6/19/09 - SM inventory is flat overall; PP is down slightly; MV has rebounded up for the week.
6/12/09 - SM and PP inventories are up a little. Conversely it's almost a buying mania in lower-priced Mar Vista listings. I'll do a sales update for all three after the end of June.
6/5/09 - All are up for the week except Santa Monica over $3M, down, and it seems a lot of new price reductions.
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
4/ 3/09 84 25 108 155 73 11 187 150 74 24 128
5/ 1/09 89 23 115 163 72 11 188 155 73 22 127
5/29/09 80 15 107 175 67 14 176 142 70 28 117
6/ 5/09 82 4 106 170 74 8 184 139 74 5 122
6/12/09 84 10 107 169 75 9 185 146 69 10 133
6/19/09 82 13 107 165 71 12 183 139 73 15 144
6/26/09
10 comments:
thank you
this is very helpful indeed
I sort of use the sm >$3 million as a shortcut for 90402 i mean the majority of the over 3 million homes are in the 90402
It is so good to see the 90402 coming down - glad that I decided to rent for a few years in Sunset Park while waiting - the 90402 will soon be within reach
IN PP 90272:
981 Napoli in escrow for $6,295,000
714 Ocampo in escrow for $6,290,000
1059 Hartzell in escrow for $2,295,000
827 Hartzell in escrow for $2,650,000
876 Iliff in escrow for $3,295,000
All of the above sold in the last 12 days. I think it's safe to say 90272 is in far better shape than 90402.
PP is in in slightly better shape because the prices are going lower faster. Most that are selling are brand new and they're lowering their prices or it's not new and they're lowering the prices more. Then some VERY SMALL NUMBER of sales are happening. Sales will never be zero and at every lower price point some small number of people will step in.
Let's look closer at 1059 Hartzell sold for 2.3 in 2005, we'll see if / what it closes for but it's certainly 2004 pricing or lower. AND THE PRICES ARE STILL FALLING! (oh, and didn't they have a 2.75 offer not too far back that they dismissed as too low?)
What's also great is the scumbag lying realtors. (like the one at 2:42 who has no idea what the accepted offers are but are listing them in escrow at their last list price) Every house you walk into has "offers" yet they don't sell... could it be that realtors are lying in hopes of getting morons to bid? Yeah, that wouldn't be ethical, gee whiz, did they miss that question on their short multiple choice quiz?). Also priceless is that realtors are now using "open escrows" as a new stat to mislead. Isn't it nice that when the FACTS aren't what you want so you make up a new statistic that can't be tracked? But it does make it easier to notice how many are falling out of escrow, which is also a big number.
And if 827 Hartzell closes for 2.65, that buyer is perhaps the biggest fool in the world / the luckiest seller on the planet.
Oh, and 876 Iliff... bought 8/08 for 1.65 mil... it's a GREAT house that had to cost a TON to build and carry. Doubt that developer is making much but lucky to probably get out with something.
15244 DePauw just sold for $3,425,000.
A house just sold, therefore there is no bubble.
I propose that certain areas like Palisades will be impacted by the bubble burst, but there will ALWAYS be people who desire to live in that area, show off their 5K sq. footer on their 6K lot, and do not really care about bubbles of champagne or bubbles of real estate, burst or otherwise. It just works that way. If you must sell you are definitely going to be in for some hurt if you over paid, if you can just ride you will be fine. That said, people taking hits of $500K in two years in an attempt to unload their home is pretty amazing, and it is happening! The beauty of this blog is the truth of the matter genuinely ends up somewhere in the middle between the realtards and the falling skys. Which makes it all the more entertaining. Bottom line, Pac Pal is a super desirable place to live, despite a few rock bottom dogs, the 3/2s are starting to settle in around the $1-$1.2m mark, right where they should be, and the higher end properties are selling according to buyer desire with no real rationale as to how or why people could pay so much for homes without views and loads of traffic. Buyers just buy 'em, cause ... they can?
No, 15248 DePauw st (next door) just sold for 2,415,000. (the zestimate shows 2.9, btw) LESS THAN WHAT THE SELLERS PAID FOR IT IN 2004!
RE: 15244, define "sold". It's open this weekend and still listed more than they paid in 2007.
Very few people in PP don't care. I live here, I know. Sure there are a handful of people who don't care about a few 100k for the house they're going to live in if they can move right in but as prices continue to go lower, no one wants to pay more than they have to.
Amazing, the scumbag realtors are now coming on this blog and posting lies and deception about actual closing prices. You dirtbags truly have nothing better to do.
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