Monday, April 13, 2009

Adelaide view

This is a fun house with a great view to write about, on the north side at 237 Adelaide Dr. The photo shows the west side of the property, the living room with higher- level stainless steel restaurant kitchen and dining area, all very modern. That's the ocean beyond the mouth of Santa Monica Canyon through the windows.

To the right out of frame is a garage above, master bedroom below. Yes, you go outside from the bedroom to the living-kitchen area, past the small pool (center-front in photo). (Click on the link above to see good photos of its interior.)

It's now asking $2,195K, reduced three times from its original 7/7/08 listing for $2,895K. Doesn't seem to be worth $2,195K to anyone, though.

"Major price reduction.Easy to show. Platitudes aside, this is simply the best view in the best location in Santa Monica. Ocean,canyon and mountain views above Santa Monica Canyon!! Living room w/2-story ceilings, wall of glass. private pool, separate structure private office Bedroom wing off of patio area. Fabulous location for buyer/investor looking to live or build. It is currently a stunning pied-a-terre"


Rob Dawg said...

Nice place for my eldest kid. UCLA dorm prices are too high. $219.5k here and two roommates can make this work.

Seriously, as an investor any listing that mentions "investor" is an automatic death sentence. Until the legions of used real estate salespersons understand this there will be no recovery.

Anonymous said...

For $219.5K I'll buy a dozen.

Rob Dawg said...

What part of "Seriously..." did you miss?

Anonymous said...

Love the view...anybody seen this?

Anonymous said...

is this the one by the workout stairs?

Foster said...

Zillow puts its guesstimate at $1.5 million, and with their other local overestimates being between 8% and 20% too high, it could be down at 1.2 actual market value. Best of luck on that price, guys.

Anonymous said...

Zillow never factors in for view. They price it by comps and square foot averages.

Epsilon said...

The listing says this is 1093 square feet.

People don't pay $2000 per square foot to overlook Central Park.

This is laughably absurd.

Anonymous said...

This is the part where the manager says to their client: "I know you hit it big on the last project, congratulations, but I just can't let you throw your money away on something like this. Take a deep breath, you will get something twice as kick-ass for less, I promise."

Anonymous said... and Chicago....Why aren't you together?

Still bitter party of one?

How is that high falutin lawyer job now, huh?

Anonymous said...

Hmm. 1,100 sq. feet of pure love.

Anonymous said...

How is that high falutin lawyer job now, huh?

Don't know about the other practices, but the M&A side of the house is getting busier by the day. Deal flow is picking up, which is good news for I-bankers, attorneys, accountants, etc.

Anonymous said...

What are they thinking? 2.1million for no storage, 1/2 a garage, 1100 sf of major renovation?? I saw this place- what a piece of MAJOR WORK. Who will buy this place? A family, no. Anyone over 30, no. Good luck finding the newly minted LA Rocker to take this property.

Epsilon said...

Glad to see you think Central Park is in Chicago, and though my job is fine, some dear friends were laid off, so go fuck yourself.

Michael said...

Sweet. Love the Springtime cheer. This house is pretty crazy based on the observation posted. Is this a realtor's way to say, "Show how rich you are by overpaying to be on the same street as some really rich people"?

Anonymous said...

Why so much Realtor bitterness here?

You can't stop the truth, bubba. You can't float these 90402 house boats in a lending drought, baby!

Give it up, Realtor. 90402 is coming down big time. Back when it was so cool to be in NOM real estate, when you were believing your own spin, and realtor investors were putting their own money into spec houses and tear down, maxing out the leverage (OH BABY!), it was so cool to be you.

Like high school, those good times are gone.

The bubble blog people pown your happy smiling faces with the facts: IT AINT WORTH THAT MUCH! Are you crazy?...

So you and yours are probably going to be eating nothing for a while, people will lose their homes when the no interest option ARMS reset, and there are no buyers at these prices. Only so many fools who still have money, and even they got choices now. The word is out.

