Saturday, March 28, 2009

Weekly inventory update

3/27/09 - Santa Monica and Pacific Palisades are up for the week; Mar Vista is flat. I'll do month-end and a first quarter recap next weekend.

Now 1,071 days since first listing, 1135 Berkeley fell out of escrow after a month. It's not just them, there seem to be a lot of such failed escrows; 1214 Pearl may be next, going from Pending to Looking for Backup.

North of Montana keeps dropping: the probate at 720 17th cut from $1,799K to $1,649K, below 320 9th's $1,699K - which is still available.

3/20/09 - Santa Monica was flat, Palisades down a little, and Mar Vista up from new listings.

Low-end Sunset Park featured the 2/1 at 1128 Marine St. dropped to $699K and the 2/1 at 2250 27th St. to $895K. The 3/2 at 1736 Oak St. (last listed at $990K) and the 4/3 at 2450 Euclid St. ($1,099K) both fell out of escrow.

And low-end north-of-Montana found the 3/2 at 320 9th St. dropped another $100K to $1,699K. Redo the kitchen and bathrooms and it would be a nice house to live in.

3/13/09 - Santa Monica is up. Palisades and Mar Vista are down, largely from withdrawn listings.

3/6/09 - The net of some new escrows, and some new but also more withdrawn listings is Santa Monica, Pacific Palisades, and Mar Vista are relatively flat for the week.

A third low-end north-of-Montana member joined the $1.8M club: 720 17th Street.

      LA County  Santa Monica Pacific Palisades  Mar Vista
<$3M New Tot DOM<$2M New Tot DOM Tot New DOM

-------- ------ -------------- -------------- ----------
1/30/06 27,732
2/28/06 29,420
3/31/06 31,819
5/ 1/06 34,032 38 33
6/ 2/06 37,847 56 36 38
6/30/06 42,317 66 40 49
8/ 4/06 45,315 70 34 50
9/ 1/06 46,781 71 27 59
10/ 6/06 47,369 83 25 98 71
11/ 3/06 45,780 80 20 91 77
12/ 1/06 43,103 65 18 72 96 39 20
1/ 5/07 35,646 54 4 60 117 33 6 71 66
-------- ------ -------------- -------------- ----------
2/ 2/07 36,715 38 15 45 124 29 16 61 71 70
3/ 2/07 41,251 42 14 51 114 26 10 68 79 55 25 76
4/ 6/07 42,857 41 23 49 107 18 8 73 103 54 52 50
5/ 4/07 45,918 46 28 54 92 19 6 82 79 71 37 52
6/ 1/07 52,198 50 25 61 78 17 15 87 78 77 39 53
6/30/07 52,769 42 18 56 81 17 11 92 77 74 33 61
8/ 3/07 54,166 53 28 68 86 23 12 78 76 84 39 68
8/31/07 57,432 57 21 72 98 18 7 69 75 90 40 79
9/28/07 58,973 59 17 74 103 26 9 90 81 87 20 87
11/ 2/07 58,731 62 19 81 120 29 7 106 77 98 35 88
11/30/07 59,108 52 14 67 136 23 11 88 94 96 23 96
12/31/07 53,475 42 5 53 148 19 2 73 119 79 13 116
-------- ------ -------------- -------------- ----------
2/ 1/08 53,722 54 16 67 157 26 16 101 118 89 36 96
2/29/08 53,520 50 10 68 178 29 8 108 108 88 21 103
3/28/08 53,566 57 17 81 171 32 14 122 92 82 22 105
5/ 2/08 54,098 59 14 83 159 35 7 136 93 90 33 96
5/30/08 53,216 56 23 79 147 34 9 142 106 91 29 89
6/27/08 53,058 74 28 98 131 30 6 129 107 96 26 95
8/ 2/08 51,906 66 14 89 125 34 8 120 136 99 35 101
8/29/08 50,124 62 9 79 122 29 5 108 156 91 25 104
10/ 3/08 48,113 58 14 82 145 41 15 128 132 84 24 109
10/31/08 47,017 64 22 90 131 55 18 159 126 83 21 103
11/28/08 45,216 64 12 91 141 54 7 151 124 73 9 130
12/31/08 40,810 52 3 80 171 47 5 130 134 63 10 144
-------- ------ -------------- -------------- ----------
1/30/09 38,486 67 16 94 181 59 15 157 145 66 15 157
2/27/09 37,647 73 14 98 164 73 17 181 148 75 19 131
3/ 6/09 75 10 97 149 73 4 187 144 74 2 140
3/13/09 78 14 102 145 68 5 186 143 71 8 140
3/20/09 79 16 102 149 66 7 184 148 76 17 122
3/27/09 84 23 106 150 69 10 186 149 76 22 119
4/ 3/09

14 comments:

Anonymous said...

Sweet sweet sweet

lot value in the 90402 is not at a million four

Josh said...

Land value in Pacific Palisades is falling too. The cheapest house is now 800k....two others are at 900k.

Oh yeah, auction signs for the Villa Bella condos (with bids starting in the 400k range) were all over the Village today.

Smart sellers in the 90272 are starting to realize that in order to move their home, they have to price aggressively.

Anonymous said...

How much will the Villa Bella condos sell for per sq foot

what is the auction minimum per sq foot ??

Anonymous said...

Lot value in the 90402 is 1.4 million

is now at 1.4 million


BUT 3 bedroom condos in the 90403 are stuck at a HIGH 600 a sq foot

how much are the condos in the palisades - right in the center of the village?

Anonymous said...

lot value in 90402 is not 1.3 million

Anonymous said...

lot value in 90402 is now 1.2 million

Anonymous said...

Re Villa Bella - I think the minimum bid is either $445 or $449. The are currently listed at $745, but that price has been reduced from when they first hit the market at least a year ago. They have just been sitting on the market forever and have tried to lease them out as well.

Note: they aren't in the Village...they are a few minutes west on Sunset. Not the best location.

Anonymous said...

1214 Pearl fell out of escrow. I have it on good authority the inspection killed escrow, the house is held together by spit and chewing gum.

Schloky RE certainly is a hard sell in this economy

Anonymous said...

With spiking inventory, spiking unemployment, and all-time low sales volume, a 30% price drop on the westside in the next 12 months is practically a given. Anyone buying now is a complete fool.

Anonymous said...

Lot value in 90402 is now pretty much nil as nothing is moving.

Anonymous said...

I am a bull. yep, it takes all kinds.

I think there are some good values in the Santa Monica area right now. I favor SM because of its schools, police,demographic makeup and business centers.

I think there are better values ahead, but I am looking for move in, well located properties and those are getting easier to find.

tbgpalisades said...

I was so pleased to see some progress, finally, on Villa Bella. Why do I suspect it's some type of a scam, nonetheless?

If they actually do go to auction, maybe we'll have a little bit of price discovery, at last, here in the Palisades.

There does seem to be some small signs of capitulation across the board, I might add.

dwr said...

"I am a bull...
I think there are better values ahead"

I don't think you know what the term "bull" means.

Anonymous said...

But DWR....isn't a Taurus a bull?