Tuesday, March 18, 2008

Lot value west of 7th

This new listing last week, a 3 bed / 3 bath at 234 Alta Ave., asking $2,980K, may give lot value west of 7th, north of Montana. It's a 50 x 175 foot lot (8,750 SF), one of the original 100-foot-wide lots that had been split like this. The city ended new splits here a decade ago.

"Live in one of the most exclusive areas in Santa Monica. West of 7th Street and North of Montana. Excellent opportunity to completely rebuild or build your dream home. A rare piece of property ready to be developed. Great neighborhood with wide streets and ocean breezes. Call agent for showing...."

A current "after" comp is the 5 bed / 3.5 bath at 317 Alta Ave., listed 11/8/07, asking $3,799K, that went "Looking for Backup" last week. It has a classic bungalow front with two-story large updated addition behind, on a deeper 211 x 50 foot (10,550 SF) lot. It was last sold 5/17/05 for $3,209K.

"Just blocks to the ocean or Montana Avenue from this all American Craftsman Traditional. Spacious Living room, Formal Dining room & powder room all have authentic molding & craftsman details. There is a large kitchen, breakfast room & bar area. The Family room opens to a stone patio w built-in BBQ, play house, paddle tennis court, grassy yard, pool & spa. The Master has a walk in closet, a spa tub & a balcony w access to the roof top deck. This is a great floor plan for an active CA lifestyle...."

Then there's the 4 bed / 4 bath house at 506 Palisades we visited last June, listed 3/23/07 for an extraordinary $7,950K, then $6,295K, and finally sold 12/6 for $5,900K.

14 comments:

Epsilon said...

Can I just say a word for how great the power of denial is?

Bear Stearns collapses Friday, and the markets are already HIGHER than they were on Thursday, before the news broke.

Brilliant!

Anonymous said...

Is the stock market higher relative to the value of the dollar? (hint hint)

Anonymous said...

I like how the realtor didn't even bother posting any real pictures of the house or a real description. Instead we get an orange tree. Wtf?

Epsilon said...

Yes, actually, anon at 3:20. The dollar of the value is nearly flat from Thursday. (1.561 to 1.564 for the Euro, 100.53 to 100.36 on the Yen... less than a 0.2% change in both cases). But thanks for playing.

I'm also not sure what point you're even trying to make. Are you suggesting a weak dollar is good for US equity markets in general (as opposed to just export-heavy industries, in particular)?

Anonymous said...

The first anonymous is probably referring to price inflation rather than foreign exchange inflation.

L.A. Home Buyer? said...

Right now, the stock market is a giant yo-yo, bouncing up and down on sepcualtion and fear.

L.A. Home Buyer? said...

Right now, the stock market is a giant yo-yo, bouncing up and down on sepcualtion and fear.

Anonymous said...

A poster in the last thread talked about lot value in milwood area of venice

"Teardowns in the Milwood walkstreets sell for about 1.0 million, the lot size is 37 x 90 which is 3330sq. feet,"

so 3,330 square feet is one million in milwood and it costs minimum 2.5 million in south end manhattan beach walk streets west of highland.

so again my math may be off here but it seems like this neighborhood of manhattan beach is clearly way more expensive than any non waterfront property in venice or in sm.

in fact, it appears to be the highest price for a single family house lot per square foot anywhere in the state of california

Epsilon said...

Don't ask anyone here to explain Manhattan Beach. They have their own crazy real estate blog, where they make fun of "renters" and talk with glee about their great refinery-view properties.

I had no idea Manhattan Beach was a desireable neighborhood before I wandered over to their board, and everyone told me how great it was. I always figured it was the cheapest of the beach cities, given the proximity of the airport and refinery. I'll never get it...

Anonymous said...

epsilon -- so it's not just me. I mean, maybe Manhattan Beach has good schools, which is important, but I never understood why being that close to refineries was so "prestigious." I wouldn't have thought it was so desirable either. Manhattan Beach Confidential is full of way too many permabulls, many of whom seem to have forgotten the mid-90s.

Anonymous said...

Btw, check out the comments on the South Bay RE blog for the lowdown on how the Manhattan Beach Confidential blog has changed over time:

https://www.blogger.com/comment.g?blogID=19518615&postID=8607588593255606828

bearmaster said...

Howdy fellow bubble blogger,

Thought you might appreciate this, as it is definitely your neck of the woods, enjoy!

America's Money: in their own words - David Martorano, waiting for the bust

Anonymous said...

another murder in santa monica - two this week -
the most recent one at 5th and montana

well, just let me and my neighbors thank the liberal elite that runs santa monica for inviting the gangbangers and violent homeless people of los angeles in to our neighborhood.

Anonymous said...

Oh, please somebody block the "gangs and violent hobos" troll. This guy is getting very old!