Santa Monica's small decrease in inventory from April to May comes from (1) a big drop in new listings from both April and previous years; (2) an increase in sales (see below); and (3) many withdrawn and expired listings.
Although much of the Westside's sales activity seems to be in Mar Vista, sales are still well below last year.
Tracking the real estate bubble on the Westside of Los Angeles, especially in Santa Monica ... available housing inventory, highlights/lowlights, and the larger economy.
Obligatory Disclaimer: I do my best to accurately report publicly-available data, but take no responsibility for what you do with it!
Contact westsidebubble {at} gmail {dot} com .
43 comments:
http://www.latimes.com/la-me-westsideecon2-2009jun02,0,1969353.story
There seems to be a huge backlog of "shadow inventory", representing people that want to sell soon but are withdrawing the listing hoping the market will recover or are too under-water for hope. I have a work friend in both those categories, and get this, they both need to sell very soon. Yet neither is listed. I don't think we're anywhere near the end of the inventory bottom.
So for SM about nine months of inventory. Add in withdrawn/expired listings and you get ten months of inventory.
Not the end of the world. Six months is a normal market, two-three months at the peak of the bubble. We have a ways to go before prices can turning around.
Foreclosure "shadow inventory" is real, which is not an issue in SM. Other types of "shadow inventory" are BS, i.e., people that want to sell if the price is right.
All those super-rich foreigners and hedge fund managers and trust fund babies (which everyone knows comprise 95% of the owner in 90402)should be ashamed of themselves for being so ashamed to spend some of that money along Montana Ave. It's a tragedy, and one that could be easily avoided if a few billionaires would spend some money on $800 sweaters.
The downturn on Montana is a healthy sign of bottoming out - shops that should have never opened are closing, and survivors are moving to smaller spaces with cheaper rent.
The deck will be swept clear for the next round of merchants, hopefully more geared to services and food. Hopefully the days of attracting tourists and suburbanites are over, and Montana can return to the locals. Montana was super sleepy 20 years ago, and it was perfect for the 'hood.
Right
montana needs a lot more cafes and restaurants that cater to those of us that live within a block or two of Montana.
Stuff you can walk to
Is there any way to distinguish between the various parts of mar vista?
I mean Mar Vista Gardens is very dangerous for obvious reasons but parts of mar vista away from mar vista gardens are quite nice
What exactly comprises Mar Vista Gardens? What streets are it's borders?
TIA
Mar Vista Gardens is just west of the 405, Braddock Ave (north), Inglewood (west) and the Ballona Creek to the south.
The entire area within Culver/405/Ballona Creek/Centinela is not very nice.
I grew up very close to the housing project and have watched the neighborhood for 45 years.
Much of Mar Vista is quite nice but Mar Vista was originally a lower middle-class neighborhood with small, cheap tract homes.
Many of the original owners still live there and they are all hitting retirement (or older).
Mar Vista Gardens neighborhood has a housing project.
Many of the residents of the housing project are solid ethical hardworking people. But as with any housing project there are some problem people
"Hopefully the days of attracting tourists and suburbanites are over"
You're delusional if you think $800 sweaters and $400 jeans are for tourists and suburbanites. The fact that Montana Ave shops are crashing is proof of what's happening to the 90402 households and their rapidly vanishing emergency funds. Tick tick tick...
I do agree about more cafes along Montana, so all the apartment dwellers have somewhere to hang out and be seen so people might think they own a house nearby as opposed to occupying a dark little hovel.
This is not the place for the home owners to bash the apartment dwellers and vice versa
Montana is a good neutral ground between the two camps - no need for unpleasantness
when I hang around the starbucks at 15th and Montana and watch the yoga crowd come in and out it is impossible to tell who lives north and who lives south from the clothes -
There are no 'class wars' between 90402 and 90403 (or anyone else) along Montana Ave - pure fiction. This stuff is whipped up by trolls who live in neither zip code. Next topic please.
I agree. This troll nonsense is not welcome here.
If you want to troll around class war, go to Manhattan Beach Confidential.
Is there any way to distinguish between the various parts of mar vista?
On May 9th I divided Mar Vista sales areas east-west by Centinela and north-south by Venice and Palms.
Yeah sure, 90402 people who've spent $3-4 million on homes are just thrilled that a couple blocks away people live in $600 rent controlled apartments.
Yeah sure, 90402 people who've spent $3-4 million on homes are just thrilled that a couple blocks away people live in $600 rent controlled apartments.
Stupid comment. Similar to saying people with new cars don't like being on the road with old cars, or someone in a suit does not like being near people in t-shirts.
If someone actually feels that way then they are simply in the wrong place, and will most likely be miserable in any dense urban neighborhood. There is a perfect place for people who are class and neighbor phobic - gated communities.
The only stupid comments are coming from those people who are implying that people who live in the 90402 aren't elitist snobs.
Anon 8:06, you are a pathetic little man. Probably have small "equipment"
The people who live North of Montana and the people that live south of Montana send their kids to the same public schools. The kids play together all the time. The parents socialize together at the parks and school events.
You obviously don't live in our community. There is no class war.
Crawl back in your hole. You don't belong here
ouch....can't you two duke it out at Father's Office?
I don't know about the class war, that seems silly, but I am certain that there is an unhealthy obsession with living north of Montana.
Here is the official troll topic list:
1. Crime
2. Homeless
3. Socio-economic class issues
4. Bad SM schools
5. 90402 snobs
6. Complete economic collapse
7. Any combination of the above
Before the internet, trolls lived under rocks; now they pop up on blogs to dispense petty ramblings. No one cares - trolls go away!
yes the above topics are off limits. Trolls go elsewhere.
Are unofficial blog police also considered trolls? Or just whiners?
Here. go give Pete some love
http://originallaland.blogspot.com/
Now we are even whining about trolls! What next?
I completely disagree that the homeless problem is a "troll" issue. I'm sure some of the renters and non residents would love to sweep that under the rug or use it to feel good about themselves, but to those of us that live and have families in SM having unwashed lunatics in the street yelling insults at my sister as she's walking her dog is NOT a minor issue. You'd feel that way too if you owned or were raising children here.
It is not PC to talk about the vagrants and this is a PC site so piss off
Yes
we have all agreed to move homeless discussions to another site
And if you don't love living near homeless just don't live in Santa Monica. I say that with no malice.
But for 20 years Santa Monica has been world famous for its homeless.
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