Wednesday, September 3, 2008

Mar Vista west of Centinela outcomes

Let's extend what I did in July of Outcomes in the different Santa Monica neighborhoods to part of Mar Vista. West of Centinela and north of Venice Blvd. is largely post-war tract houses below $1 million, with a few new McMansions. We visited three of these last October.

Note the large number of Expired and Withdrawn listings. In fact, there were as many as sold over $1 million.

I plan to compare 2007 sales prices with 2008 prices in a future post, using the large number of similar houses here.


3625 Maplewood, 2 bed/2 bath, LP=$579K, LD=4/4/08, SD=5/30/08, SP=$588K (+1% from LP)
2337 Walgrove, 2/2, $699K, 4/4/08, 7/3/08, $672K (-4%)
3721 Stewart, 2/1, $749K, 7/3/08, 8/25/08, $751K
3485 Redwood, 3/2, $769K, 2/28/08, 4/24/08, $805K (+5%)
12625 Westminster, 2/1, $799K, 3/5/08, 5/6/08, $785K (-2%)
12424 Woodbine, 3/1, $799K (-4%), 10/18/07, 3/7/08 $760K (-5%)
13032 Psomas, 3/1.5, $799K, 12/10/07, 1/17/08, $787K (-2%)
12437 Woodgreen (photo above), 3/1.75, $829K (-13%), 9/10/07, 7/24/08, $810K (-2%)
13100 Rose, 3/1.5, $829K, 3/21/08, 6/4/08, $825K (-0%)
3781 Greenwood, 3/2, $849K, 4/25/08, 8/19/08, $810K (-5%)
3465 Greenwood, 3/2, $849K, 2/7/08, 3/28/08, $830K (-2%)
3207 Rosewood, 3/1.5, $855K, 5/29/08, 7/10/08, $888K (+4%)
12701 Rose, 3/2, $859K (-14%), 8/23/07, 2/14/08, $859K
3400 Wade, 2/2, $859K, 4/8/08, 6/27/08, $870K (+1%)
3714 Stewart, 2/2, $875K, 1/28/08, 4/14/08, $850K (-3%)
12425 Brooklake, 4/2, $879K (-7%), 12/2/07, 4/17/08, $860K (-2%)
3624 Maplewood, 3/2, $890K (-17%), 5/31/07, 2/28/08, $832K (-7%)
3735 Stewart, 2/2, $899K (-8%), 5/15/08, 7/17/08, $877K (-2%)
3780 Wasatch, 3/1.75, $899K, 2/28/08, 5/30/08, $899K
3357 Moore (photo below), 3/2, $929K (+7%), 9/25/07, 2/26/08, $884K (-5%)
3555 Wasatch, 3/1.5, $950K (+7%), 1/24/08, 6/18/08, $950K
3472 Redwood, 3/3, $995K, 1/31/08, 4/18/08, $950K (-5%)
12603 Westminster, 3/2, $1,199K, 5/29/08, 7/23/08, $1,214K (+1%)
3645 May, 4/3.5, $1,395K, 4/25/08, 6/6/08, $1,388K (-1%)
12619 Indianapolis, 4/3, $1,525K, 6/6/08, 7/24/08, $1,505K (-1%)
3212 Maplewood, 5/4.5, $2,375K (-18%), 1/8/08, 7/23/08, $2,200K (-7%)
3582 Colonial, 4/5.5, $2,595K, 1/23/08, 2/8/08, $2,595K
3230 Maplewood, 4/4, $2,695K, 2/13/08, 3/7/08, $2,695K

Expired or Withdrawn

2050 Walgrove, 1/1, $499K, 4/30/08, Withdrawn 7/27/08
3537 Beethoven, 2/1, $699K (-15%), 8/15/07, Expired 1/08
3565 Greenwood, 4/2.5, $825K (-7%), 10/26/07, Withdrawn 8/7/08
3410 Colonial, 3/2, $985K (-1%), 1/30/08, Withdrawn 4/25/08
3703 Moore, 4/3, $1,114K (-7%), 4/30/08, Expired 8/08
3481 Greenwood, 3/3, $1,149K (-3%), 4/29/08, Withdrawn 8/20/08
13218 Dewey, 4/2, $1,150K (-4%), 1/22/08, Expired 3/08
12566 Woodbine, 3/2.75, $1,189K (-8%), 4/27/07, Expired 3/08
12913 Stanwood, 3/2, $1,295K, 10/4/07, Expired 3/08
13105 Venice, 3/2.5, $1,575K (-7%), 4/17/08, Withdrawn 5/29/08


Anonymous said...

not less than 3/4 of a million dollars for a not so nice house in a not so nice area--really

that's just a problem of taste, it has nothing to do with economics

Anonymous said...

