Friday, February 20, 2009

High-end discount!

This 7 bed / 8 bath country-club-facing estate at 1605 San Vicente (upper left in photo) was offered from August-December 2007 for a Santa Monica record $22.5 million (our 8/20/07 post).

But no one bit. Now it's back on the market for only $16.5 million - a 27% discount. Its current description is:

"Extraordinary view lot in premier location. Rare 76,000 sqft view lot with sweeping vus over the Riviera Golf Course to the mnts beyond. The impressive spacious traditional residence was custom blt in 1990 by Gordon Gibson for the present owners. Walled, gated & secluded this mostly all flat lot encompasses a separate guest hse, mature trees, fruit trees and vegetable garden. The custom designed pool & watrfall take advantage of the exceptional vus, patios and green lawn perfect for entertaining"

The most expensive Santa Monica house sale I'm aware of was 2121 La Mesa on 4/29/08 for $10.85 million, followed by 236 Adelaide on 9/12/08 for $8.6 million. We'll see if all those rich buyers show up for this one.

15 comments:

Anonymous said...

Wooo hooo! I'm all over this one. Another 10-20% and I'm buying. Dibs. I licked it!

JeffL said...

your information is wrong and innacurate.

I consultated with an experienced real estate broker, (Sr. VP @ a local re office. He's 24, has 4 years in the business, still lives in his mother's basement)and he told me that the Westside is immune to the real estate crisis.

Must be true.

Anonymous said...

Wait- there are basements in Southern California?

SBUX said...

After reading a couple of articles by Roubini, and doing our own careful analysis, we have determined that an after accounting for the credit contraction and basing on historical affordability measures dating back to 1823, the appropriate price for the La Mesa property would be about 108,500. We anticipating making such an offer, as soon as my spouse completes her probationary period in her new career as an instant barista.

Anonymous said...

I know this property. Back when they were asking $22.5 million, I approached them through intermediaries and offered $20 million. They turned their noses at our offer.

Now it's below $20 million, and I can't get the financing anymore, because I was going to put $0 down and getting the $20 million from stupid banks that wanted to give it to me without looking at my income, and now they don't want to do that anymore. Maybe Obama will give me the money to buy with no money down, he says we need to buy more houses and put a floor on prices.

Anonymous said...

Stop with all these bearish comments. If you really knew what was happening on the Westside you would know that wealthy foreigners are ready to buy up all of these homes. I head this directly from a Westside real estate agent.

Westside Bubble said...

LOL! Thanks, everyone, for an entertaining Friday morning.

Anonymous said...

I'm pretty sure at least one home went into escrow this month in the 90402. Everything's fine.

JeffL said...

"If you really knew what was happening on the Westside you would know that wealthy foreigners are ready to buy up all of these homes."

Wealthy foreigners???? On earth??? This is a GLOBAL economic crisis.

There are very few "wealthy" people left anywhere. Wake up!

Anonymous said...

"There are very few "wealthy" people left anywhere. Wake up!"


To that anon who hates it when I point out to duped posters that other posters were being ironic, I won't do it this time, out of respect for your sensitive feelings.

Anonymous said...

Ummm, anyone notice the mosquito-pool to the right in that picture? REO?

Anonymous said...

Hasn't anybody figured out nobody has that kind of money? Assets are down 40 to 50 percent.

Anonymous said...

I have that kind of assets. But, I'm certainly not throwing them away on SM real estate that's due to drop another 60-70%. That's not how you build assets like mine.

Anonymous said...

No kidding.
My FATHER is a real estate/mortgage broker, and he has been giving me lectures about "the market is heating up" and "No one can time the market exactly" for at least the past 9 months as the values slid and slid.
He wants me to buy (yes and let him handle the sale) but I keep checking the actual data and putting him off.
I don't like to think that he's actually honestly putting his desire for a sale over his little girl's financial well-being....but he's certainly "Drunk the cool aid" thrown about by his slick real estate boss (who, oddly enough, if hurting because he made some profoundly stupid buys at the top of the market.).

Anonymous said...

Most real estate brokers truly believed their own bs.

In fact the best salesmen are almost always people that believe in the stuff they are selling.

I know of two real estate brokers that bought in the 90402 at the very peak - Both will of course go in to foreclosure

Sad but true