On the same subject of falling prices, reader Lori wrote:
Here's info on a listing below in Brentwood I found on redfin.com that encapsulates that boom/bust: $825K in 1989 and $500K in 1995, which I thought I'd share. Also shows that Brentwood has rolled back to at least 2005, and this house hasn't sold yet at the latest price reduction.
This 3 bedroom / 2.5 bath house at 1001 S. Carmelina Ave., Los Angeles (Brentwood), one street east of Santa Monica, was listed 12/4/08 for $1,695K, but is already down to $1,395K after 3 reductions, 5% below its last sale price of $1,475K on 8/24/05. It's described as:
"Well located 3 bedroom, 2.5 bath home with hardwood floors. Appealing floor plan with living and family room plus formal dining room. Master bedroom has walk-in closets."
26 comments:
Looks like a (ultimately) $750k house to me. That is the 2001 price.
one street east of Centinela.
Lovely entry.
you heard it hear first
lots of madoff fraud victims in the 90402 - living between san vicente and montana - therefore lots of people in the 90402 forced to sell their home
one example - the home at 14th and georgina
To borrow an expression from Curbed, that's rather hideous.
it will be interesting to see how many in the 90402 had all of their assets with Madoff.
Right
Lot value 7500 sqft lot X $150/ sqft= $1,125 K will be the bottom.
Time will tell..!
I only saw around 5 "Santa Monica" addresses in the Madoff list.
I have about as much sympathy for them as I do for people who lose money in slots.
Fact check on 'lots of madoff fraud victims in the 90402'.
The WSJ and other publications have a pdf list of all the victims. Search the pdf for 'Santa Monica' and you will find 7 SM victims, 3 in 90402. No need to mention names or addresses, just check for yourself.
So out of 162 pages of tightly spaced names and addresses, 3 are in 90402. End of 'Madoff will sink 90402' comments, please.
To fact check the fact checkers. I doubt that Madoff will be a huge factor in Santa Monica real estate, but be aware that the list of victims is (a) incomplete (they're still trying to track everyone down) and (b) doesn't necessarily list home addresses (note, for example that one of the 90402 addresses given is actually a c/o address for someone at a different location).
Just looking randomly through the list, I note that a large number of them are listed as XXX FAMILY TRUST which might impact multiple households.
I certainly wouldn't assume that every person on the list lost everything that they had, or even enough to make them inclined to sell their house though, and I would guess that it would result in a fire sale of perhaps one property, and that would be most likely something purchased recently (thus high taxes) or with high HOA, where the owner couldn't manage to keep up with the ownership costs after Madoff losses.
I know Culver hasn't been on the radar here in a while, but I find this listing entertaining. $2.1M... in Culver City!! Not even the good part!
http://www.coldwellbanker.com/servlet/PropertyListing?action=detail&ComColdwellbankerDataProperty_id=14793260&page=property&brand=CB
Reality and fantasy seem to mix here. They've (owner? Realtor?)
actually Photoshopped out the apartment building on the left (South)
side of the house. That's what all that white, sky-looking area is in
the exterior photo. Unseen on the right is a dilapidated wreck of a
house. The Google street view gives a nice shot of the for-sale place
while it was under construction (probably about a year ago), as well
as its neighbor, which appropriately includes an abandoned couch.
There's always junk in that front yard.
Google view
The property for sale is located ~ 300 yards from Venice Blvd. I
live up the street, so I know it is loud, dirty and none too scenic.
This place, with it's "Greenwich Village + Soho" design (what does that even mean? Don't both those neighborhoods look alike?) is completely out of place in a neighborhood of dingbat apartments (1st floor, street facing partial parking under overhanging 2nd floor, etc) and aging post-war
bungalows. This pocket of Culver is
Sepulveda-Venice-Overland-Washington. The only thing going for it is the La Ballona elementary school proximity. Otherwise, it's just a
little nicer version of Palms. Were this building in Venice, or
someplace else where modern design at least has a foothold, it might
fit in. Might. Here, not only is this building a mod/NYC/live-work fish out of water, it's so far beyond the price point of the neighborhood it baffles me.
