Five listings on one block!

Since I posted about the Glut in Stewart Park back on September 10 it's only gotten worse. Although the house on Urban is Looking for Backup, Kansas was withdrawn, and two more have joined the three on the block of Delaware-Warwick. That's five for sale on one block! Which one will cut their price $100K or so to finally sell?

A good starting point is the only 2-story house, the 3 bed / 2 bath 1,754 SF house on a standard 6,500 SF lot at 3020 Delaware Ave., listed 8/6/09 for $975K, reduced in early October to $949K. It's a nice house, but impacted by the freeway a block away and not selling at this price.

"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. Complete with detached artist's studio, spa, and sauna."

Around the corner is the 3 bed / 2 bath 1,229 SF house on a smaller 5,528 SF lot next to the alley at 1912 Warwick Ave. After its first listing was cancelled after 2 months, it was relisted 11/6/09 for $961.5K. Oh, and it last sold 6/16/06 for $765K.

From the photos it looks reasonably redone, but it's still a flipper seeking a $200K gain in a declining market, when the bigger house on a bigger lot around the corner isn't selling at a lower price. Riiight.

"Open Sunday 11/29, 1-4pm:: This beautiful corner lot house is DONE. Totally remodeled in 2007: 200 Amp electric, copper plumbing, central AC/heat, landscaping, recessed lighting, refinished wood floors, crown moldings and wood burning fireplace re-faced w stacked stone. Kitchen and bathrooms are completely remodeled with granite counters, travertine/marble tiles, jetted tub and double sink. Move right in!"

The newest listing is this 3 bed / 1.5 bath 1,279 SF house on the 4,739 SF corner lot next door to Warwick at 3064 Delaware Ave., listed 11/21/09 for $865K.

"First time on the market in 49 years. Lovely home on a corner lot. Three bedrooms and one and a half baths. Room to add shower in half bath. Separate formal dining room.Living room with fireplace. Detached office/study in back yard. Large canopy in rear yard.Several fruit trees. Well maintained home. Fenced throughout. Two car garage."

Next door to the two-story house is this 3 bed / 2 bath 1,183 SF house on a 6,500 SF lot at 3014 Delaware, listed 11/11/09 for $850K.

"Bright and cozy one story traditional on a quiet tree-lined street. This warm and colorful home features an open floor plan with a generously sized kitchen, dining room and living room. Both the master suite and the kitchen open to the lush, private yard. The home also features hardwood floors throughout, a detached garage and adjacent bonus room. Close to shops on Pico."

We'll close next door to the west (yes, that's literally three in a row!) with the 2 bed / 1 bath 1,011 SF house on a 6,500 SF lot at 3008 Delaware, asking $845K (reduced from $869K), last sold 4/7/06 for $769K. Why is there no sign in front?

"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!"

September S&P/Case-Shiller

In today's September 2009 S&P/Case-Shiller the uptick continued to flatten. Overall Los Angeles (including Orange County) was up 0.85% from August (compared with 1.6% from July), and is now down 38.7% from its September 2006 peak, at October 2003 levels. The national (orange line, their original 10-city Composite) index is down 29.9% from its peak in June 2006.

I've been reporting the Low, Middle, and High tiers; unfortunately those are no longer available without registration, so may not be updated going forward. I now have two columns on the chart: left is peak to bottom, right is peak to current month.

As I've been writing, I don't see this indicating a bottom on the Westside, which appears lagging the Case-Shiller for Los Angeles. My updated North of Montana Index has another year to go to hit my projection of 2003 prices in 2010, but is consistent with Case-Shiller's reversion to 2003 prices. The new 11/20/09 sale of 626 11th Street (although not on 9th-10th-12th-Euclid) was a third at $1.6M this year.

Finally, here is updated the Los Angeles Case-Shiller index scaled with the Los Angeles DataQuick median price history (normalized Case-Shiller's January 2000 = 100).

October DataQuick

Tuesday's DataQuick numbers for October tipped down again for Los Angeles and Ventura Counties. Caveats aside about the mix of houses sold and seasonality (first half of years is when rises mostly occurred), there doesn't look like much strength despite the huge government push of low interest rates and tax-credit zero-down FHA loans.

Los Angeles County's median was back down month-to-month to $325K, now down 40.9% for Los Angeles County from its peak in August 2007. Volumes were up 9% year-to-year from October 2008. (September DataQuick post)

That left Los Angeles County prices at July 2003, Orange County at August 2003, Ventura County at April 2003, and San Diego County at June 2002.

See Calculated Risk for more commentary.

Palisades 2003 rollback?

This Pacific Palisades 3 bed / 2 bath 2,054 SF house on a 12,600 SF lot at 1130 El Medio Ave., backing up to undeveloped hills. It was listed 10/22/09 for $1,475K. The big deal is, according to Redfin, that's 20% below its last sale on 8/25/04 for $1,850K. Anyone know details?

