Friday, September 11, 2009

Low-end north of Montana (1)

Two important new low-end north of Montana data points are, first, that 714 Euclid St. closed on 9/2/09 for $1,600K, same as 320 9th and 454 9th. Better than a tear-down, it's large for a 3 bed / 2 bath house at 2,178 SF (its family room and third bath on the back could be a separate unit), and Euclid is a quiet street. The main negatives are it's the first block above Montana and the kitchen could use a remodel.

"Charming, 1927 Spanish in coveted ‘North of Montana’ neighborhood. Lovely, spacious living room w/ high, beamed ceilings, original windows and wood-burning fireplace. Sunny kitchen with new fixtures. Open ‘Library’/ ‘Study’ off kitchen. French Doors. Hardwood floors. Coved ceilings. A 4th bedroom, 3rd ba & fam room can be closed off to create an In-Law unit. 2-zoned central heat. All appliances stay. Good storage. Fabulous location for easy access to shops, restaurants and the beach!"

Second is that this 3 bed / 2 bath 2,035 SF house at 717 11th St., listed 7/1/09 for $1,495K (withdrawn 7/15 but back on the market in late August), has not sold. It appears in similar condition as Euclid, but with the added negative of traffic on 11th Street. The process for probates in court takes longer, though, and there could be overbids.

"Outstanding Location! Spanish 3+1.75 with charming details. Spacious living room with a large bay window fireplace, kitchen with hand painted tiles with breakfast area and French doors opening to a patio. 3 nice size bedrooms and a den with FP. The yard enjoys a private pool. This lovely home is awaiting for your touch and TLC. Probate sale, court confirmation required."


Anonymous said...

Very interesting listings. North of Montana, livable homes, $1.6. These would have been $2.2M at the top of the Bubble, easy.

What's interesting is that the inferior 90403 south of Montana homes are now not very far in listing price to these. In other words, the gap that traditionally existed between the neighborhoods has narrowed. This means 90403 between Wilshire and Montana is now hugely overpriced and due for a big fat fall to restablish the gap.

Anonymous said...

Only problem is south of Montana is still within reach of decent financing with a big but reasonable down payment.

It is much easier to overpay when it is with someone else's money.