Great blog, hope you're still having fun with it.
Manny T
3863 College in CC sure ain't like the college streets in 90403, but is priced even higher at $2.1M. The kicker it is a 2/2, and look at the comps listed on the agent's own site - all but one under $700k.
The house was built in 2008, the only winners here are the architects who already collected their money and the builder. The owner and agent have a very rough reality check ahead of them, chances are this will not sell above $1.2M.
"People like you are what is driving down home values in this city."
Ah, I see- you interpret the name of this blog "Westside Bubble" in a completely different way. You mean "I want to live in a bubble unaffected by all societal woes, and not in an urban area."
In case you didn't notice, we're discussing overpriced homes on this blog.
Go away, troll.
to 8:53 AM
Thank you. Well put.
Oddly enough, I spotted Maria and Arnold walking arm in arm last year in Palisades Park. It was a lovely sunset...
Hmm - Arnold and Maria seem to have figured out which way things are going - they chose to live in a gated community not in the 90402!
Peopl (sic) like you who love the homeless in this city are the problem.
Well, as much as I hate troll-feeding, since this was directed at my comment...
Thank you for doing the "Anon" internet thing of having me completely figured out from one post.
So, along those lines, I'll guess that you're the same "homeless are going to kill us all" poster who shows up on SM Distress as well.
I did not say that I "love the homeless". When I lived in SM (and my reasons for moving had nothing to do with the homeless), there were certainly times when I got frustrated when walking home and seeing someone packing it in for the night in their van parked in the Vons parking lot, or wiping their a$$ near the Promenade.
But, you know what? I spent about 2 minutes thinking about it, and came to the conclusions that 1) SM is not going to change anytime soon, if ever, in regards to this problem, and 2) I don't have the time or energy to take up the upteenth million grass roots "do something about the homeless" cause that will go nowhere.
Is that a sad way to live, not thinking you can affect change? Maybe, but life's too short, man. I'm done with this topic.
Obviously, there is a commenter (8:28 AM) who is obsessed with the homeless issue and brings it up again and again.
I don't think 12:40 PM is the same person. I think 12:40 is just spoofing 8:28.
While 8:28 is probably voicing a genuine (if repetitive) point of view, 12:40 actually meets the true definition of a troll, just saying outrageous things to stir up a reaction.
Anonymity has problems.
richard
i agree
12:40 is a troll
I would actually prefer this blog require people to log in with a handle.
Signed,
Anonymous
If you talk to the older generation, the people that moved to Santa Monica in the 1940's, they remember a 90402 where any unionized factory worker could afford to move. They were shocked when the unionized factory workers were priced out of the 90402
Now, you can talk to people who remember 90402 from ten years ago when the average doctor or lawyer or CPA could afford it -
90402 prices are coming down hard but we aren't going back to the past. 90402 will continue to attract different people
I wrote after the last bunch of comments about the homeless that I'd delete future ones. Which I've done. (With apologies to 8:53 for documenting the story was from Australia.)
I hope people will use a name or Google ID, but except for a little trolling we've seemed ok allowing Anonymous posting.
As an SM lifer, I agree to some extent with Anon 6:53pm in what I've seen over time. For whatever demographic reason, 90402 attracts a different type of person right now than it did in my youth. On the other hand, maybe this economic shakeout will reveal a lot of people whose wealth was had through the corrupt system, not through the non-propped up system of the future. I'm so curious to see whether this economic downturn will
a) cause us all to float down equally, or
b) reduce the number of wealthy people in LA.
If it's a), then 90402 will probably remain being the home of the extremely wealthy (so that the actual dollar amount of the house being bought is irrelevant), but if it's b), then perhaps 90402 will move back to being a home of the upper-middle class rather than the upper-class.
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