Tuesday, November 24, 2009

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 Although the house on Urban is Looking for Backup, Kansas was withdrawn, and two more have joined the three on the block of Delaware-Warwick.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!"


Anonymous said...

"Stewart Park"-- including that funky, retro trailer park -- really has few streets. Tree-lined Delaware is the best, sandwiched between remnants of Exposition Blvd. to the north and Virginia Ave. to the south and straddling the 10.

These prices are unrealistic, especially when you consider that 2312 27th in Sunset Park further south (about 1,600 sqft of house on nearly 8,000 sq.ft of land with a full, almost unheard of basement) just disappeared off the MLS after only two weeks or so. It was listed at $799,950 -- now that's a relatively nice price for the area although the house evidently needs updating.

Apparently 2312 27th never had a public open house, got multiple offers, and now doesn't even list itself as "Looking for Backup" on the MLS like so many do. Now that's confidence. Will be very interesting to see what it sells for and also what Stewart Park's 3208 Urban, last listed at $769K, gets now that it actually is LFB.

Anonymous said...

I would personally not use 2312 27th Street as a comp other than for land value. I viewed the house. According to the inspector I met, the long term owner built the basement himself by digging out the foundation under the house by hand over a number of years. The basement is the full length of the house and, while the work looks decent, again according to the inspector I met, it is neither permitted nor reflected on the public records. As a buyer, I could not get comfortable with the safety risks nor the long term resale potential of a home with a do it yourself basement. Just my two cents worth...

Anonymous said...

A house just hit the market in santa monica - asking 27 million

Check it out - it is at the corner of 5th and San Vicente!

Anonymous said...

Is any one other than me looking for a rental in the 90402?

Has anyone seen this ? The broker has put no photos in the listing - I want to figure out if it is worth seeing. Let me know

List Price: $6,800
Address: 347 24th Street
Neighborhood: Santa Monica
City: Santa Monica
State: CA
Zip: 90402
Type: Single Family Residential
Square Feet: 3412 (Source: other)
Square Feet: 8700 (Source: other)
Bed: 5
Baths: 4.50
Status: For Lease
View Map (in new browser window)
View Property Site
Mortgage Calculators

Two story roomy traditional. Home features 5 bedrooms + 4.5 bathrooms and a large living room that opens to the backyard with a fireplace and skylights. Each bedroom has its own bathroom. Truly wonderful location North of Montana.

Anonymous said...

the last 3 fatal shootings/stabbings in SM have been on Pico between 18th and 26th st

That is EAST of Stewart Park

Stewart Park is safer than the nearby neighborhoods - you have the 10 Freeway insulating you from the more dangerous types

Stewart Park should sell for a premium

Anonymous said...

It's actually west but who's counting?

Anonymous said...

Can we get a new thread here?

My family consists of two parents and two school age kids. We have no need for a McMansion. We are just fine with a house as long as the house has 3 bedrooms or more and 2 and a half baths or more.

We are looking to buy a house with 3 bedrooms (or more) and 2.5 baths (or more)

We are really pissed off about the lack of inventory North of Montana. If you look at the entire neighborhood from 15th to the border of Santa Monica, North of Montana, there are only two houses for sale that meet our minimum.

One of them is 310 22nd which is a bit too big for us (6500 square feet) and the other is 723 22nd.

Is anyone else sort of surprised about the lack of inventory?

I believe strongly that many people North of Montana took out toxic option ARM mortgages and are headed for forced sale. But where are the houses? What the heck is causing this severe lack of inventory

WarChestSM said...

One factor is that this is the seasonally slow period...Hold your horses and don't get your panties in a bunch. Check back in early spring and there will be more inventory.

Anonymous said...

Am I looking at this right - teardowns in the 90402 are down from 2.2 million to 1.4 million

But teardowns in Sunset Park are down from 900k to 800k

A much smaller fall

Facts and Feelings said...

Could it have been that long ago (it was last March) when excitement focused on fixer/teardown 1213 Oak (2/1.5 in 1,290/6,490 sqft) which went for $800K? Remember being told in several other places that we'd be seeing an additional 20 percent or so decline on such monstrosities; that, wait, good properties would be going for $500K or less in Sunset Park. Oh?

Then summer came and saw the following:
*Move-in-able but small 2329 32nd (2/1 in 884/7,200 sqft) go for $785K;
*Very move-in-able 1601 Oak (2/1 in 1,120/8,460 sqft) go for $850K; and then
*Foreclosure-with-water-damage 2432 21st (3/1.5 in 1,202/6,750 sqft) go for $810K.

And if, per previous post above, foundation-troubled 2312 27th with its basement dug-out-by-hand, goes for its $799K asking,
looks like there isn't much of price difference between a move-in-able Sunset Park and a demolition-able one.

Sunset Park certainly does seem to be holding up. What do the SP buyers know that many of us still waiting don't seem to grasp?

Anonymous said...

Its all about the CONFORMING loan of 729K.

If you can put enough down to get a conforming loan, then you have a 30 yr. fixed under 5%....which starts to make sense on a rent vs. buy scenario....

Naysayers will flame me for this, but thats what is driving the market right now.

Anonymous said...

I'd like to discuss the rent vs buy calculation that Happy talked about two months ago

you are the most "real" person on this blog. keep posting

you tell us that you are paying 7500 a month in rent on a house that would sell for 2.3 million

ok let's do the math -

if i buy your house for 2.3 and then rent it to you for 7500 i am collecting 90 thousand bucks a year. Figure that i pay 1% in property tax or 23 thousand a year
and then that i spend 7 thousand on repairs and other nonsense a year
that means I clear 60 thousand in my pocket each year

That means if i buy the house with all cash, buy the house with 2.3 million in cash from my banking account I get a 2.6% true honest return per year

Happy - does this sound correct to you - and if so, would you assume that few people are going to be excited about buying a house with the idea of renting it to you?

Another question for the crowd - if someone buys a typical modest humble 3 bedroom 2 bath house North of Montana for 1.7 million today, what can he rent it out for ?

I do the math as buy for 1.7 million rent it for 4 thousand a month, collect 48 thousand a year in rent, pay 17 thousand in taxes and 5 for repairs so you clear 26 thousand a year

this means if you buy north of montana you get about a 1.5% true honest return on your money


Can anyone here update my numbers? I mean they seem to indicate that renting is a better deal for me than buying

Facts and Feelings said...

Looks like 2312 27th, with that dug-out-by-hand unpermitted basement with foundation concerns per one commenter above, sold for $913K, or $114K OVER the asking price on 12/04/09. Seems like Sunset Park prices are holding up, if not increasing, for land value alone.

59volvo said...

3020 Delawaare sold for $930k,

nice house

Property History for 3020 DELAWARE Ave
Date Event Price Appreciation Source
Feb 04, 2010 Sold (Public Records) $930,000 -- Public Records
Feb 04, 2010 Sold (MLS) $930,000 -- Inactive TheMLS #09-389825
Oct 06, 2009 Price Changed $949,000 -- Inactive TheMLS #09-389825
Aug 07, 2009 Listed $975,000 -- Inactive TheMLS #09-389825

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