Too much else to do, finally a chance to document the end of 2008. Let's start with our favorite, lower-end north of Montana. Here's everything I've tracked last year, in order of final listing price. Sales on regular lots (e.g. not 7th, 26th) at or below $2M are highlighted in red.
See also SM Distress Monitor's extensive 90402 postings and LateSummer2009's new Santa Monica Meltdown, The "90402".
Two low-end sales not on my list because they weren't on the MLS are:
733 20th, 3/2, sold 9/11/08 before the withdrawn listing below, $1,750K
370 22nd, 5/2, sold 10/7/08, $1,600K (-20%)
Sold
476 26th, 2 bed/2 bath, LP=$1,685K (-14% from OLP), OLD=11/7/07, SD=5/28/08, SP=$1,575K (-7% from LP)
420 7th, 2/2, $1,699K (-8%), 2/8/08, 9/29/08, $1,600K (-6%)
1140 San Vicente, lot, $1,895K (-14%), 1/30/08, 6/4/08, $1,675K (-12%)
704 15th, 2/1, $1,990K (-13%), 8/22/07, 2/25/08, $2,100K (+6%)
878 Woodacres, 3/3.5, $1,995K, 7/14/08, 8/28/08, $2,052K (+3%)
517 Euclid, 5/2, $2,139K (-3%), 4/19/08, 8/8/08, $2,079K (-3%)
460 Lincoln (photo), 3/3, $2,195K (-8%), 4/14/08, 11/21/08, $1,900K (-13%)
219 23rd, 3/2.5, $2,195K, 1/28/08, 4/9/08, $1,880K (-14%)
534 19th, 2/2, $2,250K, 9/3/08, 12/19/08, $2,000K (-11%)
710 19th, 3/2, $2,295K (-8%), 3/10/08, 7/19/08, $2,086K (-9%)
334 15th, 2/1, $2,295K, 1/11/08, 2/8/08, $2,400K (+5%)
249 18th, 3/1.75, $2,349K, 4/10/08, 5/28/08, $2,500K (+6%)
231 18th, 3/1.75, $2,349K, 1/11/08, 2/8/08, $2,325K (-1%)
402 19th, 2/2, $2,325K, 9/4/08, 12/4/08, $2,215K (-5%)
751 24th, 5/5, $2,350K, 9/10/08, 11/12/08, $2,254K (-4%)
416 21st Place, 3/1.75, $2,375K, 9/4/08, 10/31/08, $2,185K (-8%)
423 15th, 3/1.75, $2,379K, 7/9/08, 10/15/08, $2,365K (-1%)
447 11th, 3/2, $2,385K (-6%), 8/18/07, 4/15/08, $2,385K
626 19th, 4/3, $2,389K, 6/13/08, 8/15/08, $2,401K (+1%)
327 21st, 3/2, $2,395K, 6/12/08, 7/2/08, $2,300K (-4%)
416 17th, 3/2, $2,399K (-6%), 11/29/07, 2/26/08, $2,360K (-2%)
701 20th, 3/3.5, $2,595K, 3/24/08, 5/20/08, $2,500K (-4%)
316 18th, 3/1.75, $2,598K, 2/8/08, 3/28/08, $2,415K (-7%)
238 17th, 4/3.5, $2,635K (-2%), 3/11/08, 6/20/08, $2,550K (-3%)
241 24th, 3/2, $2,695K (-7%), 1/9/08, 4/15/08, $2,695K
214 Euclid, 3/2, $2,700K, 4/4/08, 5/22/08, $3,350K (+24%)
633 Euclid, 4/3, $2,750K, 4/22/08, 7/25/08, $2,675K (-3%)
1230 Georgina, 4/3, $2,895K, 9/18/08, 11/25/08, $2,810K (-3%)
303 22nd, 3/3, $2,895K, 6/23/08, 8/21/08, $3,000K (+4%)
621 19th, 3/2.5, $2,895K, 3/8/08, 6/9/08, $2,675K (-8%)
234 Alta, 3/3, $2,980K, 3/14/08, 8/7/08, $2,675K (-10%)
710 23rd, 4/3, $2,999K (-9%), 7/13/07, 4/29/08, $2,900K (-3%)
Expired or Withdrawn
426 4th, 3/3, $1,929K, 10/17/08, Withdrawn 11/18/08
733 20th, 3/2, $2,099K, 10/27/08, Withdrawn 12/3/08
702 11th, 3/2, $2,169K, 5/29/08, Withdrawn 7/24/08
517 14th, 3/2.75, $2,198K (-8%) 5/1/08, Withdrawn 11/21/08
1320 San Vicente, 3/3.5, $2,199K (-20%), 6/16/08, Expired
754 23rd, 4/3.5, $2,279K (-15%), 6/8/06, Expired
738 22nd, 3/2.5, $2,395K, 2/11/08, Expired
733 19th, 3/2.5, $2,449K (-9%), 5/15/08, Withdrawn 12/18/08
538 14th, 5/3.5, $2,550K, 10/16/08, Withdrawn 12/15/08
1020 San Vicente, 5/4.5, $2,665K (-11%), 7/9/07, Expired
634 12th, 3/2.5, $2,695K, 10/20/08, Withdrawn 12/18/08
603 21st, 3/3, $2,700K, 10/26/08, Withdrawn 11/3/08
212 24th, 3/3.5, $2,795K (-11%), 5/30/08, Withdrawn 12/5/08
1525 Georgina, 4/4, $2,799K (-12%), 8/6/08, Withdrawn 12/15/08
(LP=latest List Price; OLP=Original List Price; OLD=Original Listing Date, across re-listings; SD=Sale Date; SP=Sale Price)
Wednesday, January 14, 2009
2008 Outcomes: North of Montana <$3M
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8 comments:
So wait....the lowest I see is -15% and gains of +24%.....hmmmm, not very convincing of a shakeout in prices yet....what was 90402 down overall in '08???
Let's not forget that until recently most of these were bought by builders who would tear down the houses and put up a maxed out mansion on them. Case in point, Mary Utick bought 478 21st for about two million and then built on it - She then flipped it to
Bertram Van Munster and his wife, Elise Doganieri. the house closed for for $5.5 million on Nov. 25.
I am curious as to what people think - are the ones selling today for around two million being bought by developers or are they being bought by families that will live in them in their current condition ??
Why do I have to keep hearing about Bertram and Elise? One situation?
"Why do I have to keep hearing about Bertram and Elise? One situation?"
No no, you don't understand: this time it's not the rich Saudis, hedge fund managers, young couples with fabulously rich grandparents, or expat Britishmen that are going to save real estate in SM from crashing- it's the celebrities. Of course!
What are these 90402 teardowns closing for right now
Teardown range, including the cost of demolition ($100,000) is:
1.5 - 2.0 million, and dropping.
A far cry from 2007...
The nice thing about the current environment is that no one can get a liar loan for a house in the 90402
Only people with an actual income or actual assets can buy in the 90402 right now
Imagine that....buying a house with an actual income!!!
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