Here's another good example from reader Lori (thanks!), a 3 bed / 2 bath short sale at 12707 Marco Place in Mar Vista (L.A. 90066), listed 1/15/09 for $799K.
"The current listing price ($799K) is just above the July 2004 selling price ($768K) and as far as I know it hasn't sold yet so who knows if the listing price will stick."
It previously sold 6/14/07 for $1,055K and 6/16/04 for $768K. So far no takers at $799K, a 24% drop from the last sale.
Wednesday, February 25, 2009
Mar Vista 2004 rollback
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41 comments:
The house is a short sale. We had a showing for this house two days after it was on the market and we were told there were already 2 prior offers and ours would be the third, so unless we came in above asking it wouldnt matter anyways. The good listings sell really fast, more so if they are at 2004 prices. Its the terrible houses that are inundating inventory and dont sell. Terrible meaning fixer uppers, 2007 level prices and ones on busy streets. The only thing the real estate bubble has done in West LA is weed out trash, which imo is a good thing. Certains homes should never be meant to sell.
Trust me, there are plenty of takers for this house. Its just that the short sale process is taking too long.
"Trust me, there are plenty of takers for this house."
I don't doubt it for a second. It doesn't mean the price won't be 25% lower in 18 months (which it will be).
"Plenty of takers." I believe it was 2. As the price goes lower, there will be more takers.
This house is priced about right at 25% off. I'm sure a weak hand will step in and take it.
The bad news is that it has another 25% down to go (from the top) as houses in Mar Vista went up more than 100% during the Bubble for no reason, and we're not halfway through the correction.
Arti
To Anon, Post#4: I think 2 is a pretty good number for me to be serious about a house. Anytime there's more than 4 or 5 offers it's most likely a tactic to start a bidding war. The sellers agent while cocky, was atleast honest about the fact that she really didnt need more offers than the 2 she already had.
yes
too many buyers rush in to anything on a quiet street marked down to 2004
it is hard to wait wait wait for nice homes to get to 2000 prices when these buyers are rushing in
good pricing, fine house, won't last
time will tell
Wow, someone still believes anything a realtor tells them. Some people will never learn.
We looked at a house on Warren where the realtor there was also very standoffish and "cocky." I don't understand how they think that type of behavior will bring them business in this market. It's like they are trying to play a game of 'hard to get' when no one really wants to catch them. It just comes off as amateurish reverse psychology. Of course, not all realtors are this way, but yours is the second example I've seen in Mar Vista.
"We looked at a house on Warren where the realtor there was also very standoffish and "cocky.""
They are starting to be more bitter than renters I think.
"We looked at a house on Warren where the realtor there was also very standoffish and "cocky.""
A lot of Realtors are feeling like bankers these days - held responsible for feeding the bubble and getting called out. Of course they are defensive, with the amateurs getting cocky about their importance (low, IMHO). The true pro's take it stride, push to get transactions closed at clearing prices, and move on to the next sale. Maybe unrealistic sellers holding out for 2006 prices matched with rude Realtors is true R/E karma - they deserve each other for a long, long, time.
Hahaha, That is so funny that you went to see the house on Warren as well. I liked the house a lot, especially the open living room, but when I asked the agent what is owed on the house, the person wouldnt answer. Being in a short sale, I think its a perfectly legit question. You'd think they are doing us a favor by selling the house.
There is a severe lack of honesty
I don't know the safety of Mar Vista vs Santa Monica.
I think the below quote from Santa Monica distress monitor is relevant here -can someone explain - is mar vista safety on par with NORTH santa monica or on par with SOUTH santa monica thanks
))))
Look - it is not "politically correct" to say so but Santa Monica is a MIXED city.
North of Montana you rarely have a gangbanger doing a drive by shooting, but in the neighborhood around santa monica high school there are gangbanger shootings.
Everyone in SM likes to pretend their neighborhood is safer than it really is
if you have big bucks live on la mesa - safe AND nice
if you don't have a lot of money you have a choice - the gangbanger filled dangerous neighborhood next to santa monica high school or the valley.
people who live near the high school like to pretend it isn't dangerous but it is
you have a choice - choose wisely
ignore the liars on this board who say the hood around the HS isn't a free fire zone.
September 25, 2008 5:35 PM
Am a bear. But am also worried about higher interest rates in future potentially negating benefit of price drops except for those who pay all cash. It's a crapshoot for most of us ordinary folks.
We have all agreed to stop debating the issue of how much crime and homelessness there is in Santa Monica.
Many of us on this board only know Santa Monica and don't know what Mar Vista is like.
So whenever a house is posted in a non santa monica area please make sure to say what the neighborhood is like - give a comparable santa monica neighborhood so that we know what to compare the house to
Damn you people whine a lot. Go do your own research on Mar Vista. It's foolish to label any neighborhood in SM as "gangbanger filled". Your point of reference must be wildly skewed.
ok but what is mar vista like -what is it like to live there - is it like living near SAMO or is it like living near main street in SM or is it like living along Pico?