"Striking the perfect balance… Serenity and proximity… Ocean and mountains… Experience ocean views from the front and canyon views from the back. This 3 bedroom/2 bath upper El Medio home has been freshened up, yet offers an option for enhancement. Great floorplan, light & bright, hardwood floors, fireplace in living room, floor to ceiling windows, 2 car direct access garage. Back yard with grassy area and deck."

New north of Montana

Here are two new low-end north of Montana listings. First is the 4 bed / 2 bath 1,684 SF house on a 7,500 SF lot at 409 16th Street (above, click to enlarge), listed 10/28/09 for $1,850K. Does the location this far up nice 16th Street and 4 bedrooms get this premium over our low-end $1,600K or so?

"Showings on hold until Nov. 13th. We do not have a key into the house. Wonderful North of Montana Spanish! Original details & charm intact. Sweet breakfast room off kitchen. Front-facing living room w/ wonderful picture window overlooking tree-lined street. Formal dining room. Hardwood floors. First time on the market for 50+ years. Bedroom wing was added. Oversized, detached garage. Great location on great street. In the coveted Franklin District."

Second is this 3 bed / 1 bath 1,557 SF house (red arrow, third from the corner in the aerial, no listing photo provided) at 444 9th Street, listed 11/5/09 for $1,685K. It is pretty close to 320 9th's $1,600K and 454 9th's $1,576K sales prices (the corner house on the left in the aerial photo).

"English Tudor style home north of Montana. Spacious home with 3 Bedrooms, 1 Bath, Living Room, Dining Room, Breakfast Room, Kitchen. This is a Trustee sale that does not require court approval; however offers will only be presented upon Buyer acknowledging they have received the inspection report. In addition, there is a Studio with a ¾ Bath; call listing agent for details. One car detached garage."

New, Sold, and Withdrawn/Expired listings

Santa Monica sales below $3 million were strong, but there were zero over $3 million. With only 2 new Santa Monica listings over $3 million (vs. 10 in 10/08), that's a really dead market. Most other numbers don't seem dramatically off what's typical.

October inventory charts

Catching up with October charts ... overall, Westside inventory is similar to this time a year ago, except for low-end Palms-Mar Vista. Santa Monica less than $3 million is higher.

Our big question is, are conditions such that prices will drop again in 2010 like they did earlier in 2009? Inventory level is a yes. Availability of jumbo loans is another yes. General economic outlook is more of a question. Dismal earlier this year, it's improved some in popular perception but hasn't changed the earlier drop in high-end prices.

Old listings back from the dead

The week or two before Halloween a number of old Santa Monica listings came back from the dead.

First is 750 Navy St. (photo above), a 2 bed / 1.5 bath "brownstone" "greenstucco" originally listed 3/3/08 for a whopping $1,900K. Expired later that month, it reappeared 8/27/08 for $1,699K, then reduced to $1,499K 10/08, and withdrawn 12/9/08. We last featured it on 5/9/08. Now it's ba-ack on 10/28/09 as an REO for $979K, 48% off original list.

"REO, Newer construction Ocean Park condo alternative. Built in the last few years, reminiscent of a San Francisco rowhouse. This is not your typical run down REO. This house has just been completely "fixed" by lender. Downstairs includes an open kitch w/ new stainless steel appliances & granite counters, living/dining area & 1/2bath. Upstairs are 2 full bedrooms w/ dark wood floors & vaulted ceilings & a lrg, opulent bath w/ great soaking tub & beautiful shower. Attached 2 car garage."

Just down the street at 804 Navy (photo added) is a 3 bed / 3 bath house originally listed 8/4/08 for $1,300K. Withdrawn 10/28/08, it was relisted 11/5/08 for $1,289K, reduced three times, finally to $1,099K, and expired in 4/09. It's back as of 10/28/09 for the same $1,099K (sigh). Gee, they don't tell you about the view of Lincoln Blvd. from the rooftop deck:

"804 Navy Ave was built in 2008. each bedroom and bathroom was done with it's own intricate design. No expense was spared . Kitchen comes complete with Chef's Viking appliances, Stone counters, ceramic tile backsplash, and custom design cabinets.There are hardwood floors throughout. From the third floor walk out onto the rooftop deck perfect for entertaining, complete with BBQ, fireplace, plenty of room for seating and city views. Excellent value."

Way back on 11/28/07 we featured the 4 bed / 4 bath house at 2222 Marine (corner of 23rd below the airport, #6 on the airport impact zone map) that shouted:

"ANOTHER HUGE PRICE REDUCTION... THIS SELLER IS SERIOUS."

