Wednesday, May 28, 2008

Not selling on Mar Vista Hill

Last October 10 we had a look at inventory over 30 days on Mar Vista Hill. (Which, I noted, is not as clear-cut a location as, say, north of Montana. I included east of Centinela, north of Venice, south of National, and west of where it gets flat and cheaper.) The count then was 10. It's now only 5, but all over 90 days on the market, with 2 still from last October.

12121 Dewey St, 4 bed/3.0 bath, CLP=$1,385K (-13%), OLD=11/12/07
11924 Palms, 4/4.0, $2,050K (-5%), 12/3/07
3400 Keeshen Dr, 5/4.5, $2,250K (-6%), 1/14/08
3343 Mountain View Ave, 4/4.5, $2,950K (-16%), 8/2/07
3653 Mountain View Ave (photo), 4/4.0, $2,995K (-9%), 7/12/07

18 comments:

Anonymous said...

I never really looked at home prices in this area, so I had no idea they were so high. Before I moved to Sunset Park I thought about checking out the hill area in order to save money. I was wrong.

Anonymous said...

Over $2 million? Wow, these sellers are in complete fantasy land. They're in for a world of hurt, a home east of Centinella and south of Pico, a marginal area at best with mediocre schools and some gang activity, should at the absolute most top $900k . . . This is why we're only at the beginning of the price adjustments, all these sellers are still in denial and dreaming. No idiot, not even the proverbial fool a minute, will pay such prices.

Anonymous said...

Anon at 11:09, why are you so angry? Why the need to call people names? Isn't it up to them to decide what price they will accept, and up to potential buyers to walk if it is too high? What I can't understand is why that process works you up so much.

Westside Bubble said...

Anon #1, those are top-end prices for big new McMansions in Mar Vista. There are nice older 3-bedroom houses for below $1M not far away.

See my posts last October for more on lower-priced Mar Vista.

mamsterla said...

Personally I think a bunch of real estate speculators wanted to turn a Westside view neighborhood into an exclusive neighborhood. What is missing is the close highend shopping, good schools and similar priced houses. There is just too big a gradient in prices to houses just a few blocks away. I think that these houses will not hold their value as well as other houses that have the schools, shopping and more evenly spread valuations of other westside neighborhoods. I think for the same money you could do Cheviot Hills for example and get much more out of the area.

Anonymous said...

anon 1 here. I knew these were the bigger, newer homes, but I still thought they would be around $1,000,000 and not twice that. I just figured that Sunset Park would be at a premium to the area, but it looks on par (including all homes), more or less.

dlp said...

Actually, Mar Vista elementary out scores some Santa Monica schools. Several top private schools are walking distance to this property. Also, gang activity is about as close to this hill area as Virginia is to Montana in SM. Having incredible views and being in a pleasant low key neighborhood has its pluses. That is not to say the McMansioning going on isn't distressing - I saw it happen to the Venice canals and then walk streets. What's wrong with people that despite living in one of the nicest climates around they want to shut themselves into their massive houses? I also agree that this and most westside properties have a way to drop. It's interesting that SM canyon and BH are dropping faster than Mar Vista.

Anonymous said...

We're back to the snobs dissing Mar Vista.

Who said the people of Santa Monica were tolerant and progessive?

Anonymous said...

SM people are snobs

Anonymous said...

This is a good location for those who can't afford north of montana.

If you have the coin to buy new construction north of montana for 4.0 be my guest. But don't pick on those of us that need to settle for this hood

Anonymous said...

It's getting to be pretty clear you don't need to spend 4.0 north of Montana.

Anonymous said...

we took a look round 11924 Palms months ago, and were pretty much told to bugger off by the realtor, they had so many serious buyers.

it still looks empty to me, and there's another, uglier empty mcmansion directly opposite for 1.8 ish.

plus an unfinished, "architectural" 4 bed going up just down the road for 1.66.

i live in mar vista, but i wouldn't fancy living on palms.

Anonymous said...

vacant dirt in 90402 is still selling for 2.0 million on the good streets

this is for 7500 sq feet of dirt

if you have a lot and a half you can get 3.3 million and if you got two lots next to each other count on 4.5 million

just check recent sales

the 90402 land value is strong.
90402 completed houses are soft

other neighborhoods are soft

Anonymous said...

I sold in MV about a year ago. When I bought my house for $340,00 in 1999 a standard older house on Mar Vista hill was going for in the 500k territory. The land prices ratcheted up to 900k at the peak so "McMansions" and "architectural" seller need to get 1.7 million to break even. There is a nice house on Idaho for sale for 1.9 million. I rent a house close by and I have to say SM is much nicer than MV hill and I've lived in both places. MV elementary may be great but what happens when your kids need to go to middle school or Venice High. There were two shootings the year we shold.

Anonymous said...

The only issue Mar Vista has is schools. The grass roots work being done by the community is helping a great deal. Walgrove Elementary is an Ocean Charter. Friends of Beethoven is really making a difference. In a few years I believe we will see a HUGE turn around in the area. Oh and being able to ride/walk/run to the beach is always a great thing!

Anonymous said...

The only issue Mar Vista has is schools. The grass roots work being done by the community is helping a great deal. Walgrove Elementary is an Ocean Charter. Friends of Beethoven is really making a difference. In a few years I believe we will see a HUGE turn around in the area. Oh and being able to ride/walk/run to the beach is always a great thing!

Anonymous said...

The only issue Mar Vista has is schools. The grass roots work being done by the community is helping a great deal. Walgrove Elementary is an Ocean Charter. Friends of Beethoven is really making a difference. In a few years I believe we will see a HUGE turn around in the area. Oh and being able to ride/walk/run to the beach is always a great thing!

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