11/21 - Inventory in all three areas (SM, PP, MV) is pretty flat from last week. Beneath the placid surface were more price reductions, a number of withdrawn listings, and a few failed escrows back on the market. I'll post some details next week.
Remember 2502 Marguerita, asking $5,495K? It closed really fast on 11/20 for an even $5,000K.
11/14 - Santa Monica and Pacific Palisades are up a little, while Mar Vista is down slightly.
The reduced-50% house at 16463 Akron in PP (3/2, $1,595K) was withdrawn after over 480 days on market. Our sandwiched-between-big-buildings 3766 Sawtelle in Mar Vista (3/2 $550K) was withdrawn, and the similar 3935 Inglewood (2/1, $555K) expired. Lots more in Santa Monica will be in separate posts.
11/7 - Pretty flat inventory for the week, with Mar Vista down slightly, including more expired and withdrawn listings.
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
10/ 3/08 48,113 58 14 82 145 41 15 128 132 84 24 109
10/31/08 47,017 64 22 90 131 55 18 159 126 83 21 103
11/ 7/08 64 6 89 130 54 2 159 120 80 2 117
11/14/08 66 9 93 130 56 4 158 113 78 5 121
11/21/08 66 11 93 137 56 5 156 120 78 8 131
11/28/08
7 comments:
One I keep my eye on:
2510 7th Street, 90405. 16000 sqft lot sold for $2.1million in '04. Listed for $3.987 million in '06. Price included plans, permits and ~$650k in soft cost for an 8 unit condo.
Now listed for $2.975million.
: )
Redfin is showing 16463 Akron in the Palisades sold at $1,313K. Maybe we're beginning to get some price discovery, at last. Time will tell.
Can't wait to see C-S on Tuesday. Hopefully, we'll see some more good news!
Is it really good news to learn of more crushing disaster in your country?
Of course it's not good news with the state of the economy, and we're all in it, it's ugly for most everyone, at this point. Also, I've been there first hand - a good life lesson, but not at all debilitating (must be that acceptance phase...). C'mon, you start over.
However, for the first time buyers/young married families/relos, etc. they no longer have a very large target on their back titled "bagholder".
The economy is horrendous, but we're seeing the early seeds of recovery being planted. I do know that we have a lot of very smart people who are now in the difficult process of re-deploying themselves into productive pursuits. It will take time, but that will start digging us out. The question I have is, what will the recovery look like? We're in uncharted territory.
Tell you what, I hate to see people lose money are their homes. It hurts me to know that my recent grad brother in AZ is down 30% on his house a few years after buying it. But if it's what it takes to get this economy and nation back on track then that's just fine by me. An easy way to regenerate an economy if have a severe contraction so we can go back to domestic industry creation instead of relying on everyone else for our wealth. At least I hope this happens when it's all said and done. I'll take a few more years of pain in order to reorganize our economy.
Yes it is good news. Bubbles hurt everyone. They encourage gambling on investments and for recreation because people think they can only win without working or saving. The honest and thrifty get totally priced out.
Why should we have an economy where thrift is penalized and debt is supported? Oops, that is the bail out plan. Those of us who are producuing and saving will still be paying for those who did neither. If rents ever cover expenses I will buy a place for myself and start looking at investment real estate.
Part of the problem with bubbles is that people see paper gains and think they are real, so that when the bubble pops they think they have lost money which they never really had.
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