I wrote then, "Really? Originally listed 5/17/07 for $1,975K, reduced to $1,775K in October, we're to believe a new $50K reduction to $1,725K is HUGE and SERIOUS?"

Now here we are, nearly two years later. It left the market 12/07, was relisted 8/21/08 for $1,690K, reduced 1/09 to $1,450K, expired in July, and is now relisted a third time on 10/20/09 for $1,399K (29% off their original price), pitched as a home office:

"Great Home Office. Has 4 bedrooms, 4 Baths on 4 levels. Large corner lot. Spacious master has vaulted ceilings, wall of windows facing high nature views, huge W/I closet, fireplace, balcony & bonus room. Double vanity with spa tub in master bath. In-Law suite has separate entrance, en suite with spa tub and kitchen. Family room has a fireplace & balcony, living room has a fireplace. Balcony off the kitchen. Don't miss this!"



The 3 bed / 2 bath 2507 California Ave. also claimed to be "PRICED TO SELL" when listed 11/12/08 for $1,599K. They rather exaggerated, and it was withdrawn unsold 2/26/09. It came back 10/30/09, reduced 14% to $1,375K, again claiming "PRICED TO SELL":

"PRICED TO SELL! VINTAGE 1929 SANTA MONICA BEAUTY IN FRANKLIN SCHOOL DISTRICT NORTH OF WILSHIRE! IMMACULATELY MAINTAINED WITH ORIGINAL INTEGRITY AND DETAIL. HIGH COVED CEILINGS, HARDWOOD FLOORS AND CROWN MOLDINGS. WONDERFUL PRIVATE YARD WITH FRUIT TREES. 1/2 BLOCK TO DOUGLAS PARK. CLOSE TO MONTANA SHOPS & RESTAURANTS. DO NOT MISS THIS OPPORTUNITY. EVEN A BASEMENT FOR TONS OF STORAGE. THEY DON'T BUILD THEM LIKE THIS ANYMORE. CLASSIC! HURRY!"

Finally is 527 7th St. , a 2 bed / 1 bath lot-value property originally listed 5/12/08 for $1,799K. Relisted 1/23/09 for $1,690K, it was cancelled 4/09. Now it was listed a third time on 10/14/09. You'd think they'd recognize the last price was too high to sell, but nooo, it's again asking $1,690K - with plans this time - still questionable when new houses aren't selling and better houses on not-busy streets sold this year for $1,600K.

"Charming 1920's Spanish; great opportunity north of Montana. Move right in or build your dream home. Hardwood floors, updated kitchen, recessed lighting, central heat & AC, private grassy yard, bright lot, great sunlight. Plans for a 5 bedrooms, 5.5 baths, apx 4,200 sq ft Mediterranean single-story, plus finished guest sub terrain level! Great location 2 blocks from the park over the Ocean, and one block from Montana Avenue's shops, cafes and restaurants!. City approved plans included for 4,200 square ft. new home. ARCHITECTURAL PLANS, PLOT PLANS, ENGINEERING DRAWINGS, AND GEOLOGICAL REPORTS."

October monthly inventory report

Santa Monica inventory rebounded from September with new listings, and is above a year ago. Pacific Palisades is down for the month and year. Palms-Mar Vista is flat for the month but down for the year, not surprising after the low-end buying frenzy. Westside total is down a little for the month and year. Charts to follow.

