Friday, December 14, 2007

Weekly inventory update

12/14 - SM <$3M is down 6%, PP <$2M is down 4%, and MV is down 8%. Surprisingly there are a couple of new listings.

I've also been intermittently tracking Westwood-Century City <$2M (17 on 11/30, 16 on 12/14) and Brentwood <$2M (25 on 11/23 and 26 on 12/14).

12/7 - Not a lot happening heading into December. SM <$3M is down 4%, PP <$2M is up 4%, and MV is down 5%. No new listings in SM so far this month.

       LA County  Santa Monica  Pacific Palisades  Mar Vista
<$3M New Tot DOM<$2M New Tot DOM Tot New DOM

_________ _______________ _______________ ___________

1/30/06 27,732
2/28/06 29,420
3/31/06 31,819
4/21/06 33,054 35
5/ 1/06 34,032 38 33
6/ 2/06 37,847 56 36 38
6/30/06 42,317 66 40 49
8/ 4/06 45,315 70 34 50
9/ 1/06 46,781 71 27 59
10/ 6/06 47,369 83 25 98 71
11/ 3/06 45,780 80 20 91 77
12/ 1/06 43,103 65 18 72 96 39 20
1/ 5/07 35,646 54 4 60 117 33 6 71 66
2/ 2/07 36,715 38 15 45 124 29 16 61 71
3/ 2/07 41,251 42 14 51 114 26 10 68 79 53 25 76
4/ 6/07 42,857 41 23 49 107 18 8 73 103 52 52 50
5/ 4/07 45,918 46 28 54 92 19 6 82 79 68 37 52
6/ 1/07 52,198 50 25 61 78 17 15 87 78 77 39 53
6/30/07 52,769 42 18 56 81 17 11 92 77 74 33 61
8/ 3/07 54,166 53 28 68 86 23 12 78 76 84 39 68
8/31/07 57,432 57 21 72 98 18 7 69 75 90 40 79
9/28/07 58,973 59 17 74 103 26 9 90 81 87 20 87
11/ 2/07 58,731 62 19 81 120 29 7 106 77 98 35 88
11/30/07 59,108 52 14 67 136 24 11 88 94 96 23 96
12/ 7/07 50 0 65 139 25 2 87 97 90 4 99
12/14/07 47 2 60 146 24 2 86 103 83 10 98
12/21/07

8 comments:

Anonymous said...

Could this mean things are coming to a head in the Westside?

MLS 07-205207
10720 Ohio Ave. #13, 90024
aprx. 1700 sq.ft (condo)

Listing price: $839,000
Listing date: 7/23/07
Original listing price: $1,055,00

Dan said...

Not sure that's indicative of anything. If you use other streets as comps, you'll miss the fact that Ohio is a narrow but key thoroughfare for the Westside...

Anonymous said...

This is very helpful

Inventory doesn't tell the whole story obviously.

(plug for SM Distress Monitor)

Check out the individual that bought a vacant lot and is putting up a new home South of Montana for $4 million plus

This is a $4 million plus home that will never appear on the inventory lists

Drive around 90402 and you see many many such situations

why don't you call up the individual putting up the $4 million plus house South of Montana - he is not a speculator he will live there. He is easy to talk to

Seems like people on this blog don't want to explore this issue - don't want to hear the truth

plenty of groupthink

Anonymous said...

Check this out. Compared to the houses listed below, the 90402 is a crazy bargain

Click here for info on the house that is asking 125 million in Holmby

http://www.megadreamhomes.com/Home128658.html



Luxury market still red hot
While the rest of Southern California is being buffeted by the Santa Ana winds of the housing downturn, the luxury end of the market is blissfully humming along.

Sorry for the turgidly mixed metaphors. But I just received the latest sales numbers for the Westside and it appears that sales of multimillion-dollar homes are outpacing last year's stats by a tad.

Year to date, 206 sales closed at $5 million or more, compared to 211 for all of 2006. What's more, 50 of those sales were for more than $10 million, the same as for all of last year.

So far, the biggest sale this year was to actor Tom Cruise, who paid $35 million for a Beverly Hills estate last spring. Joining him in the cavalcade of multi-multimillion-dollar deals this year was Jeff Bezos of Amazon.com and, if you haven't heard, the Beckhams, who paid about $22 million for the former mansion of Northrop Grumman chief Kent Kresa, according to county records.

"Looks like the sub-prime debacle has not hurt the high end yet," says Cecelia Kennelly-Waeschle, a Sotheby's International Realty agent in Malibu, who is the keeper of "the list."

For the last decade or so, Kennelly-Waeschle has been keeping track of high-end sales stretching from Bel-Air to Malibu to Marina del Rey. Her list is often more thorough than what's available from DataQuick Information Systems, because she can get her Realtor buddies to reveal the sales prices on deals that they successfully keep out of the public record.

A couple of the latest transactions included one for $27 million in the exclusive gated community of Beverly Park and four deals in the double-digit millions in Brentwood Country Estates, the area's other exclusive gated community. Also, the late Johnny Carson's estate in Malibu sold earlier this year for a cool $33 million

Westside Bubble said...

Yet the house on San Vicente asking $22.5M hasn't sold.... Don't those buyers know what a bargain it is?!

WarChestSM said...

HA!!!

Anonymous said...

Here we go again with the 90402. Can someone please explain the obsession on this blog with that gosh-darned zip code?? It's become such a huge issue that it deserves its own blog entry and discussion, focused on why the heck everyone keeps talking about this area of SM.

Anonymous said...

>Anonymous said...
RE: Could this mean things are coming to a head in the Westside?

MLS 07-205207
10720 Ohio Ave. #13, 90024
aprx. 1700 sq.ft (condo)

Listing price: $839,000
Listing date: 7/23/07
Original listing price: $1,055,00

NO, things aren't where they should be yet. This turkey-time seller has taxes of ca. $5400/yr, meaning he has ca. $440K invested--plus maybe some remodeling. $839K is price-gauging for a condo in that area built in 1974.