I just don't know what Mar Vista is like so how can I tell if this house is a good deal or not
Really. I think some of you live much too close to a large American city for your own good. The stress of this is going to kill you long before a drive by shooting in SM. Please do us all a favor and move to Santa Barbara or San Luis Obisbo. I'm tired of this "gangbangers in SM" "is mar vista safe" nonsense. It's getting so ridiculous I'm starting to wonder if you all are simply making these personas up to make some other point.
"I'm tired of this "gangbangers in SM" "is mar vista safe" nonsense."
It's less a matter of whether the city is safe in general and more one of where we can live, in SM, that doesn't put our children at risk from predators and gangs. in a city with such a large vagrant population and gangs running the schools, this seems like a really reasonable thing to worry about.
That is not a fair statement.
I think you are a troll.
Yes the gangs run SAMO, but it is just not fair to say the gangs run the schools.
if you live North of the 10, your kids go to schools that are NOT run by the gang bangers. The primary schools AND the middle schools north of the ten are safe.
Don't slam our city
What are we to make of the fact that Forbes today named West Los Angeles the second BEST housing market in the United States?
Look, if my kids could go to the WORST school in Olathe, KS i'm sure that the quality of their education and their comparative safety would be comparable to some of the finest public schools in Santa Monica.
However, my job pays approximately $30,000 less per year in KS and my husband's job doesn't exist at all in KS, so that's really not an option. Besides, there isn't a whole lot of love of winter in my family
stop yanking my chain! you people don't really exist do you? gangs in SM, safety in MV, I don't like Kansas...that's rich. Is this a prank from one of my friends?
Well, KS doesn't use API, so there is a bit of an apples and oranges comparison, but Olathe scores a 7 overall on their "Great Schools" rating, and Santa Monica scores an 8... so you're just plain wrong.
And to get technical, Great Schools scales by state, and CA ranks roughly 20% higher than KS... so overall it's much more than a 10% advantage to Santa Monica.
Olathe KS
Tomorrow's temp is high of 25, low of 13, with snow and wind. Sounds too cold for gangbangers - I say go for it, has to be an upgrade from SM or MV.
Trolls and whiny midwesterners...get off this blog....
I hear you loud and clear
there is something to be said for the midwest -
the same house that costs 3.0 million in the 90402 costs 400 thousand in many parts of the midwest
but the freezing winters kill it for me
if you are retired and can live anywhere, I would put forth the proposition that you should consider owning two homes away from santa monica instead of one home in the 90402
own a home in ann arbor, evanston, or madison (all cities with the same political views and same type of people as santa monica) live there for the warm six months a year
then own another home in scottsdale where you spend the winters
you get warm weather all the time AND your two houses together cost one third of the price of a house in the 90402
my point is that owning in the 90402 doesnt make sense unless you have a job that FORCES you to be here
Some parts of Mar Vista are very nice. It has a lot of hidden streets with neighbors who have been here for 60 years. People take pride in their homes and keep them well maintained. It's not a destination city, so most people just drive right through it. Which if you live here, is exactly what you want.
Re: that house on Warren in Mar Vista
The agent has been trying to sell it since last summer (previously as MLS # 08-284-671), asking $995,000. Asking price now is $849,000; TBD if 14.7% drop in asking price over past year is enough to get a sale.
Current owner paid $974,500 in 5/2005; the current asking price is 12.9% below what that 2005 price. Originally financed with variable rate mortgage from WaMu (now absorbed by Chase) of $779,600.
California's unemployment rate jumped to 10.1% in January, the highest since 1983, as employers in the nation's most-populous state cut 79,000 jobs in the month.
Meanwhile, Gov. Arnold Schwarzenegger on Friday declared a state of emergency to address California's third-straight year of drought, ordering officials to take steps to reduce urban water consumption and to expedite water transfers throughout the state.
The jobless rate, released Friday by the state's Employment Development Department, is up from a revised figure of 8.7% for December 2008. The national rate for January was 7.6%.
There were 3.3% fewer jobs in California than a year earlier. The report said there were 1,863,000 unemployed Californians, up 754,000 from January 2008.
_______
My thanks to the santa monica voters who brought us this
"My thanks to the santa monica voters who brought us this"
Shut up your nonsense.
Please keep this blog focussed on real estate!
I am so tired of the troll (and I think it is ONE PERSON) who has succeeded in hijacking this board with inane remarks about gangs and homeless. And lately moving to the Midwest.
Please Please Please, Westside.
Please help us all and delete all comments that do not pertain to house prices on the Westside.
To respond to the person asking about what kind of neighborhood Mar Vista is... It's like a lot of neighborhoods in LA: it has some very nice parts, and some not-so-nice parts. As a general rule, the best parts of Mar Vista are North of Venice (though some blocks near Washington are fine), West of the 405 and South of the SM airport. Generally speaking, the further South you go, the crappier things get.
My OPINION is that Mar Vista is one of LA's best kept secrets. I think the area around Venice and Centinela and some spots on Washington Blvd. are starting to benefit from an involved community. There is even a great Farmers Market on Grand View every weekend. It all depends on what you find valuable in a neighborhood. Some want a lot of nightlife, restaurants to walk to, and an urban vibe... Mar Vista is a lot quieter, there are families, young-ish (30-something) professionals, middle-aged and older couples. Hope that helps.
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