Our low-end north of Montana indicator 3 bed / 2 bath house at 320 9th Street just closed yesterday for $1,600K. Originally listed 11/12/08 for $2,095K, it then reduced in $100K steps until it went Pending on 3/31/09 when list price was $1,699K.
Another interesting comp is the 3 bed / 2.5 bath house at 403 22nd Street. It's a 2,523 SF house on a big 9,815 SF (65 x 151 feet) corner lot. Originally listed 2/3/09 for $2,399K, reduced to $2,100K in late February, it sold 5/15/09 for $2,050K. Does its closing in only 2 days from Contract Date of 5/13 mean an all-cash offer? Its photos and description don't suggest it's fixed up inside:
"Great location. Close to shops and restaurants. Come build your dream home on a 9815 sq ft lot. Dimensions 65x151. Corner lot. Easy to show."
Thursday, May 21, 2009
Sold $1.6M!
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When I walked through 403 22nd the agent's first words were "Welcome to the tear down". She wasn't kidding, although it wasn't as bad as the one on 17th.
Development lot value. Trust me. This one was a tear down when I lived 2 blocks away in the early 80s.
The ONLY reason this closed this fast at this price is because somebody has a friend at the city wiling to slap down a fourplex at $1.3m per.
A fourplex in prime GRS territory? What on earth are you talking about? Stick to what you know- Casey and fishnets.
9th street house gives good curb appeal....what gives with this one??
So lets look at these comps. A 'live in condition' on 9th, on a smallish GRS lot (7,500) for 1.6m. That seem pretty good on value.
The tear down at 2,050,000 is a bit expensive, although it has approx. the same land sq. ft. cost, it doesn't have a livable house. So big lot and expensive. Lot value @2.050mil.????
$1.6M for the 9th St house...Are we looking at 2004 prices?
Wow look at the idiot Realtors and bubble-buyer bagholders come here to downplay these new comps.
What they can do NOTHING about is that the house on 9th street is NORTH of Montana, on a great street, and NOT a teardown, and just went for $1.6 million. A very nice looking house, too. So, how smart do you feel paying $2 million plus for yours? Cry more, your tears are sweet. Or else keep coming here trying to throw garbage at recent closings: there is nothing you can do about the fact that you purchased during an enormous Bubble.
Go have a drink with your Realtor, trust me he has time for you now.
It is true - this sale proves that the price of teardowns North of Montana, not in Franklin district, is now 1.5 million
Perhaps you can say that the 7500 square foot lots on 15th and 16th are worth 100k more due to being in Franklin (so 1.6) and the lots on 18th, 19th, 21st, 22nd, 23rd, and 24th are worth 100k more than that due to being in Franklin and being bigger (so 1.7)
There you have it - nice streets are either worth 1.5, 1.6 or 1.7 depending on where in the 90402 they are located
If anyone ever sees comps that contradict this - speak up, but as of today this is the state of play
"It is true - this sale proves that the price of teardowns North of Montana, not in Franklin district, is now 1.5 million"
A decent, livable home is worth more than 100K, even if it needs some remodeling.
If 9th street was such a smoking' deal, then why didn't you fence sitters jump right in????? Hmmm?
Did anyone walk the 9th street? was it livable? If so, minus $400 k is promising drop.
"It is true - this sale proves that the price of teardowns North of Montana, not in Franklin district, is now 1.5 million"
So says the Realtor. But a very nice home just sold in a prime area of 90402, on 9th Street no less and close to the beach, for a mere $1.6 million!!! Lot value for the nicer areas of 90402 is now $1.4 million and going down fast.
$1.4 million Lot Value for 90402, and if it's nine blocks from the ocean. Discount if it's not. Cry more Realturds.
2:23 - good rules of thumb, but there are no true standards. There isn't really a true formula only trends and guidelines. Every property and lot is different.
about the 9th street house- I have been through it and it is livable, but needed a kitchen remodel and likely an addition of a bathroom. I guess it depends on what you term as livable. The house has "good bones" as they say.
These are about right - although the corner house at 2m might be bit high. Things seem to be leveling off between 2002 and 2003 prices over the last month. Hard to say becuase there hasn't really been alot of closings. Is 1.6m for the 9th street house a 2004 price?
How do you know it sold for $1.6? Where do you get this information? Realtors? Hahahaha. Please, to be credible, dislose how you come up with these figures.
Here's the truth about Realtors for all of you, this article deserves to be posted and reposted, every time they come to post here:
http://www.doctorhousingbubble.com/commission-money-real-estate-housing-zillow-redfin-ziprealt/
The best FACT in that article? How's this one:
"Realty agents sell six homes per year and work about five productive hours per week; their pay is over $50,000 per year - the lowest productivity of any job in America."
This from a submission to the Federal Trade Commission/U.S. Department of Justice back in November of 2005.
These lazy leeches get obscene commissions for doing nothing, have inherent conflicts of interest with their supposed clients, and have zero credentials other than having taken a multiple choice quiz. Realtor is what you make your hot but not-so-bright girlfriend pursue as a career when all other ideas fail. Just read the article.
