Sure have been a lot of houses on the market on one street - Ashland Ave. - this spring. These are available (two since last year):
1027 Ashland, 4 bed/1.75 bath, CLP=$1,295K (-7%), OLD=4/25/08
2114 Ashland, 2/1, $1,350K, 5/19/08
1621 Ashland (photo), 2/1.5, $1,479K (-12%), 8/13/07
635 Ashland, 3/1.75, $1,639K, 5/21/08
654 Ashland, 3/2, $1,995K (-13%), 11/8/07
And still others left the market:
426 Ashland (photo), 2/1, $1,150K (-11%), 4/17/08 (gone ~5/30)
1702 Ashland, 4/3.5, $1,339K (-8%), 10/3/07 (gone ~3/5)
1215 Ashland, 3/1, $1,350K, 4/18/08 (gone ~6/3)
2307 Ashland, 5/5.5, $2,390K, 2/7/08 (sold 4/15 $2,200K)
(CLP=Current List Price; OLD=Original Listing Date)
Thursday, June 5, 2008
Ashland
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10 comments:
635 Ashland also for rent on craigslist for $5200, which depending on your cap rate translates to $700K - $900K value.
It is a very bizarre property.
Really? I'm using a 3% cap rate and accounting for $1000/mo expenses to get to NOI and I get a valuation of $1,639,000. Seems like an outstanding deal to me.
Seriously though, if you are going to use cap rates on a SFR, they should be in line with those on multifamily in the neighborhood, which is probably less than 5.5% right now. So, $925k depending on expenses.
Pretty darn exciting-- isn't it? No, not really, not at all. In 2007 Brentwood had six residential property foreclosures. Santa Monica 90402 had zero foreclosures. Santa Monica 90403 had three, 90404 had five, 90405 had eight and 90401 had one.
In other Westside neighborhoods such as Playa Del Rey, there were four foreclosures in 2007. In Marina Del Rey there were seven and in Venice there were three. The neighborhoods of Westwood and Mar Vista/Palms were a little less fortunate. Westwood had fourteen foreclosures and Mar Vista had seventeen. Beverly Hills has remained strong with only four foreclosures.
This information and the rest of this article is on my web-site: Santa Monica Real Estate
... go to the blog.
You are obviously part of the "its different" crowd Simon. ...yawn ...yawn
Wish Swiss Bank would update their ARM reset graph. The Westside's pain will start to appear this Fall as Prime Option ARMs reset and those giving the appearance of wealth are revealed to be wearing fig leaves in the hailstorm.
Let us know which house you get foreclosed on first. Perhaps someone on this blog will help you out out with a short sale.
Mike
Welcome, Simon.
Ha. Ha. Ha.
not to quibble with an anon, but sub-5.5% cap rates are gone with the days of bubble financing. have you seen how onerous (relative to terms just a year ago) MF loan terms have gotten?
if 1215 ashland gets close to asking...it would be $1,300/square foot.
635 Ashland: well what is it? public record (parcel vwr) says 863 s.f.--must be the front house. the smarmy listing broker leaves s.f. blank. SM rent control says it has one structure, and had a 'single family dwelling fee waiver' for owner occupancy in sept. 2006. propshark lists the owner as living in Brentwood. is the back structure permitted? if not, the asking price is off the Richter scale. listing broker shows 2 car garage on his set-up sheet--that's the back bldg, apparently. only place for cars is the driveway.
Thanks for all the cheery news about foreclosures in Santa Monica, Simon. Let's put things in perspective. I subscribe to the foreclosure listings (countyrecordsresearch.com).
Since the last week of July 2007 when I began subscribing, there have been 132 notices of default on SM props, and 77 notices of trustee sale.
Unlike other areas where they publicize it, many props on the MLS in SM and the Westside are actually short sales, as the banks know that no one is going to buy at the trustee sale. Things aren't as rosy as the real estate industry would like us to believe.
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