I like a handful of little pockets in Mar Vista, but some of those prices are ridiculous. I'm surprised by the neighborhood's strength.

Anonymous said...

Perhaps the strength is based on the fact that the houses are minutes away from the ocean and the high-paying jobs on the Westside? No one lives in Mar Vista to commute to Long Beach, but you sure save a lot of money on gas compared to commuting from Santa Monica from Pomona!

Plus, it's actually a nice place to live -- cooler than the valleys and close to the good stuff on the Westside. Where exactly are the nicer and, more importantly, cheaper, areas? If Mar Vista is "not so nice," what is your definition of nice?

Anonymous said...

Mar vista is merely decent, and the houses are barely so. They really are modest homes built for regular people. My problem is that I've lived in big cities on the east coast where 750-800 gets you so much more. To buy a house that expensive means you have to be making a lot of money (relative to regular folks, not movie stars). I just assumed that people making that much money would demand more for it. Is this what they mean by "drinking the kool aid?" By the way, let's face it. If you can afford a house worth that much, you really don't worry about the price of gas. Not wanting to contribute to environmental problems is probably a better argument. Also, renting is far more "cheaper" than owning especially in places like mar vista so I guess I'm surprised by the number of folks buying at these prices.

Anonymous said...

people who can afford 800k for a house can choose where to live. some choose LA and live in a shack in mar vista others choose the midwest and live in a palace for the 800k

just be aware that some people think a shack in mar vista is a more pleasant life style than a mansion in the midwest.

it is all about choices

many many people have left la and many others have moved to la -

it is a free market

Anonymous said...

I don't know anything about what you get in the Midwest and I get your point about different strokes. It just doesn't make me any less surprised.

By the way, what did those "shacks" cost 6 years ago? Perhaps that's the most surprising thing, that the run up could climb so fast so quickly. Something about this seems so odd.

Anonymous said...

i agree with the last poster. There is something really wrong with this picture because these not-so-nice houses (in all areas of the Westside, including BW+PP+SM) weren't THAT expensive just 4 or 5 years ago. With reasonable inflation, they might be 18% higher than they were then, not 200%.

Prices are going to fall hard and far in the future. Inventory is climbing and most houses are sitting on the market forever.

Anonymous said...

if you think prices are too high on the west side then it is logical to rent right now not buy

Anonymous said...

Mar Vista lots are small, houses are tiny and old, and Venice Bl. has a lot to be desired. The only thing worth living on the Westside is the weather. It is relatively mild at 70's and perfect humidity.

Anonymous said...

Personally, I find the prices in Mar Vista completely unrealistic. However, I'm wondering how you determine whether a listed property has expired or been withdrawn. I saw a property on Moore was in escrow, but you show it as expired.
Just wondering.

Anonymous said...

If you think Mar Vista is expensive for a not so nice place with no so nice homes, you obviously havn't been to Venice.

Mar Vista is the new Santa Monica.
The whole west side is gentrifying. Mar Vista is the poster child for the westside gentrification.

Anonymous said...

I have never met anyone from the east coast that hasn't wanted to live in an area like West LA.

This is a West Coast thing. I wouldn't expect you to understand.

Anonymous said...

I hope 2:03 remembers that setiment the next time their neighbor says the reason MV's prices will stay high is because of all those people moving to LA.

At least Venice has a beach. From where I sit, Mar Vista looks like SM's and Venice's ugly step child.

Good luck with your gentrification project.

Anonymous said...

to 12:40-

Glad I am not a bitter person like you.

Thanks for the warm wishes.

Had a great day in Mv today !