Santa Monica inventory finished the year up 24% (year-end 2008 over year-end 2007) for less than $3M asking price (above), and up a huge 155% for over $3M (below). A glut of high-end inventory is a major theme going into 2009.
Similarly Pacific Palisades inventory is up 147% for less than $2M (above) and up 54% for over $2M (below).
The exception is Palms/Mar Vista, down 20% (above). But the overall Westside is also up 37% (below).
10 comments:
90402 Teardown just sold for two million two hundred fifteen thousand - look it up -- 402 19th
the builders are buying.
I think they are crazy - what are they thinking, paying this kind of money for a tear down
Hi, I'm looking into investing in the Westside. Would it be possible for me to get your email for some questions?
Sorry i want to stay anon - don't want anyone to know my e mail address
Worried about the realturds coming to kidnap and torture me for speaking the truth and spilling the beans
"90402 Teardown just sold for two million two hundred fifteen thousand - look it up -- 402 19th"
One house just sold in 90402! No bubble there!
How about some comments from someone that actually knows the teardown in question - anything special about this particular location or piece of land?
Ok so what a teardown sells for 2.2 million.
other tear downs sold for under 2 million recently
People on this blog abuse the word "teardown". They seem to think it's a teardown if it's pre 2000.
I think "teardown" is a relative term. There are three nice neighborhoods in Santa Monica:
La Mesa, The neighborhood along PCH with houses right on the sand, and the neighborhood located between Montana and San Vicente. Each of these three neighborhoods has a different standard for what a teardown is.
A large number of two bedroom houses between Montana and San Vicente are sold and then not torn down. Some people buy those two bedroom houses and rent them out, others live in them. I don't think it is fair to call a two bedroom house between Montana and San Vicente a teardown.
But as for La Mesa, that two bedroom home is CERTAINLY a teardown. Same with beachfront.
It all depends on which of the three neighborhoods you are in
402 19th street and it's a sort of fiftyish house, looks like maybe two stories because there are two dormer windows on the top. It's not very attractive but not run down. The big plus is that it's on a corner lot on the west side which is the best side for light.
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