Monday, July 21, 2008

South of Montana outcomes

Unlike the perennial listing at 2320 Idaho Ave (photo above) there have been sales south of Montana, north of Wilshire. Although some have taken big discounts - 14% to 27%, below - off original listing price to finally sell.


1047 Chelsea, 3 bed/1.75 bath, LP=$1,639K, OLD=3/10/08, SD=6/11/08, $1,585K (-3%)
1047 Harvard, 3/2, $1,650K, 2/1/08, 4/9/08, $1,620K (-2%)
865 Harvard, 2/1, $1,849K (-7%), 1/16/08, 7/11/08, $1,725K (-7%)
1050 Princeton, 4/2.5, $1,949K, 5/9/08, 7/15/08, $1,960K (+1%)
866 Stanford, 3/2, $2,075K, 3/6/08, 7/2/08, $2,011K (-3%)
2714 Washington, 6/5, $2,350K (-18%), 8/13/07, 3/11/08, $2,135K (-9%)
1016 Franklin, 3/2, $2,699K, 1/24/08, 2/22/08, $2,699K
848 25th, 5/4.5, $2,995K (-11%), 7/30/07, 1/8/08, $2,850K (-5%)
841 Franklin, 3/2, $3,150K (-10%), 1/22/08, 5/20/08, $2,740K (-13%)

Sale Pending

1018 Yale, 2/1.5, $1,529K (-6%), 5/9/08, Pending 7/3/08
944 23rd, 3/2, $2,095K, 6/10/08, Pending 6/11/08
936 26th, 5/4.5, $2,395K, 5/7/08, Pending 7/18/08
837 22nd, 4/3.5, $2,575K (-6%), 11/26/07, Pending 6/10/08

Expired or Withdrawn

1053 17th (photo below), 2/1, $1,300K, 1/8/08, Expired 7/08
1015 25th, 2/1, $1,475K, 1/8/08, Expired 7/08 (Sold 1/12/07 $1,200K)
2222 Washington, 4/2.75, $1,495K (-12%), 6/25/07, Expired 2/08
1123 Berkeley, 3/2.5, $1,798K, 4/14/08, 7/15/08, Leased 7/15 $6,200/mo

Information Needed

2512 California, 3/2, $1,495K, 3/18/08, Gone 4/08
812 Centinela, 3/1.75, $1,899K (-5%), 10/4/07, Gone 1/08
942 26th, 3/3, $2,295K, 1/19/08, Gone 3/08


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Anonymous said...

Thanks for this good work

I think you have made it crystal clear that a disaster of a teardown south of montana will cost us 1.4 million today july 08

a disaster of a teardown will cost us 1.9 million today july 08 north of montana

no one on this board is happy to see the numbers you have shown but there it is - we just have to accept that right now july 08 the prices aren't yet at sane levels

but we know which way they are heading

rosebud said...

anon 6:32, I don't understand that analysis. There haven't been any sales in 90403 at that price, and only 2 houses and 1 lot under $2 MM in 90402...out of nearly 30 sales.

No offense, but they don't seem to be heading in the direction you're thinking.

Anonymous said...

national trends are down, and the westside is part of the nation, so it'll head down too.

the fact that overall things are up doesn't account for the fact that people are generally having to wait weeks, sometimes a month or more, for buyers.

the tide is turning. by 2011 SM will be down by 50% or more you just watch.

Anonymous said...

Any data on 90405? I think we've seen the most movement there.

Anonymous said...

let's say that a teardown today north of montana is 2.1 million and a teardown south of montana is 1.5 million

what do you think the average buyer of a teardown is paying to slap up a new house on the land ?

spurg said...

300$/sq foot

Anonymous said...

No way...I'd say closer to $400-$500 sq. ft. for custom home with all the bells and whistles and arch.fees/permits, etc...

Thats what I'm hearing NOMO

Anonymous said...

$300/sq. ft. was so 5 years ago....

Anonymous said...

What does it cost to do a complete remodel? Is it significantly cheaper than building new, per square foot?

Anonymous said...

What does it cost to do a complete remodel? Is it significantly cheaper than building new, per square foot?

Not necessarily less per SF, but a WHOLE lot faster for SM planning and permit purposes. The other good part is working with an existing footprint keeps the design process focused - no blue sky back and forth with radically different designs.

Anonymous said...

The other plus to remodeling is the spec builders, who looked down their nose at a $500k remodel last year, are now starting to return calls.