In the midst of stagnant inventory some new listings with a good combination of location and price quickly sell, especially in Mar Vista where conforming loans can be used.
Here are new listings in April that have already entered escrow the same month. In percentage terms, they are one of 28 April listings in Santa Monica, one of 11 (<$2M) in Pacific Palisades, and seven of 22 in Palms-Mar Vista.
Which is consistent with today's LA Times, "House hunting? It's not a buyer's market everywhere".
Address, bed/bath, list price, list date, contract date
858 25th St., SM, 4/3, $2,250K, 4/17/09, 4/27/09
542 Chapala Dr., PP, 2/1.5, $1,895K, 4/2/09, 4/20/09
12453 Wagner St., MV, 3/1, $549K, 4/23/09, 4/30/09
11631 Charnock Rd., MV (photo), 3/1.75, $599K, 4/17/09, 4/28/09
12408 Sanford St., MV, 5/3, $700K, 4/9/09, 4/20/09
3406 S. Barrington Ave., MV, 4/2, $750K, 4/16/09, 4/29/09
3757 Greenwood Ave., MV, 3/1.5, $759K, 4/3/09, 4/27/09
3439 Wade St., MV, 3/2, $885K, 4/2/09, 4/16/09
3148 Barry Ave., MV, 4/3, $1,195K, 4/16/09, 4/23/09
32 comments:
That LATimes piece that you linked made me wonder if the realtors and bankers bought out the business section today.
[checks the ads]
Yup.
Oh, forgot to mention that the March DQ numbers were in the RE^H^H Business section today. Not much moving... and the resets on those First Federal Funny Loans should be kicking in pretty soon now.
You have a big error. 542 Chapala in PP was listed well over $2 mil. I want to say $2.4. Go check your #'s.
542 Chapala in PP was listed well over $2 mil.
Here's the MLS listing: $1,895K.
Today's LA times had the update to all zip codes in LA County. If you look across all the zip codes you will read that most of them are in double digit declines, and median prices are down considerably. Very soon, the westside bubble will go in with the rest..
Seems like a number of low end ("teardown") houses North of Montana have gone in to escrow.
Who is buying these - builders intending to scrape them and then build a spec home, families that intend to custom build, or families intending on living in the scraper, or investors intending to rent them out
I have no agenda - just trying to figure out the truth about these low end houses
by the way, the really nice high end houses do NOT seem to be moving
"investors intending to rent them out"
Buy for 1.7MM, put 700K down, and still eat $3000/mo. Yeah, that's the ticket.
Look - IF people are buying these and renting them out they may be dumb
I am not defending the IQ of the people that would do that
I am simply asking if people are doing it
The article does a good job of explaining that the median price of 250k doesn't mean you'll find a house in any neighborhood for that price. But, I don't see how multiple offers and foot traffic is an indicator of rising prices or even prices that aren't falling. Multiple offers that get you 75% of what you would have received last year still means your house is losing value. I'm really shocked that there doesn't seem to be consensus on the following facts:
There was a bubble and houses were overvalued everywhere.
That bubble has burst and now housing prices are coming down everywhere.
Expensive neighborhoods like Beverly Hills and Santa Monica will always (at least for the forseeable future) be more expensive than cheaper neighborhoods.
Then again, I'm surprised people voted for Bush....twice.
"I'm really shocked that there doesn't seem to be consensus on the following facts:"
We can't all be as smart as you, anon. We can only daydream about where our country would've been with 8 years of Gore followed by 8 of Obama...
I get these bloggers now.
They are conservative
They have saved up a big down payment for an expensive house and are looking to protect their interests and tax advantages.
As my father once said to me, "you are a liberal and a democrat when you are young, but make some money and see how fast you become a republican"
"We can't all be as smart as you, anon. We can only daydream about where our country would've been with 8 years of Gore followed by 8 of Obama..."
Yes, thank you. You are right, the country would be much better off if everyone was as smart as me. To answer your question, if we hadn't voted for Bush twice, we wouldn't be knee deep in the Iraq mess, people of modest means would have been better protected from the worst economic downturn since the depression, and we wouldn't have retreated from our fundamental values by engaging in torture.
