Tuesday, February 17, 2009

North of Montana news flash!

News flash! Our north of Montana indicator 320 9th Street just reduced again, from $1,895K to $1,795K, now down 14%.

19 comments:

returningToValue said...

Well, I'd say the yellow flower wallpaper on the non-updated circa 1940 kitchen ON THE ****ING CIELING might have something to do with it as well.

But seriously i'd say this is a typical "lot value" home in a great area. It's not neccisarily a teardown, but the kitchens and bathrooms would need a complete remodel if you didn't build new. And building new is a different kind of buyer than a remodeler.

dwr said...

Only 3-4 more cuts like that to get this dog where it needs to go.

Anonymous said...

I'm interested in this house, but not at its new price, got to go to $1.4-$1.5.

Anonymous said...

Anon above, you're insane if you consider this a teardown. It needs remodeling, to be sure, but this place actually has foundations, room and a good looking exterior. Entry level NON-teardown homes now cost $1.8 million north of Montana, and lower depending on what this place sells at.

Note also that the second this house sells, the new COMP for a good side lot north of Montana on a very good street will be in the range of $1.6 to $1.7 million.

Now watch as the bulls and recent buyers panic while the realturds smear this house to explain away why it's so much cheaper than the over-priced houses now listed. Anything except admit that the houses north of Montana were in a massive Bubble just like the rest of the country, and will now go down 30% just like the rest of the country.

NeedleBrainWatchesItFall said...

Down 30% from here or taking into consideration the existing 14.3% reduction?

Starting at $2095k, cut $300k for a 14.3% haircut.

Another 15% puts it at $1495k.

Another 30% from $1795k puts it at $1256.

Maybe it will sell for $1.2m in a year from now, but not this month.

Westside Bubble said...

I like this house, and hope someone does a remodel that keeps its exterior. If I recall, the brick facade was repaired after the 1994 earthquake.

The one negative of its particular block of 9th Street is the half-hourly Santa Monica bus westbound on Carlyle that turns north there up to Georgina.

Anonymous said...

nice house, good price
blue bus every 30 min before 7 pm,
peaceful at night, nice area low prop tax
better to lease :-) than to sell

Anonymous said...

I didn't know about the bus, thanks for pointing that out. I thought this house had the benefit compared to other listings of not being on a through street (ie competitors on 17'th, and 14'th). I am beginning to think its time to rent in this neighborhood.

Anonymous said...

"better to lease :-) than to sell"

definitely, lease it for $5000 per month instead of selling for $1.6MM today, and then sell for $1.2MM in 18 months.

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