Wednesday, April 16, 2008

Sunset & Ocean Park 2008 sales

Remember 2613 5th St. in Ocean Park, a 3 bed / 2 bath on the corner of Ocean Park Blvd., reduced to $1,049K from its original 6/1/07 $1,495K listing? It finally sold for $1 million even on 3/24/08. Was it a whopping 33% discount, or still a rediculous price?

Following yesterday's north of Montana 2008 sales, here are the other sales recorded so far this year in Ocean and Sunset Parks. Generally it took another discount off the reduced price to finally sell.

724 Navy, 2 bed/1.5 bath, OLP=$949K (red. to $899K), LD=5/6/07, SD=1/25/08, SP=$849K
3118 17th, 2/2, $1,295K (red. $1,049K), 9/7/07, 2/22/08, $1,067K
3409 Pearl, 3/2, $1,147K (red. $1,099K), 1/7/08, 3/3/08, $1,055K
1307 Marine, 3/2, $1,195K, 11/6/07, 2/21/08, $1,100K
2643 31st, 5/2.5 (duplex), $1,250K, 1/7/08, 2/20/08, $1,300K
3041 Paula, 5/4, $1,495K (red. $1,395K), 10/5/07, 2/26/08, $1,170K
1336 Sunset, 4/3, $1,625K, 12/14/07, 2/28/08, $1,568K
427 Pier, 3/2.5, $1,795K, 11/28/07, 1/15/08, $1,625K
2343 29th, 4/4.5, $1,995K (red. $1,895K), 8/2/07, 2/4/08, $1,825K

16 comments:

dwr said...

I received a postcard from a realtor in the mail last night with stats for Sunset Park for Q1'08. According to her stats the price per square foot was $579 for SFRs in Sunset Park. It seems like only yesterday it was $900 or so.

Epsilon said...

I was just in the IE this weekend visiting a college friend. Truly scary. He bought out there for $295,000 in 2006, which seemed like a good deal, as a place on the same block had just gone for $350,000.

The place that went for $350k? When I visited in August it was a short sale seeking in the high 2's. The bank foreclosed, and kept it at the foreclosure auction for $250k. At the beginning of 2008, they were offering it for $185k. Now that it's been empty for several months, and neighborhood kids have broken the windows, it's down to $120k.

The funny thing is, the zillow estimate is still $300k. Even funnier, on the drive out I noticed townhouses, right next to the 10 around Covina, at 2000 sq. ft., with a big sign advertising "starting in the low 600s."

Not that the IE is anything like the Westside, but it's still terrifying...

Sammy said...

A couple of these ended up selling for more than their reduced asking prices. I find that interesting.

The house on 5th & Ocean Park selling for a million still sounds like a lot of money for what it was...a nothing lot on busy street with a very disappointing interior.

SM seems a long way from the havoc playing out elsewhere in SoCal.

JC said...

I'm curious to see what happens to 2520 26th Street which just had it's caravan yesterday. I have lived in SP for years and I really think that block (between Pearl and OP) is one of the nicest in SP. It had a caravan yesterday and all offers are due at 9am on the 23rd. It is an old house but 50 wide which is nice.

allsouledout said...

NOTE: not meant to be a personal response/attack, just that someone provided fodder for a rant that's been coming ...

The funny thing is, the zillow estimate is still $300k.


To Whom It May Concern:

If I hear one more reference to Zillow, or worse yet, the "Zestimate", I might puke.

I mean, it's a cute little site and all, where you can get some info on prior sales, but as a tool for valuing your home?

It must have been fun in the RE boom times to look up your 2BR condo and show friends that it was "worth" $900,000. Of course, if you look at some of the recent sales data, reflecting prices significantly below where a property was bought in, say 2006, there's a little asterisk next to that sale price, saying that it's not included in the "Zestimate". Why? Oh, read the fine print and you'll see that Zillow's engine doesn't think that it's a relevant price. Really? Because it's not higher than the prior sales price?

Two lessons: markets move both ways, and something is "worth" what someone will pay you for it.

So go have fun checking out the "Birds-Eye View" of your house, and just think ... 5 years from now, when prices have bottomed and rising, Zillow will be underestimating the values, and won't you feel better when you sell your house for more than the "Zestimate"?

Regards,
allsouledout

[/rant]

Anonymous said...

Any thoughts on the estimates at cyberhomes.com? I've just started using it and it seems to be a bit more accurate than Zillow.

Epsilon said...

Completely agree on Zillow. For the house I mentioned, it even has the $250,000 foreclosure price listed, with an asterik saying that's not a factor in the Zestimate, because of "irregularities" with the sale.

What a great formula they must use if a foreclosure doesn't even change the value of the house that was foreclosed...

Epsilon said...

P.S. I guarantee, though, that plenty of sellers still look at Zillow before listing their house. How big of a factor that is, I can't guess, but I'm sure it has some impact on the wishful thinking on prices...

Anonymous said...

Thanks for featuring Sunset Park ond OP listings Westside....really appreciate that. I think my take away from the 1st Q stats for 90405 is that here is a lot of demand from the 1mm to 1.5 mm price point....I am actually shocked at some of these sales prices, I think we will see higher avg. prices (I don't know about the sizes of the properties which skews price per sq. ft.) this next quarter due to the lack of inventory and relatively low prices vs. other parts of SM R-1 areas (basically NOMO)

I know I wouldn't want to live on OPB for 1mm bucks!!!!!! Wow...

Anonymous said...

Whoever bought this, I truly feel bad for. By 2010, this will be worth $750k in the best case scenario. I can't believe how much money he's going to lose. Why? Why did he do it. This is what I just can't understand, why are they throwing their money away like this where it's so clear that the price declines have only just begun . . . Some people just won't consider renting, it's not in their DNA, so they buy even if it means their financial ruin. Now in 2010 he's going to watch people buying far nicer houses for that same $1 million =(

Anonymous said...

For every 100 capita, there are 10 pinheads, out of which there is one sucker. The industry needs that 1% to sustain itself until the market corrects itself. The most interesting anthropological question is how does a sucker get a $1m?

Anonymous said...

suckers with rich parents.

Anonymous said...

Epsilon has friends in the IE?

Anonymous said...

It doesn't look like this includes all houses sold in Sunset Park in 2008 - did you pick and choose which ones to list?

Westside Bubble said...

It doesn't look like this includes all houses sold in Sunset Park in 2008 - did you pick and choose which ones to list?

All the ones with sales prices recorded by the County Assessor and/or Zillow, which lags a couple of months.

Let the flippers hold... said...

>Why? Why did he do it. This is what I just can't understand, why are they throwing their money away like this where it's so clear that the price declines have only just begun

as my Irish granny used to say, "more dollars than sense".