Thursday, September 10, 2009

Glut in Stewart Park

There's a glut of new listings in Stewart Park, the Santa Monica neighborhood north of Pico, east of Stewart, and bisected by the Santa Monica Freeway and its roar. More striking, three have been fixed up after previous sales in 2006-7, and are seeking profits of $100-200K for their trouble in a declining market.

There's one pending listing (bottom) that's closer to what these are actually worth. And here are other sold comps from 2006-2007. With this many listings, this overpriced, I don't expect many sales anytime soon. Here's the list; only the last is two stories.

3208 Urban Ave. (photo from 2007, click to enlarge), 2 bed / 1 bath, asking $829K (Sold 8/30/07 $635K; we covered that listing back in July 2007)

"Urban Oasis. Traditional California meets comtemporary. Great interior flow with hardwood floors through out. Kitchen updates include stainless steel appliances, stone counters and new cabinetry. Bathroom has been upgraded with travertine floors, limestone walls and a Zuma soaking tub. Den has stone floors and French doors that open to a nice back Yard with built in BBQ/ Out door kitchen. Garage has been converted to a live/work space."

3008 Delaware Ave., 2 bed / 1 bath, $869K (Sold 4/7/06 $769K)

"Charming, recently remodeled home on a tree-lined street in beautiful and desirable Stewart Park neighborhood. Fireplace in the Living Room, separate Dining Room, Laundry Room, Hardwood & Tiled Floors throughout, completely remodeled Bathroom and Kitchen, updated Plumbing and Electrical, 2-Car Garage, ample grassy Backyard with covered Patio and Vegetable Garden. Realtors ... come show and sell this move-in ready beauty!"

2916 Kansas Ave., 3 bed / 2 bath, $899K (Sold 3/11/05 $820K)

"Charming Santa Monica home on great cul-de-sac street! This recently remodeled home features a spacious kitchen w/granite counters & stainless appliances that opens to dining area & living room w/lots of windows, hardwd floors & crown molding. Large master bedrm suite w/2 closets, doors leading to yard & bath w/dual sinks. 2 add’l large bedrms share remodeled bath accented w/marble & onyx plus, flat screen TV, separate shower & spa tub. Large grassy yard w/2 patios. Great home & great value."

1912 Warwick Ave., 3 bed / 2 bath, $968K (Sold 6/16/06 $765K)

"Tenant occupied – Please do not disturb : : Delivered vacant or keep as a rental. Current rent is $4,200 per month. This corner lot house in Stewart Park is DONE. Totally remodeled in 2007: 200 Amp electric, copper plumbing, central heat/air, landscaping, recessed lighting, refinished wood floors, crown moldings & wood burning fireplace re-faced w stacked stone. Kitchen & bathrooms remodeled: Granite counters, travertine/marble tiles, jetted tub & double sink."

3020 Delaware Ave., 3 bed / 2 bath, $975K

"Restored two story traditional with contemporary style. The home is flooded with natural light complimenting the hardwood floors. The bedrooms are generously sized adding to the airy, bright and crisp aesthetic. The home lends itself to indoor/outdoor entertaining with a lush, well landscaped and private yard."

There's also one Pending listing (since 6/9/09), 2208 Yorkshire Ave., 3 bed / 2 bath, last asking $650K (-7%).

"**IN ESCROW BUT TAKING BACK UP OFFERS**This property is located in Santa Monica near shops and schools it's in a great location. Needs TLC and to be sold "as-is". Bring your buyers today!!"


Anonymous said...

wow. $1million to live 1/2 block from the 10. slap some black granite on top of some ugly & old wooden cabinets. there should also be an escrow account for the inevitable health problems later in life.

Anonymous said...

These listings, which should really represent (given the location) the lower end of the Santa Monica market, are proof enough-if anyone still needs it- that we're still deep in bubble territory. Why would anyone spend more than 300,000 to live in spitting distance to the 10? (Not to talk the close to $1mio that these losers want.)

I honestly don't see what should make any of these more expensive than say, the lower end of Mar Vista. Schools? Give me a break.

Facts and Feelings said...

Regarding the "pending" listing, previously raised 2208 Yorkshire on another blog about a month ago, but am still mystified. Remember property being listed for $699K earlier this year, then reduced to $649K, and then announced for auction.

Whether it sold at auction, not sure, but public records indicate a $210K purchase on 7/2/09 and NOT by a bank apparently. It could all be just a glaring typo, but it's tantalizing to think an SM property could be had for such a price (the previous sale was way back in July 1967 for $24,500) even if it's in Stewart Park.

