this listing implies about prices in the 90402

Anonymous said...

By the way, we can all stop speculating about what will happen in the 90402 and just watch it has it unfolds - there are enough transactions getting closed that we can actually see what the market clearing prices are -

this contrasts to other areas of s california where there are so many homes on the market not selling that we really don't know what the market clearing price is

I write this as someone who thinks most of s california will go down 40% and who has no opinion on the 90402 - wants to watch it carefully to see

Westside Bubble said...

$1,950,000 - 2 Bed, 2 Bath

476 26th St.

The agent / clerk input "Front of the house" as the address in /! For that they get paid big commissions.

Being on 26th it's not really a north of Montana comp. Description is:

"The sellers of this home are the original owners/builders on an 8700 sq. foot corner lot. The house is 1600 sq. feet with original charm and in need of repair. OR DEVELOP your new dream home on this ideal, sought after location north of Montana. Den Has walkin closet so could be Bd.Either way its a great property and being sold in as is condition. Drive by this great property. Buyers to be approv. by direct lender. Seller selects Services. Trust Sale..."

Westside Bubble said...

$7 million is not crazy if it's in the 90402

It is a lot, even in 90402. I've only recorded TWO sales >$7M in 90402 during 2006-7: 2407 La Mesa, closed 12/12/06 for $10.5M, and 147 Georgina, into escrow about 11/16/07, asking $7.995M.

A Rockefeller said...

There sure are a lot of Rockefellers and DuPonts on this board! Seven million dollars is nothing for them!

Yessir, they aren't making any more land in the most desirable zipcode in the United States, 90402. The old rich will throw their money away for inflated Persian Palaces--that's how they got rich! By buying high and selling low!

Hell, it's a wonder they haven't bought up all of upper Santa Monica.

I could go out and buy ANY house in 90402 right now with cash. I've got millions in my checking account!

But I'm going to wait until the overpriced dumps in 90402 go up even more! Because that's how rich people do things--we would NEVER want to buy something cheap when we could get taken to the cleaners on an overpriced piece of speculated stucco!

Richard Mason said...

anon: $7 million is not crazy if it's in the 90402

westside: It is a lot, even in 90402

I'm pretty sure that anonymous was being sarcastic. But with some of the anonymoi being sarcastic and some probably being serious, it's hard to know how to respond to anything.

Maybe it's all one psycho person.

I'm curious if anyone really, non-ironically, calls their neighborhood "the 90402".

Anonymous said...

The good thing is that there are transactions going on - we can watch the transactions happening in real time.

No need to argue. The bears have said that we will see prices go down in the 90402.

The bulls have said that prices will go up.

Let's be polite and civil about it and just record the transactions as they happen.

High priced transactions are evidence for the bulls and low priced transactions are evidence for the bears.

Lets have this board reflect the TRUTH and let the chips fall where they may

Anonymous said...

When people who live in the 90402 call it "the 90402" i think they are trying to laugh at themselves, it is a joke based on the TV show "The OC"

Anonymous said...

By the way, why the heck is it that Wilshire blvd and the promenade have so many homeless people and Montana Ave have none?

is it that the property owners on Montana somehow have more pull with the Santa Monica police, or is it that the people that live near montana have more pull with the police than the people that live near wilshire ?

or has someone in power actually made a decision that homeless are welcome on wilshire and not on montana ?

It seems that the homeless may somehow impact property values
in other words, the houses close to wilshire might sell for more money if there were no homeless folks (not to disparage the fine upstanding homeless folks) on Wilshire

Similarly, the houses right near Montana would sell for less money if Montana was covered in homeless.

pls dont flame me - tell me what is going on in Santa Monica to produce this strange divergence between wilshire and montana

Anonymous said...

I have also noticed down on the bluff homeless pretty much stay south of or close to wilshire. As you walk north from santa monic blvd you are in a sea of homeless then all of a sudden not one north of wilshire. Has to be selective enforcement.