Where did all the buyers go? To Westside Bubble, that's where! ANd they are watching it fall, waiting for some of the BS to leak out, and reality emerge.

In other words, the sales volume will be in the toilet until prices fall another 30%.

Anonymous said...

The Realturds don't even realize that lower prices are as inevitable as physics, and the quicker they come the quicker buyers will return to the market and the Realtards can go back to making insanely high commission for brining no value to the transaction.

I can't wait till these Realtors are disintermediated just like travel agents are not obsolete. They have shown themselves to be the enemy of homeowners.

Anonymous said...

Question: What would a 9K lot in GRS be priced at in 2003? 2005? 2007?

For a great location (meaning not on 7th, 14th, 11th, 26th, etc.)

I think about 1.9m -2.0m right?

So if 21st Street (too close to San Vicente) sold for lot value last week for 1.7m, does that mean we are down 10%????? Only 10%????

Em, I thought we were all optimistic this tide was turning for the bears....

Epsilon said...

I really think blaming the Realtors is misplaced... I think they'd all much rather make a sale then keep stale listings sitting around at inflated prices. But there are two problems:

1) They work for the sellers, not the buyers, and not the market at large; if the seller insists on a high price, there's not much they can do.
2) They have to compete to get a seller's business. One of the best ways to get that business is to promise you can get a higher price. The other is to cut your commission, but if you work for a brokerage house, your options are limited.

Blame the sellers.

Westside Bubble said...

Question: What would a 9K lot in GRS be priced at in 2003? 2005? 2007?

I posted some 2007 sales prices here that may be useful. Click on the links there for more info about properties.

Anonymous said...

I really think blaming the Realtors is misplaced... I think they'd all much rather make a sale then keep stale listings sitting around at inflated prices.

It's all fair play. For years, realtors were quick to point out how *hard* they work, the *skill* it takes to do their job, and how most people just don't have *what it takes* to be a successful agent. Right.

Time for realtors to do what the rest of us do everyday to afford SM real estate - sweat, hustle, and improvise. The gravy days are over, back to reality.

Michael said...

On the theme of outmoded business models (i.e. travel agent), what is to stop more people from just hiring a transaction attorney for the escrow and legal matters?

I would think that you could find a house using Internet tools as a buyer. You just need to locate an appraiser, title company, escrow, inspector and transaction atty.

I suspect you would be able to do a sale at a fixed cost of $5K. Is there more to it than that?

Anonymous said...

'I would think that you could find a house using Internet tools as a buyer. You just need to locate an appraiser, title company, escrow, inspector and transaction atty.'

Perfect opportunity for a Redfin-type value service to get an empty Montana storeront and give it a go. Maybe 'progressive' SM can actually lead for once with a new R/E service model. Now that would be cool.

Anonymous said...

I too, am desperate to see a better seller friendly real estate transaction model...the ol' 5-6% commission for doing the job of a minimum wage employee has got to go.

I do hear that lawyers are required in other states to put a house thru escrow. But don't the sellers and buyers still rely heavily on RE agents too?

Still not sure how we can get around this model....?

Anonymous said...

Testy testy Epsilon....that lawyer biz is getting you agitated.

WeHo Homes said...

The over-priced listings don't bother me anymore; just a sign of the current times until the real "leg down" in pricing over the next year as most sellers (which will be primarily banks) are forced to accept reality.

It's the "pied-a-terre" language that always ticks me off, for some reason.

"Honey, I know we have our 5,000 sq ft Town & Country-worthy home in [insert NYC 'burbs location], but we should REALLY buy a mis-configured tiny house in Santa Monica as a place to stay during my once a month bi-coastal trips. Never mind that I'm there 5 days during the month and the $8 - $10k monthly cost of this place would be triple the cost of a nice hotel suite for the same amount of time. It's got an ocean view - you have to forget the platitudes!"

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