And talk about "pending," what about the MLS indicating "looking for backup" by 1308 26th (since 3/30/09) and by 2219 14th (since 3/5/09)?

Pendings, looking for back-ups, withdrawn (for a day or so) and then magically reappearing, and not to mention shadow inventory -- the shenanigans continue...

Wooster said...

I didn't know that area had a name.

Anonymous said...

As someone said previously, this is complete proof of bubble mentality.

This hood is bounded by Pico (the Joker bar and 99c store), the 10 fwy, and a trailer park (yes, a trailer park on Stewart to those who don't know the area).

These listings are a complete joke and anyone who buys near these prices is a fool.


Evan said...

I think a lot of blog commenters (not so much here, but mostly at Distress Monitor) are really ridiculous and snobby thinking that anything in Sunset Park is dangerous or "the ghetto."

Now, I'm not saying that about this neighborhood, but really, this neighborhood is really the ass-end of Santa Monica. There are more affordable places elsewhere where you aren't living next to a freeway and near a bunch of warehouses and light industrial buildings. The only way you buy in this neighborhood, I guess, is if you're really desperate to get into the school district.

The prices on these listings are laughable. I'm not sure I agree with the two prior comments that this shows we're still in a bubble--if they sell for this much, perhaps. But let's hope no one is that stupid to pay that much to live near the Joker bar.

Anonymous said...

Not to mention the proposed metrolink service yard near the trailer park which is rumored to include power washing essentially 24 hrs a day.

I do not see crime as an issue in Santa Monica generally, but there have been a few murders/assaults in this neighborhood this summer.

However, if rent is really 4200 as one listing indicates, then while high, the prices are not that far off.

Rent is most likely much lower. I recently rented a new 4 bd 4 ba 2500 sqft house in a much nicer area of sunset park just over 4200.

Anonymous said...

99c; The Joker; trailer park.

Don't forgot the massage parlors right there on Pico too! I think there are two of them, but of course, I wouldn't know anything about that.

There are certainly worse places in LA, but these prices are a total fantasy.

Anonymous said...

"I'm not sure I agree with the two prior comments that this shows we're still in a bubble--if they sell for this much, perhaps. But let's hope no one is that stupid to pay that much to live near the Joker bar."

Well, let's put it this way- as long as people think they can get away with asking for these kinds of prices, we're still in a bubble. After all, as I said, these should really represent the lowest end of the SM market; and as long as prices like these are asked in THIS area, what could you expect for the nicer areas? I think this area is really a nice (lower) benchmark for observing how much the bubble has deflated (or not), and worth keeping track of.

And by the way- let's not forget that not too long ago people did seem to be willing to pay that much to live near the Joker bar.

Fact and Feelings said...

...and eat at Rae's.

Anonymous said...

This is a total joke. You could pay these prices to live in a nice townhouse North of Wilshire and get a great location AND a great school district. Who the hell would want to live in this area?

Anonymous said...

pat says

Well in response to anonymous of 10:30 I would answer, I DO.

I've lived on Delaware ave. just east of stewart park for 25 years. I've only been to the Joker bar once, but I liked the people I met there. A lot smarter than anonymous might think.

Re: all the industrial warehouses nearby, they are full of High end post production editing, top tier design firms, and film production companies. I like this. These are my kind of people.

Yes the freeway is nearby but the sound is not a factor.

The metro is coming. I like the idea of walking a few blocks to catch a train to downtown. Kinda like New York.

Also Delaware ave is a beautiful tree lined street with a diverse group of well maintained homes with a mix of retired and young professional people,

Sorry to go on like this but regardless of price, I get the idea from these posters that that they have never been here but instead are taking a long look down their noses.

Anonymous said...

"as long as people think they can get away with asking for these kinds of prices, we're still in a bubble"

Agree completely. Of course these sellers are delusional and will not get anything near their asking prices--in fact, hopefully they will get busted out by this folly--but as long as there are delusional fools who think this is even a serious proposition, we're still in a Bubble.

Fingerprint safe said...

Urban Oasis??? This is in a sketchy neighborhood right next to a busy freeway.

Something is seriously wrong with these sellers and crazy people for still buying these shacks at high prices.

Anonymous said...

New to these postings. While I understand the bubble comments in general, when you look at Santa Monica as a whole, the only place you are able to get into a non-fixer upper single family house, in the 600's is in this area. As long as SM prices as a whole stay where they are at, these prices are not going to go down. Am i missing something?