Monday, July 7, 2008

SM tipping point?

I wonder if Santa Monica prices are finally starting to tip, with much inventory not selling and some some substantial price cuts.

Or I'm just getting bored seeing the same listings week ... after week ... after week. Some well-priced good houses sell promptly (like 1519 Hill Street at $1,099K is in escrow in 19 days), but then there's the other stuff, long unsold even despite big price reductions. Here are some current lowlights for Santa Monica.

Above is 1621 Ashland, 2 bed/1.5 bath, is reduced again, now 16% to $1,415K, 329 DOM (days on market from first listing). They're now under the $1,450K they paid on 10/31/05.

Also in Sunset Park 2620 24th, 2/2, is reduced 23% to $900K, 194 DOM. After only 398 DOM 2224 Navy, 2/1, is down 16% to $1,050K.

Another flip gone bad, 2314 Pier, 2/2, is reduced 12% to $1,099K, 364 DOM. They paid $920K for it 3/23/07.

It took 27% off (from $2,595K to $1,900K) and 358 DOM, but 2516 Cloverfield, 4/3, is finally in escrow.

In Ocean Park, the 3/2 at 654 Ashland is reduced 19% to $1,859K at 242 DOM. The 2/2 at 150 Fraser is reduced 12% to $2,195K at 277 DOM. And the new 2/2.75 at 2606 Highland is reduced 14% to $3M even, at 241 DOM.

Two long-spurned houses north of Wilshire, both now asking $1,995K, are 2320 Idaho, 3/3, reduced 17% at 473 DOM, and 1135 Berkeley, 4/3, reduced 16% at 364 DOM.

The poster child north of Montana must be 620 Alta, 4/3.5, reduced 19% (over a million from $5,395K to $4,375K), 270 DOM.

The recent (5/29/08) 6/8 listing at 411 Lincoln has already reduced 14%, from the rediculous $5,795 to merely $4,995K. And 316 25th, 5/5.5, has reduced 15% to $3,995K at 152 DOM.


4 comments:

real estate always goes up said...

What do you make of 1871 10th Street, Apt B 90404

It looks like it's "pending sale" according to zillow at $750K.

Apartment D sold for $680K two years ago... Is it possible prices has risen in this building???

Anonymous said...

Can anyone that really knows the market tell me what the ultimate selling price of 411 Lincoln is likely to be ?

it is huge but not particularly tasteful

Anonymous said...

1621 Ashland is my nearby neighbor. It's really a nice place and I love the street. They would probably get close to their money if the could convince the neighbors to the west to cut down their trees that line the property. They are totally ugly and obstruct what otherwise would be a small view of the ocean from that house. It's totally sad. Without that, I think they have much further to drop. There has to be a lot of animosity over those trees. Drive by and take a look and you'll see what I mean.

T.K. said...

Since I rent in the area, I've been curious about the house at 2606 Highland since they began building it. It's an interesting, modern-looking place, but it belongs in an artsy area of Venice, not this relatively shabby section of Ocean Park. What's more, it's right on Ocean Park Boulevard, which is extremely busy and noisy. (In fact, since Ocean Park was converted from two lanes in each direction to one main lane with turning lanes, traffic from the Lincoln intersection often backs up the two blocks to Highland, so cars end up idling directly in front of this house.)

So now you say this home has only two bedrooms, and it's listed for $3 million? Even at a 14-percent reduction, that's astounding to me. (I did once see an SUV with "GOVERNOR" plates in front, but even Arnold must have realized that's way, way overpriced.)