Pacific Palisades listings inventory continues at record levels. I've only been tracking them individually below $2M, but let's use those to start a baseline of PP listings over 30 days on the market.
Of 36 below $2M on the market, 27 are over 30 days and 14 are over 90 days. A bare majority have had some price reduction, but apparently not enough.
(The photo house at 557 Almar is asking $1,700K. Nice location in El Medio Bluffs, but is a tear-down with no view really worth that?
"Great Builder Opportunity!! This 3BD/2BA single level Trad home is a Tear Down on a large 7880 sq ft lot (per assessor). This is a probate. Court confirmation is required.")
713 Hampden Pl, 2 bed/1.5 bath, CLP=$1,050K (+$4%), OLD=3/14/08
520 Bienveneda Ave, 2/1, $1,185K (-8%), 9/17/07
825 Radcliffe Ave, 3/2, $1,299K (-6%), 8/2/07
15314 Earlham St, 2/1, $1,349K (-10%), 2/28/08
751 Chautauqua, 2/1, $1,449K (-9%), 4/10/08
834 Hartzell St, 4/2, $1,449, 3/31/08
1101 Las Lomas Ave, 3/2, $1,475K (-5%), 2/25/08
946 Las Lomas Ave, 4/3, $1,499K, 4/9/08
1360 Goucher St, 3/2.5, $1,525K (-18%), 3/29/07
1315 Avenida de Cortez, 5/3, $1,549K (-3%), 1/31/08
16788 Calle de Marisa, 4/4, $1,599K (-14%), 11/6/07
16927 Livorno Dr, 2/1.5, $1,599K (-6%), 3/14/08
16572 Chattanooga Pl, 3/2.5, $1,599K (-11%), 10/18/07
3719 Seahorn Dr, 4/2, $1,649K, 3/27/08
601 Erskine Dr, 2/1.75, $1,650K, 3/20/08
16749 Bollinger Dr, 2/2.5, $1,695K (-3%), 11/5/07
14747 Oracle Pl, 3/2.5, $1,699K, 2/15/08
557 Almar Ave (photo), 3/2, $1,700K, 4/18/08
16981 Avenida de Santa Ynez, 4/2.5, $1,729K (-4%), 3/5/08
16750 Calle de Catalina, 4/4, $1,750K, 3/26/08
3716 Surfwood Dr, 3/2.5, $1,750K (-4%), 1/18/08
16766 Calle de Catalina, 4/3.5, $1,750K, 1/23/08
217 Giardino Wy, 3/3, $1,795K, 1/31/08
1462 Paseo de Oro, 5/4, $1,825K, 1/4/08
17026 Avenida de Santa Ynez, 4/3, $1,895K, 4/17/08
16647 Charmel Ln, 4/4, $1,899K (-4%), 6/15/07
16463 Akron St, 3/2, $1,995K, 1/10/08
Saturday, May 24, 2008
Not selling in Pacific Palisades
Subscribe to:
Post Comments (Atom)
31 comments:
The wheels are really coming off the cart in PP. A few things sell (mostly after being reduced, but if you were to go to say 3million, you would start to see the REAL pain. (and over 4 mil the REAL DEVELOPER PAIN). A couple quick examples- cherry picked as the realtors like to do! House on monument, started as ~2.4, I heard they "wouldn't consider under 2 million"... well, now they're under 2 million AND not selling. House on Albright, I think started at 3.2, then sat at 2.9, now just got reduced to 2.5. It might sell at that price but it not only shows how weak the market is, what you need to do to get in front of it, but it has now DESTROYED the comps in the alphabet streets. Oh, then there's two new constructions on Iliff, one just fell out of Escrow, the one across the street is Escrow challenged. It's all squeezing down, down, down. Not so different here.
and, to think, arm resets don't really start to hit until the fall. the next two years will be a doozy...
Here's a great chart that shows how all resets are stacked over the next 3-4 years, and commentary and which homes will be effected by Option ARMs and Alt A's next year. Some say you more expensive homes are already feeling the pinch, and many won't wait for the resets.
http://calculatedrisk.blogspot.com/2007/10/imf-mortgage-reset-chart.html
Oops! That address above didn't translate into a link. You can get to it via http://piggington.com/ under the editorial comment.
