Friday, September 26, 2008

Weekly inventory update

9/26 - Santa Monica was down slightly under $3M but flat overall; Pacific Palisades was up again; Mar Vista dropped back.

Our north of Wilshire indicator 1030 Chelsea is back on the market at $1,299K. Of the new Gillette listings below, 210 21st entered escrow 9/21, while 733 19th dropped its price $146K to $2,449K.

Pacific Palisades features a new REO at 1104 Via de la Paz, now asking $1,499K, previously listed 11/07-5/08 for $2,250K. And 3413 Inglewood in Mar Vista that I just featured was withdrawn today.

9/19 - Santa Monica was up slightly; Pacific Palisades <$2M jumped another 15% to a record 39; Mar Vista jumped 10%.

Sunset Park choices under $1M are expanding: 1213 Oak (2/1.5), $895K; 3027 11th (2/1.85), $899K; 1337 Maple (2/1), $929K; and 2417 Hill (3/2), $949K.

Last week's 1030 Chelsea cut its price $100K to $1,299K while "Looking for Backup". North-of-Montana's 402 19th (below) is now "Looking for Backup", but the others are still available.

9/12 - Santa Monica <$3M is down 3%; Pacific Palisades <$2M jumped up 21%; Mar Vista dropped 8%.

North-of-Wilshire indicator 1030 Chelsea went into escrow, but it took nearly 6 weeks. Its $1,399K price was below recent comps last year at 1020 Chelsea, sold 8/24/07 for $1,478K, and 1024 23rd, sold 8/8/07 for $1,445K. With the wait to sell probably went below asking.

Added: North of Wilshire sales history, 2004-6.

Another interesting new north of Montana listing is the 5 bed/5 bath house at 751 24th Street, asking a low $2,350K.

9/5 - New and returned listings over $2M raised Santa Monica inventory. Pacific Palisades <$2M is down 1, but up 2 in total. Mar Vista is flat.

New sales established lower Sunset Park prices: 2640 24th (2/2) closed for $875K. In escrow after more than a month at $995K is 1645 Ashland (2/1). And 1215 Ashland (3/1) closed for $1,250K, 6% below last asking of $1,325K.

Last year's 1101 Cedar (photo) is back on the market at $1,375K. Last sold 12/16/05 for $1,169K, it was listed 4/11/07 for $1,580K, and left the market in 11/07 at $1,399K, no newer sale recorded.

Three new low-end 60-foot-lot Gillette houses were listed: 2/2 at 534 19th for $2,250K, 2/2 at 402 19th for $2,325K, and 3/1.75 at 416 21st Place for $2,375K. And the 2/3 60'-lot house at 210 21st reduced its price again, now to $2,259K.

      LA County  Santa Monica  Pacific Palisades  Mar Vista
<$3M New Tot DOM<$2M New Tot DOM Tot New DOM

-------- ------ -------------- -------------- ----------
1/30/06 27,732
2/28/06 29,420
3/31/06 31,819
5/ 1/06 34,032 38 33
6/ 2/06 37,847 56 36 38
6/30/06 42,317 66 40 49
8/ 4/06 45,315 70 34 50
9/ 1/06 46,781 71 27 59
10/ 6/06 47,369 83 25 98 71
11/ 3/06 45,780 80 20 91 77
12/ 1/06 43,103 65 18 72 96 39 20
1/ 5/07 35,646 54 4 60 117 33 6 71 66
-------- ------ -------------- -------------- ----------
2/ 2/07 36,715 38 15 45 124 29 16 61 71 70
3/ 2/07 41,251 42 14 51 114 26 10 68 79 55 25 76
4/ 6/07 42,857 41 23 49 107 18 8 73 103 54 52 50
5/ 4/07 45,918 46 28 54 92 19 6 82 79 71 37 52
6/ 1/07 52,198 50 25 61 78 17 15 87 78 77 39 53
6/30/07 52,769 42 18 56 81 17 11 92 77 74 33 61
8/ 3/07 54,166 53 28 68 86 23 12 78 76 84 39 68
8/31/07 57,432 57 21 72 98 18 7 69 75 90 40 79
9/28/07 58,973 59 17 74 103 26 9 90 81 87 20 87
11/ 2/07 58,731 62 19 81 120 29 7 106 77 98 35 88
11/30/07 59,108 52 14 67 136 23 11 88 94 96 23 96
12/31/07 53,475 42 5 53 148 19 2 73 119 79 13 116
-------- ------ -------------- -------------- ----------
2/ 1/08 53,722 54 16 67 157 26 16 101 118 89 36 96
2/29/08 53,520 50 10 68 178 29 8 108 108 88 21 103
3/28/08 53,566 57 17 81 171 32 14 122 92 82 22 105
5/ 2/08 54,098 59 14 83 159 35 7 136 93 90 33 96
5/30/08 53,216 56 23 79 147 34 9 142 106 91 29 89
6/27/08 53,058 74 28 98 131 30 6 129 107 96 26 95
8/ 2/08 51,906 66 14 89 125 34 8 120 136 99 35 101
8/29/08 50,124 62 9 79 122 29 5 108 156 91 25 104
9/ 5/08 63 4 83 126 28 0 110 156 91 5 102
9/12/08 61 8 81 119 34 5 115 144 84 6 116
9/19/08 62 11 83 131 39 12 123 121 92 17 108
9/26/08 60 12 83 146 40 15 126 132 86 22 115
10/ 3/08

4 comments:

Anonymous said...

Whasssup with the brand new house on lincoln the one that hit the market at 5.8 million and then went in to escrow around 4.5 million ?

has that closed yet

Westside Bubble said...

No, 411 Lincoln is still "Looking for Backup".

tbgpalisades said...

Thanks for the info on the Palisades REO - that is very, very good news. Finally, getting some positive trends to affordability. Gosh, think they'll put this in the 'Palisades Post'?

Anonymous said...

Saw 2417 Hill this weekend. Need work, but I appreciate that houses on my street are falling back a bit. I'm so glad I waited. I was ready to pull the trigger three years ago on a hovel in the Manhattan Beach tree section.