Wednesday, June 4, 2008

$ Million price cuts

Yes, Fran won by a landslide, let's get back to housing.

This is a good one: two different million-dollar price reductions in 90402 earlier this week.

The first, above (enlarge), is a new 7 bed / 10 bath spec mansion at 808 Adelaide Place, originally listed 3/31/08 for $16,975K. Where's that? The "X" at the end of the cul-de-sac extension of Adelaide east of 7th / Entrada. It was still a cleared lot when the photo was taken. I'm sure it has all the bells and whistles, as well as a view of the canyon. (Yawn.)

Ok, maybe a million off of $17 million isn't all that big. But a million off of $5.4 million is a big 19%. Which is how the 4 bed / 3.5 bath house at 620 Alta Ave., built in 2002, just re-listed. Originally listed 10/11/07 for $5,395K it went "looking for backup" early this March and left the market in April. Now it's back, asking $4,375K.

Zillow only shows a last sale on 12/27/96 for $750K. (Yes, you could have bought a 50-foot lot west of 7th for that little in the mid-1990s.) Wonder what's happening?

6 comments:

Anonymous said...

Unimpressed. When you see a million dollar pricechop on a home in 90405 then I'll be surprised. Even in 90405 there are a few homes that seem way too high, enough so that a cool mil haircut might do them some good.

Anonymous said...

These are not motivated sellers!

NeedleBrain said...

The Meltdown...starts.

These are the primo speculative areas in SM....dropping.

Santa Monica Real Estate Blog said...

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.

Epsilon said...

I think a 4/3 is a decent size home for the standard nuclear family.

I guess that family still needs a two comma salary to live north of Montana.

Hard to be all that excited...

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