Tuesday, February 12, 2008

"Now Fully Permitted!"

This 3 bed / 2 bath house at 461 Puerto del Mar was last featured September 20, noting many price cuts from its original 1/10/07 $1,699K listing down to $1,199K. It left the market in October, then came back 1/24/08 for $1,265K:

"NOW FULLY PERMITTED WITH GARAGE! Beautifully updated with designer’s touch. Charming two level on Palisades bluffs area cul-de-sac. Light and airy living/dining off stainless kitchen. High quality features include wood and stone floors, vaulted ceilings, plantation shutters, French doors, etc. Large, wonderful master on lower level has fireplace and two closets. Decks on two levels offer serene mountain and canyon views. Tract 9300...."

Hmmm. Note to flippers: get permits, even if the TV shows don't say to. This last sold 10/06/04 for $1,195K, and has been on the market 13 months. Ouch!

Update on houses featured this year: The Mar Vista 2 bed / 1 bath REO at 4377 Westlawn Ave asking $694K was off the MLS yesterday. The Ocean Park Blvd. 3 bed / 2 bath house at 2613 5th St. asking $1,079K went Looking for Backup last week, as did the 3 bed / 1.75 bath house at 231 18th St., asking $2,349K. From that same post, the 2 bed / 1 bath house at 334 15th St., asking $2,295K, was gone two weeks after its 1/11 listing.

The rest are still available. Although some listings are selling, inventory is rising.


Anonymous said...

Waiting To Buy said...
Hey - I'm new to this blog (have spent most of my time at MB Confidential) and have a question - am I reading this inventory data correctly? Are there really 104 homes for <$2M on the market in the Palisades? Without knowing anything about the size of the market, that seems like a big number. It's obviously big relative to a year ago, and I would assume big relative to a longer history. Can anyone put 104 for PP into perspective for me relative to other markets? Does anyone know roughly how many SFRs there are in PP vs. SM?

Any help would be much appreciated. Thanks.

waiting to buy -

PP is a big area - this number is not unusually high by any means -

I support you 100% in waiting to buy and not rushing to buy - however pp prices have not yet cracked

tell us what neighborhoods you are considering - and what do you like about pp vs the other neighborhoods?

pp has great schools but then so does MB

Westside Bubble said...

Are there really 104 homes for <$2M on the market in the Palisades?

Thanks for asking. No, my count from the MLS is 26 houses in Pacific Palisades below $2M, and 104 total (both excluding mobile homes).

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