Thursday, February 14, 2008

Low-end Sunset Park

This one just caught my attention. First, it's a 2 bed / 1.75 bath Sunset Park house for a low-end price of $1,045K (reduced twice from original 12/26/07 $1,175K listing), on a more-than-minimal lot. So where exactly is 2620 24th St.? Turns out it's on a dead-end at the back of Grant School, north of Ocean Park Blvd. More specifically, it's the corner of the alley behind all those little bungalow apartments (lower left in photo; enlarge) you pass by. Description is:

"Very clean mid-century traditional home in Sunset Park Santa Monica on large lot. 2 bed+2 bath, Living room, separate dining room, two kitchens and large breakfast area, family room, four car detached garage, wood and vinyl floors throughout. Center hall plan w/hwd floors throughout, breakfast area, large pantry, service porch w/space for full size side washer/dryer. ***Motivated seller just reduced the Listing Price again!***..."

Then I found the County shows a Recording Date of 5/2/06, amount $1,305.6K (although I don't have it in my 2006 listing records). A loss of $1/4M?? And is it really a duplex with the two kitchens and four-car garage?

13 comments:

Jed said...

My cousin bought a house in sunset park in 2002 for $500,000. That's what I plan to do too.

Anonymous said...

I own a really cruddy 1 bedroom one bath single family home an want to tear it down and have a design build firm build something nice - not architecturally outstanding just a standard nice thing -

is there some board or blog where i can talk to other homeowners that have hired builders in santa monica and hear honest feedback on how happy or unhappy they were

thanks

Anonymous said...

Housing prices are too sticky. Only people that bought at the peak are likely to be forced to sell because they can't make their payments... most people are going to "wait it out." Prices will fall from here, granted, but I doubt we'll ever see 2002 prices again. Instead, we'll see the prices in 2009 look remarkably similar to the prices in 2019, with inflation making up the difference...

Westside Bubble said...

Low-end north of Montana prices fell around 25% from 1990-96. How was that different?

Anyone have referrals for Anon 1:52? I don't.

Anonymous said...

Ok - well a nice relatively new house in 90402 is $4 million today

let's say the bears are right and they will fall to $3 million

how much will that change - even after they fall 25% will be the same people movin in

Anonymous said...

Yo

someone wrote

There might be 3000 lefty rich people in LA to keep the 90402 afloat, but that assumes that no one rich and on the left has any interest in living anywhere but the 90402...

But where is it a better environment if you are in to yoga and leftist causes?

I mean Venice is pretty darn dangerous these days - lots more shootings than SM

So where the heck are you going to find a political environment like you have in SM >?

Help me out here

Westside Bubble said...

So where the heck are you going to find a political environment like you have in SM >?

I dunno, not so sure it's even in SM like it used to be. SMRR is getting old, and rent-controlled renters are being pushed out by new condos.

Anonymous said...

"...we'll see the prices in 2009 look remarkably similar to the prices in 2019..."

Keep dreaming. We'll see 30-40% corrections across LA over the next 3 to 4 years.

Anonymous said...

I'm not sure where people think the disagreement is. I said that prices will fall from here... just that I doubt they'll fall to 2002 levels. Prices basically doubled from 2002, and I doubt we'll get a 50% correction. We'll get 25-30% more from here... then they'll just stay flat for a long time... unless there's some macroeconomic factor driving LA, like jobs drying up, people can wait out housing downturns for a long time...

Julie said...

I went to see it. It is zoned SMR1*, but it is definitely a duplex and would need lots of work to make it into a workable single family home (one of the bedrooms is a pass through or tandem). The property has SIX, count 'em 6!-- exterior doors.

Anonymous said...

I used to live on that block and the location of that house is awful. It is completely open to the alley of what we called "the projects" and people are always throwing trash on the property. While this issue could be fixed with a fence, it doesn't change the location, and the fact that people are constantly working and being loud in their garages in the alley the runs down the side of the house. As for the price/prior recording, I can't remember the story, but I believe the current owner somehow inherited or was given the house in 2005 or 2006, so I doubt anyone is taking a loss on this one...

Anonymous said...

How far will prices fall?
It seems to me it depends on who the buyers in SM are, and I can't get a good feel for the answer.
Assuming most buyers return to sensible 30-year fixed rate loans, which they probably will have to due to the banks shying away from ARMs, what monthly payment can the average SM buyer afford? $2,000? $4,000? $8,000?
My husband and I are regular ol' middle-class professionals, and determined we could handle up to $3,000/month, so we bought our small junker in Sunset Park in 1999 for $329K (when prices were sane!).
Based on the high-end cars, the personalized license plates that spell out "animator" or "director" or whatever, and the handful of neighbors we've talked to, these are not regular ol' middle-class professionals anymore. There seem to be a lot of Hollywood people.
Now, I know very little about Hollywood jobs, but I'm assuming these jobs pay way more than ours do, so maybe this new clientele can easily afford $6,000-$8,000/month. If that's the case, then prices may not fall much.
On the other hand, if there are still some regular ol' middle-class professionals in the mix, then I don't see how house prices can stay even close to where they are now, because there's no way people like us can do $6,000-$8,000/month.
A lot of people on this board say there are enough Hollywood VIPs and foreign investors to buoy SM. Is this true or hyperbole? How can you tell? Is there a census or other barometer of the average income of homeowners (not renters) in SM? This might give us the answer we're looking for.

Anonymous said...

I bought within the last year in sunset park (at least I think that's it's name. Geez, I moved from SF to get away from every block having a cool yet annoying different name, but oh well...). I'll just say it's in 90405 area. I have mixed feelings about the area. I looked for a year. I was looking for the crappier house with potential on a better street. I reasoned that just above lincoln and near ocean park is a good area, as it's relatively not yet gentrified to be unbuyable - a sort of a good deal considering that right on the other side of lincoln there's no street parking and it cost twice as much. I've seen good areas bleed just above those streets that used to be the dividing line. But, I am wary of the neighborhood. Our mixed triplex has an autonomous house with a basement (unheard of!) which is nice, and is on a street with mostly houses and house looking duplexes. (But I just saw posted info on a house for sale down the street that is absurdly overpriced).

I guess my question is - in a bubbly market, where only some houses will outsell slumps and still retain value and be the ones that are still desirable, what do you think are the qualities or features that make one house in Santa Monica specifically the desirable as opposed to the affected one?