Arti
Things seem to be leveling off between 2002 and 2003 prices over the last month. Hard to say becuase there hasn't really been alot of closings. Is 1.6m for the 9th street house a 2004 price?
See 2003 prices in Santa Monica. In short, low-end north of Montana was around $1.4M in 2003, $1.1M in 2002.
How do you know it sold for $1.6?
Sales of listings are reported in the MLS.
Could we please stop with all the chatter re realtors? There are valid points on both sides of the bear/bull debate, and simply calling anyone who doesn't agree with your position a realtor or some deriviation thereof doesn't get us anywhere. It's a classic but largely useless position -- if you can't think of what to argue, attack the speaker. So, whether realtors are overpaid or not (they are), let's stay on topic.
Can I point out that 9th street is NOT close to the beach? Unless you want to drop off a 50' cliff to land on PCH run across it.....then you will be in the parking lot. Not BEACH adj.
Why I like Ocean Park (hint hint...more posts on this please) over GRS is for that reason. I can walk to SAND on 9th street off OPB. GRS is basically Brentwood in proximity to the sand.
Yes - you are correct - Ocean Park is a short easy walk to the beach. There are a lot of reasons to prefer Ocean Park to the 90402
That being said, be honest and admit that there are more scummy dangerous people hanging around Main Street than there are scummy dangerous people hanging around Montana
you have to cross main street to get from ocean park to the beach
Just admit all the positives and all the negatives
"you have to cross main street to get from ocean park to the beach"
I almost wet myself every time I get close to Main Street...
Main street is a colorful trip. Seems pretty beachtown-ish and funky.. I like it. Has character.
I prefer it to Montana Ave. Like the farmer's market and the shops. I know there are a lot of people on this blog that seem afraid/uneasy around unsavory people. I think they are pretty harmless overall. Reminds me I am happy to have what I do. Reminds me to be a kinder person and reach out to those less fortunate. Whatever.
And its closer to Venice and other places on the westside. Better located than North SM.
NOMO could use more scummy types....roughen it up a little. Too sanitized there.
"I know there are a lot of people on this blog that seem afraid/uneasy around unsavory people. I think they are pretty harmless overall."
We'll see how you feel when they come after your wife and kids! It's not trivial, it's a safety issue and it definitely drives prices.
Westside Bubble:
You said:
How do you know it sold for $1.6?
Sales of listings are reported in the MLS.
May 22, 2009 6:58 PM
When I clicked on your link to MLS it took me to a spot that required me to join for $300 and be a registerd broker or appraiser. I am neither. Is there no place where the public in general can access this information not just realtors/broker/and appraisars?
Hello - One of the vagrants who hangs around Main Street murdered someone right next to the pier - it was all over the news.
And you think the crowd on main street is harmless?
When I clicked on your link to MLS it took me to a spot that required me to join for $300 and be a registerd broker or appraiser. I am neither. Is there no place where the public in general can access this information not just realtors/broker/and appraisars?
It should have taken you directly to the MLS display for that MLS# listing. Anyone else having a problem with it? Works fine for me without any sign-in.
Westside Bubble:
Yes but how do I search for other properties with the link you provided? For instance 431 Alma Real Pacifc Palisades 90272
While you're at it, what is the staus of 981 Napoli in Pac Pal 90272?
"Yes but how do I search for other properties with the link you provided? For instance 431 Alma Real Pacifc Palisades 90272"
Copy the MLS # and replace the one in the link with it (i.e., change 09-13434 to 09-XXXXX or whatever)
A lot-value price-drop comparison:
402 20th, 8,940 SF, sold 2/14/07 for $2,350K = $263/SF
403 22nd, 9,815 SF, sold 5/15/09 for $2,050K = $209/SF
Thats a reduction of 20.5%.
Plus, there should be a premium for a somewhat unique lot in GRS (10,000SF vs the typical 9000).
A sad day in America:
Already weakened by the sour housing market, the profession faces increasing challenges from Internet-based services that help people save thousands on a home purchase.
The number of agents typically declines in a housing slump and rebounds when the market recovers. But this time, "when we see an upturn in the cycle, any recovery in the ranks of residential real estate brokers will be limited by a reduced need for their services," said Stuart Gabriel, director of UCLA's Ziman Center for Real Estate.
"The real estate brokerage industry is not going away, but the combination of efficiency gains via the Internet and the cyclical downturn will both be significant forces to their rapidly shrinking ranks," Gabriel said.
The National Assn. of Realtors reports a 13% drop in membership since 2006."
Its nice to a "HATE" board for RE agents.
Its nice to a "HATE" board for RE agents.
Read the Detroit papers - anyone against the auto bailout on the discussion boards is labeled a 'hater' of auto workers. Same thing here when realtors are brought up. No one hates anyone, just looking forward to a long overdue change to an inefficient industry.
The backstory on 22nd Street is that it became a bidding war between two people, at least one of whom wanted to build a mansion and was heavily intrigued by the over-sized lot (9800 sq. ft) WITH an alley (the GRS 8900 sqf lots do not). Winning bidder came-up over their offer with a $2.05M all-cash offer to take the house/lot. Don't know if the winners intend to tear-down right away or not.
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