      LA County  Santa Monica Pacific Palisades  Mar Vista
               <$3M New Tot DOM<$2M New Tot DOM Tot New DOM
- -------- ------  --------------  --------------  ----------
J  1/30/06 27,732
F  2/28/06 29,420
M  3/31/06 31,819
A  5/ 1/06 34,032  38  33
M  6/ 2/06 37,847  56  36  38
J  6/30/06 42,317  66  40  49
J  8/ 4/06 45,315  70  34  50
A  9/ 1/06 46,781  71  27  59
S 10/ 6/06 47,369  83  25  98  71
O 11/ 3/06 45,780  80  20  91  77
N 12/ 1/06 43,103  65  18  72  96  39  20
D  1/ 5/07 35,646  54   4  60 117  33   6  71  66
- -------- ------  --------------  --------------  ----------
J  2/ 2/07 36,715  38  15  45 124  29  16  61  71  70
F  3/ 2/07 41,251  42  14  51 114  26  10  68  79  55  25  76
M  4/ 6/07 42,857  41  23  49 107  18   8  73 103  54  52  50
A  5/ 4/07 45,918  46  28  54  92  19   6  82  79  71  37  52
M  6/ 1/07 52,198  50  25  61  78  17  15  87  78  77  39  53
J  6/30/07 52,769  42  18  56  81  17  11  92  77  74  33  61
J  8/ 3/07 54,166  53  28  68  86  23  12  78  76  84  39  68
A  8/31/07 57,432  57  21  72  98  18   7  69  75  90  40  79
S  9/28/07 58,973  59  17  74 103  26   9  90  81  87  20  87
O 11/ 2/07 58,731  62  19  81 120  29   7 106  77  98  35  88
N 11/30/07 59,108  52  14  67 136  23  11  88  94  96  23  96
D 12/31/07 53,475  42   5  53 148  19   2  73 119  79  13 116
- -------- ------  --------------  --------------  ----------
J  2/ 1/08 53,722  54  16  67 157  26  16 101 118  89  36  96
F  2/29/08 53,520  50  10  68 178  29   8 108 108  88  21 103
M  3/28/08 53,566  57  17  81 171  32  14 122  92  82  22 105
A  5/ 2/08 54,098  59  14  83 159  35   7 136  93  90  33  96
M  5/30/08 53,216  56  23  79 147  34   9 142 106  91  29  89
J  6/27/08 53,058  74  28  98 131  30   6 129 107  96  26  95
J  8/ 2/08 51,906  66  14  89 125  34   8 120 136  99  35 101
A  8/29/08 50,124  62   9  79 122  29   5 108 156  91  25 104
S 10/ 3/08 48,113  58  14  82 145  41  15 128 132  84  24 109
O 10/31/08 47,017  64  22  90 131  55  18 159 126  83  21 103
N 11/28/08 45,216  64  12  91 141  54   7 151 124  73   9 130
D 12/31/08 40,810  52   3  80 171  47   5 130 134  63  10 144
- -------- ------  --------------  --------------  ----------
J  1/30/09 38,486  67  16  94 181  59  15 157 145  66  15 157
F  2/27/09 37,647  73  14  98 164  73  17 181 148  75  19 131
M  4/ 3/09         84  25 108 155  73  11 187 150  74  24 128
A  5/ 1/09         89  23 115 163  72  11 188 155  73  22 127
M  5/29/09         80  15 107 175  67  14 176 142  70  28 117
J  7/ 3/09         85  21 110 142  63  16 167 164  75  19 157
J  7/31/09         83  20 105 163  62   8 164 171  71  22 152
A  8/28/09         73  14  94 204  64  11 164 170  74  21 145
S 10/ 2/09         68  21  81 194  56   6 161 176  61  20 127
O 10/30/09         72  18  84 215  47   8 145 201  61  21 166
  

All Westside

                 1/30     4/3    5/29    7/31    10/2   11/27
                     2/27     5/1     7/3    8/28   10/30   12/31 
Bel Air-Holmby H. 101 106 120 137 147 152 160 150 136 123
Beverly Ctr.-M.M.  58  65  78  83  72  58  73  78  73  72
Beverly Hills     109 123 134 114 107 120 135 127 112 124
B.Hills P.O.      127 147 162 153 152 159 160 160 154 162
Beverlywood Vic.   47  54  62  60  48  42  51  45  51  45
Brentwood         146 162 157 167 155 155 146 128 136 126
Cheviot-R.Park '8' 31  38  33  39  31  31  39  33  32  23
Culver City        52  44  36  33  34  41  39  26  27  36
Malibu            254 267 288 290 281 280 274 263 260 265
Malibu Beach       63  70  70  70  69  65  62  67  70  76
Marina Del Rey     32  32  28  34  34  35  30  25  25  24
Pacific Palisades 157 181 187 188 176 167 164 164 161 145
Palms-Mar Vista    66  75  74  73  70  75  71  74  61  61
Playa Del Rey      24  24  20  21  27  22  22  19  24  21
Playa Vista         6   6   5   3   5   4   5   6   9   8
Santa Monica       94  98 108 115 107 110 105  94  81  84
Sunset-Hwd.Hills  285 299 312 293 294 288 305 306 292 284
Topanga            70  73  71  73  77  75  83  77  76  65
Venice            104 121 119 115 111 102 110 101  83  78
W.Hollywood Vic.   61  58  50  56  51  48  50  58  56  51
West L.A.          20  30  32  25  23  17  22  27  21  24
Westchester        53  60  57  42  43  47  56  46  47  40
Westwood-Cent.City 67  72  78  78  82  67  71  59  47  42
                  ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ 
2009 Total       2027    2281    2196    2233    2034
                     2205    2262    2160    2133    1979
2008 Total       1509    1694    1917    2019    2006    2128
                     1524    1846    1974    1942    2085    1822
2007 Total       1282    1274    1457    1522    1671    1600
                     1308    1377    1483    1551    1731    1329

Notes

See here for 2007 monthly totals. LA County inventory via OC Renter. Santa Monica Days on Market (DOM) is for <$3M, and omits Santa Monica Canyon (in City of Los Angeles but S.M. Post Office). Pacific Palisades DOM is for <$2M and count omits mobile homes. "New" is for previous month, or month-to-date for current partial month.