Sunday, November 1, 2009

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 Expired later that month, it reappeared 8/27/08 for $1,699K, then reduced to $1,499K 10/08, and withdrawn 12/9/08.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 Withdrawn 10/28/08, it was relisted 11/5/08 for $1,289K, reduced three times, finally to $1,099K, and expired in 4/09.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."

19 comments:

Anonymous said...

So what do we think the California house and the one on 7th St. are worth? By the way, the plans were included in the latter the last time 'round--for a bubbly monstrosity.

Crash Random said...

I'm trying to figure out what the "park over the Ocean" is.

And not to nitpick, but 527 7th is two and a half blocks from Montana, not one block.

Tom said...

I see that they have painted the house at 750 Navy beige so it no longer has the odd green color. Now it blends in so well that you don't even know it's there. That must be what the bank did when it was "fixed."

The next door house, which was previously for sale as a teardown with plans to build another identical to 750, is now being remodeled, not torn down, and what it will look like is open to question. Who knows what they will sell for.

Anonymous said...

According to zillow, 527 7th sold for $1,239,000 on 5/13/04, so $1.3m might be a more appropriate listing price. The house is a teardown but the plans are horrendous and should be scrapped. As for the "park over the Ocean", I believe that's Palisades Park, and I would hardly call that 2 blocks away. Ok, if you're walking down Alta, it's 2 HUGE blocks but come on, if you're walking down Montana, it's 7 blocks. Hey, listing agent, the house is on 7th after all...as in 7 blocks from Ocean!!

Anonymous said...

Are we at 2004 prices for properties like the California house or the one on 7th, or will there always be someone willing to pay inflated, post-2004 prices?

Anonymous said...

The house on California also sold relatively recently, for $1m in July 2003, and no-one is claiming any upgrades. Does that make it worth $1.1m?

Just call me Maria said...

Hi Westside! I still love your blog- even though we pulled the trigger and purchased a house in December 2008. We completed our total remodel in Augest 2009 and have our children enrolled in a superior school. Our prior home is now rented out to a nice family and while we didn't get THE BEST DEAL, we got the right one for us.

Anonymous said...

Anyone else shopping for four bedroom houses to buy between 15th and 25th north of montana?

I want to discuss specific properties that are for sale - the positives and negatives - get more of a highly detailed property specific discussion going like they have at manhattan beach confidential

Anonymous said...

Did anyone see the news? The South Santa Monica gangbangers just shot another kid - this one was in a park in South Santa Monica

Anonymous said...

The Oakwood and Pico gangs are at each other again....keep your kids out of the line of fire!!

Anonymous said...

I hear ya loud and clear.

Duck and cover

Anonymous said...

why doesn't anybody have the balls to bring these gang killings up on santa monica distress monitor?

Anonymous said...

"...while we didn't get THE BEST DEAL, we got the right one for us."

Not only did you buy about 2 years too soon, you now have two properties that are going to drop another 20%. Not quite the best deal!

Anonymous said...

12:46, I suspect sporadic violence isn't a top priority on a real estate blog. No one mentioned the women gunned down in Palisades Park a few months ago either.

Also, I think smdistress does address issues in the Pico neighborhoods from time to time.

Anonymous said...

Fear of gang retaliation. WarchestSM is the head of SMs most powerful gang. Why do you think he always quashes the gang talk?

roamingirl said...

Just Call Me Maria, Congratulations. Who are we to tell you what kind of deal you got or how right it is for you!

Anonymous said...

And since I never plan on moving ever again- we will be just fine, thank you!

Anonymous said...

That statement is about as smart as coming to a bubble blog and bragging about buying too early.

Tom said...

The only time I ever saw police running in the streets carrying guns was on Montana Ave about 3 years ago. They roped off a large area NORTH of Montana where they pursued the evil-doer. I couldn't get to my car for about an hour so I was stuck at the dangerous coffee shop on Montana. It was good to get back to the safety of Ocean Park after that experience.

The perceived wealthy areas are never as safe as assumed.