Just For Laughs:
16788 Calle De Marisa
2/27/07 -- $ 1,735,000
4/10/08 -- 1,695,000
4/26/08 -- 1,685,000
5/6/08 -- 1,665,000
5/14/08 -- 1,639,000
5/21/08 -- 1,599,00
still not sold
16646 Calle Brittany
11/10/07 -- $ 2,395,000
3/13/08 -- 2,295,000
5/6/08 -- 2,095,000
5/20/08 -- 2,195,000
still not sold so the realtor thought that raising the price would help. It's about time we start to out these real estate agents
You want a laugh
I can't tell you how many "Realtors" - at least 5 have told me "you never lose money in the PP". What a load of crap.
Check out this for developer pain
16463 Akron
2.935 - 10/21/07 (delisted in January)
1.995 - today
Seller is a "short pay" - no kidding
1M haircut anybody?
check out 958 Embury. Purchased 12/06 for $2510. now listed at $2595. And the current listing agent helped the buyer back when.
don't buy the PP realtor spin!
Had a chat with a PP realtor two weeks ago. Classic! "I am closing Escrow. There are a lot of foreign buyers looking at PP. This is a great time to buy with all the selection. PP is different". She used every line in the realtor handbook. After hitting her with several specific examples of people underwater with their asking prices, she finally relented to say that pricing may decline another 10 to 15 percent over the next year. Then asked if she needed my help. HA!
Oh, man. Should we really start on PP realtors? With the amount of lies, BS and uneducated crap coming out of them recently, we may fry the internet.
There's a ton of declining inventory in PP right now. Would adding my house on the market be palisadist?
There's 200+ homes (including condos) for sale in 90272. Don't forget the 14 new condos (rather chic) listed as only 1 unit, plus they're still twirling signs (for the past year) on the new condos on Sunset. That makes at least 225 actually for sale (conservative).
Let's see, at 12/month sales that's 17+ months inventory in the Palisades. No price problems here, is there? Hey, affordable housing may even come to the Palisades.
The Highlands is really a problem. There are more than 12 homes in the 3mm range and none have recently sold. The buyers are not reducing the prices and many of these are double the price of the same homes sold in the 2003 - 2004 timeframe. Who in the world is going to make any offer even close to these prices with all of this inventory and new listing continuing every week. Also, there are at least three NOD's in the higher prices that have not come on the market. Who are these agents that advise the owners that these prices are even remotely reasonable.
And who are the agents letting the 10 or 12 people buy?
One of my best friends is just dying to buy a house in the Palisades right now. I keep telling him to chill out and wait because he's not married, is making good coin, and has no logical argument for his lack of patience. I think his current girlfriend, who's a little out of his league, suggested that he might not be a man if he still rents. It's funny to me because the Palisades is one of the areas where the data only suggests further declines are on the horizon - there's no real grey area. Personally, I don't think there's any grey area in any zip code, but if some Palisades resident/broker popped up on this board and started citing strength and support for pricing they would be ridiculed to an extent not seen by those making such claims about NoMo.
Well, here is Agent KC Soll's comments about Pac Pal real estate from April in Realty Times.....
"Pacific Palisades sales statistics are at odds with the nation. In March 2008, a usually busy month in LA real estate sales, there were 10 sales, with the median price at $2,432,000 (up+ 40.6% over March 2007 median price). It is clear that prices are being supported by high-income buyers, yearning for the superb beach proximity and small-town feel, not to mention the prestige.
There is flexibility in the lower prices because builders are hesitating and families can't afford to expand 2 bedroom homes, at these prices.
The average days-on-market has increased to about 75, whereas in 2006 the days-on-market was about 30-36.
Currently (April 20), there are 122 single family homes for sale in Pacific Palisades. This is significant as it is about 3-4 months of inventory.
The prices range from $890,000 for a 2 bedroom home on a small lot (not far from the Village), to a compound in the Palisades Riviera, listed at $27Mil.
Condominium sales are off significantly compared to March 2007. The median price is $625,000 (off - 35% year-over-year).
Buyer's market or seller's market?
Please call for condo activity. I sold a Village location condominium in November, $625,000. It was 2+2 with an outdoor patio, pool, spa, 2 car parking and EQ ins. This is the median sale price for condominiums in Pacific Palisades.