Let me know if there's anything else I can help you with.
"You are right, the country would be much better off if everyone was as smart as me."
It's "if everyone were", but then you knew that, you were just testing me. And you're absolutely right about everything else, socialism is the way to go. Yes we can! Obama knows what's best for us. (I heard he reads everything from a teleprompter so he doesn't accidentally use really big words that no one understands).
"They are conservative"
yep
"They have saved up a big down payment for an expensive house and are looking to protect their interests and tax advantages."
yep
"As my father once said to me, "you are a liberal and a democrat when you are young, but make some money and see how fast you become a republican"
Nope, I've always known right from wrong.
Question:
If there are conservatives on this blog, why do you want to live in what is considered one of the most liberal place in the U.S????
What about Pasadena, Bel Air, etc.???
" ... so he doesn't accidentally use really big words that no one understands"
You wanted to say: "really big words that I don't understand."
"You wanted to say: "really big words that I don't understand."
His people are at least smart enough to know I'm not listening to anything he says, so no.
Republicans: Give up on this teleprompter thing. It's not working for you. Every address Bush ever made to the nation was done using a teleprompter. This is nothing new except to ignorant people who don't know any better. You are trying your hardest to tear this president down, and I'm sure you'll get some traction with that sooner or later, but this isn't it. Keep trying.
It's "if everyone were"
Good grammar comeback.
Bush is still an idiot and so are you for voting for him--twice.
If socialism = no Iraq or torture, a smart president, a working economy and a return to fundamental american values, I'm all for it.
I believe they're still looking for facists with good grammar in Europe, why don't you apply.
Obama will triple the national debt by the time he's done. The State of California is bankrupt.
All of the snotty brat kids of the people on this blog will be cursing their parents' generation forever because they will always have a 20 trillion dollar albatross around their spoiled little necks.
But of course Obama doesn't torture and he's closing Gitmo (oh, wait, they aren't closing Gitmo).
Obama is turning into a worse nightmare than anyone ever dreamed of.
Who told you that? Rush, Hannity or Medved?
Do you mean that Obama is NOT raising the National Debt significantly?
What flavor kool-aid are you drinking?
Obama OWNS this economy now (actually he's going to own everything by the time he's done).
"All of the snotty brat kids of the people on this blog will be cursing their parents' generation forever because they will always have a 20 trillion dollar albatross around their spoiled little necks."
Another valuable contribution to this blog typed on a public library computer.
"But of course Obama doesn't torture ... Obama is turning into a worse nightmare than anyone ever dreamed of."
The juxtaposition of these two sentences shows your true colors. Enough said.
Obama haters? wow, how interesting.
Are you the ONLY republicans west of the 405?
The economy will start turning around by this Christmas. Housing prices will stabilize. The worst is over.
Obama has fooled guilty whites into believing he is the messiah.- well, non-white hard working immigrants like myself have no such guilt problems - this country was always great andwill be because of the freedom to succeed and fail - this will soon change - for all those who love obama's european vision - just try living under the double digit permanent employment conditions in france - nice to visit but thats about it. california is a good example of what will happen if entire country follows this model.
hopefully at some point people will see him for the true chicago political hack that he really is
I wish things would "turn around" by Xmas, but I've made promises to myself not to be a wishful thinker.
I'd advise you to do the same, unless you're a realtor.
I'm gonna follow these boards over the next few years to palpate the pain that we will still likely endure.
Why are most middle eastern immigrants I know so very conservative and the white kids from rich neighborhoods so very liberal?
oh, i know... Forget it.
Obama is getting deeper and deeper in his own problems.
Bush would have had this almost cleared up by now.
"Bush would have had this almost cleared up by now."
Thank you. Wonderful sarcasm. Just like bush "cleared up" Iraq and Afghanistan, not to speak of New Orleans. Mission accomplished.
Oh wait, I guess you're probably serious. You need to switch of Fox News!
If you educate yourself outside of MSNBC you would understand things in Afg and Iraq have cleared up....
You are liberal with no family "serving in the military".
By the way, I watch fox and MSNBC so I know what is right and incorrect.
I love Liberals.. You're so funny..
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