That Albright St house mentioned by Anon 7:42 in the first post will be a real bellweather. A home two doors up the street sold in spring at $2.4 but was a 2br with a seperate in-law apartment downstairs and a real yard and had been updated but was really really ugly. The home now for sale has no yard and a pool. 5 brs and relatively new. at $2.595 it might find a taker. Yes, this house, even at that price, will crush the alpahbet street comps indeed. Mary Lu Tuthill is a vanity broker who has no feel for the market in PacPal. will be interesting to watch.
translation: let me try to sugarcoat reality by writing a bunch of noncommittal bull$$$$ and leaving out all the important stats. Including the supply.
Hey, KC, what's 122 / 10 (# homes for sale / number that sold) Here's a hint, it's not "about 3-4 months of inventory". (you lying, scummy, sack of $$$$... sorry, I digress). It's 12+ plus months. Now why didn't you want to put that down?
The real problem in the real estate market is that Realtors have no liability. They lie through their teeth, gaming markets and screwing buyers who rely on them with very little reason not to.
And can someone please tell PP realtors that 3-5% is not a "HUGE REDUCTION" in price!
Another important factor in the Albright house is that they moved in a while ago and still have equity. They're smart to get out in front of the rapidly declining market with as much profit as they can. Not sure this price will do it, but look at all the other stuff in the area priced higher that is nowhere near as good. BYE-BYE COMPS!
And I looked at the house up the street... Not a great redo, they probably thought they got a steal after it had been reduced from 2.8. Probably not feeling that way now as it's clear they HUGELY overpaid for what was basically a teardown with some lipstick.
I think Mary got a feel for the market watching people laugh as they exited her open houses.
It looks like agent KC Soll's has one listing in PP. -- 685 Amalfi at $4,500,000 - listed since 1/12/08. Also, it states "motivated seller". So KC where are all the buyers "yearning for superb beach proximity ?"
Anon 4:36. The owner of that Albright house bought a tear down and built what is there now.
the house up the street had sold in May '05 for just over $2.6 and the buyer put at least 150K into it, then sold for $2.4 less than two years later. Extract commissions to her listing agent and you are looking at a loss of almost half a million. And you are right, that 2.4 million "deal" is looking pretty bad right now.
KC Soll:Currently (April 20), there are 122 single family homes for sale in Pacific Palisades. This is significant as it is about 3-4 months of inventory.
I had 126 on April 18 and 132 on April 25, from the MLS. Last Friday (5/23) it was up to 141.
The average days-on-market has increased to about 75, whereas in 2006 the days-on-market was about 30-36.
I had 96 and 101 days on market for <$2M, from original listing date. Last Friday was 103.
So I give her a little credit for listing numbers, but it's worse than she suggests.
"I had 96 and 101 days on market for <$2M, from original listing date. Last Friday was 103"
Sorry, new to blog. Are you talking mls days on market? Or are you counting "real" days on market. Are you seeing a significant difference in these numbers in PP?
Westside, where does KC get the year to year price increase she quotes from?
Here is an example of a new listing that appears overpriced. Its 16658 Bienveneda; $3,250,000 - 3091 sq ft @ $1,051 per sq ft. The home sold in 8/05 for $2,450,000. Greta Hunt is the agent. There are a ton of homes sitting on the market in PP for at or above 3mm. Why in the world would anyone buy this home at or near this price given the state of the market in PP. 3mm is a huge amount requiring a very large down payment. The odds of losing a significant amount of $$$ are large. Is it the agents or the owners fault?? Any thoughts.
Owners. There's so many agents that they will say what the owners want to hear and do what the owners say to get a listing... [then try to explain that the market has changed and try to get them to lower the price.] Remember, 99% of realtors lie. To everyone. Especially themselves. A lot.
According to RealtyTrac.com there are two homes in PP going to bank auction. 1710 Chastain Pkwy auction date 6/11/08 and a home on Bienveneda with a date not yet set. ( very small home). Anyone follow these auctions or have any info.
and more to come.
Uncle Billy: Are you talking mls days on market? Or are you counting "real" days on market.
Yes, "real" days on market from original listing date ("OLD" in my "not selling" posts), as best as I've recorded it. In PP I only track individual listings <$2M.
Anon: where does KC get the year to year price increase she quotes from?
I'd guess median sales price for the month in the zip code. Which as we know varies with the mix of houses sold, so isn't very reliable.
More Laughs: -- just listed for $9,200,000 -- 620 N. Marquette, PP. It sold in Oct of 2006 for $1,225,000. The agent is Rodrigo Iglesias. However, the property does have 45 different fruit trees.
Post a Comment