Saturday, January 30, 2010

January Inventory, Sold, New

I've changed the charts for 2010 from the 2009 Inventory and New, Sold, and Widthrawn/Expired charts. I stopped tracking individual listings in Pacific Palisades and Palms-Mar Vista, and the Santa Monica Withdrawn/Expired numbers, although dramatic last year, have served their purpose. So I'm continuing with Santa Monica and total Westside Inventory, and Sold and New listings for Santa Monica, in this new wider format.

In summary, Inventory is up as usual after the end-of-year low, looking more like January 2008 than 2009's economic meltdown. But Santa Monica over $3M is weaker than the past few years.


Anonymous said...

"I stopped tracking individual listings in Pacific Palisades and Palms-Mar Vista, and the Santa Monica Withdrawn/Expired numbers, although dramatic last year, have served their purpose."

What purpose have they served that you no longer need to show this data? Could it be they are no longer "dramatic" and don't serve your purpose of trying to show the Westside is crashing?

Show those graphs so we can all see how thing have been leveling off or improving in some areas. These are the same graphs you have been using to prove to us that things are really bad on the Westside.

Westside Bubble said...

The Withdrawn/Expired charts for 2008-2009 are here. They're higher in 2009 and at the end of the years, but their info doesn't seem worth the time to continue them.

Anonymous said...

My wife and I bid on a duplex in Brentwood that was just so crazy! They were asking $1.1 and we bid $5000 over asking. 17 others placed bids, apparently all were at or above asking. The seller then took 9 days to reply to us and everyone else. 16 people received counter-offers. The counter was $200k over asking with absolutely insane terms. The seller wanted us to wire the 3% downpayment into her bank account after 10 days of entering escrow regardless of if we closed or not. We countered with $50k, but on our terms. 6 others also sent in their offers and we bid the least and were the only ones not to accept her terms. Crazy. It won’t even come close to appraising for that much. This reminds me of the bubble years. I’m not sure why some people are in such a hurry because they will likely end up overpaying. I think the Westside still has quite a bit of room to fall, however with people out there like this, I just wonder when this will happen.

Anonymous said...

wow...crazy story...what was the hype about??? No inventory?...hellava deal like low price per sq. footage?, insanely great location?

Can't imagine what is driving a bidding war....

Anonymous said...

"I’m not sure why some people are in such a hurry because they will likely end up overpaying. I think the Westside still has quite a bit of room to fall"

Why were you trying to buy and offering $50k over asking price if you think "the Westside still has quite a bit of room to fall"?

Sounds more like you hope the Westside falls apart because you got outbid. If you got the place would you be typing about the strength of the Brentwood market and the great recession proof deal you just bought?

Anonymous said...

Crazy is right.

I am a mostly cash buyer looking to buy a tear/fixer low-ball in 90402 (I rent, sometimes sell properties) with no luck. My realtor is as sharp and aggressive as they come (acquired 3 props for me), but is saying over and over again my low-ball bids are going up against multiple bid frenzies.

The biggest joke was the house on the first block of 17th that was supposed to go dirt cheap - I put in a cash offer, no-go. I have been buying and holding for many years and have patience to spare, but there are a lot of list price bidders out there on props under $1.6M. Can't speak to the higher end, out of my small investor league.

Anonymous said...

3rd poster here again...

We priced it out and were willing to pay $1.15m. We were planning on living in one unit for about 5 years while renting out the other and rebuilding our down-payment funds. After that we were going to continue to hold it and rent out both units which would have covered our costs. My calculations were showing there was a good chance that paying anything above $1.15m would be cash flow negative. That’s why I think the other bidders may be overpaying if they go higher than $1.15m unless they have different plans with the property. So although I do think the market may drop another 10 or 20% over the next few years we had a very long time horizon and we’re not concerned about getting the bottom. That being said, we are also considering buying a single family home, but there are none on the market that we could afford that we would be comfortable being underwater in and having to stay for a long period of time in. Therefore, we are going to wait a year or two and see what happens before pulling the trigger on a SFR on the Westside.

The duplex was at 12255 and 12257 Gorham Ave. There are not many of these that are in somewhat move in condition within walking distance to all the shops and restaurants in Brentwood. Compared to the other tear downs that have sold for lot value in the immediate area this year, this lots is way more expensive on a $/sqft basis (I’m seeing about $136/sqft while at $1.3 the duplex lot would be valued at $173/sqft) so I don’t thinks someone buying this would be tearing it down. I think it may be interesting to someone who wants to get into Brentwood and can deal with living in a small 2 bed / 1 ba for a few years in return for someone paying you rent for part of your mortgage. I get the feeling that there may be some cash offers given the oppressive terms that the other bidders were willing to accept, but I just don’t see this as providing a great return so they must be banking on appreciation which seems risky over the short and medium term. So in the end it was interesting, but not worth it to us.

Anonymous said...

I have an update on the 17th Street fixer. I don't know if you've been keeping track but it has been in escrow over 45 days. My realtor called and surprise, surprise, the "all cash buyer" who offered close to asking, decided to get a loan and it is taking longer than they thought it would. Don't be surprised if half of these houses in escrow pop up again on the MLS.

Anonymous said...

It had multiple offers so it may not come back even if the funding falls through. If another offer was full price but was passed over because it wasn't all cash then the seller will offer the property to the next buyer in line.

What if it pops back up after falling through due to under-qualified buyer? They had multiple offers so it'll be listed at the same price as before. It's likely to get multiple offers again and sell quickly since the price brought interest the first time less than 2 months ago.

A similar thing happened with a place on 17th St. Townhouse listed at almost $1.5. Pulled from the market for two months. Re-listed for the same price and is in escrow within a week. Selling within a week means it'll go for close to asking price.

Anonymous said...

The low-ball 90402 fixer/tear market is going to be a bidding scrum... not a find the bottom game. The spec guys are sniffing around, along their investors who are willing to rent for a year pre-build.

The bargain hunters who over-pay for 'fixer' junk will get in over their heads and ultimately burned.

Many readers probably remember the remodel on the 300 block of 14th a few years back. The owner demo'd the structure to a freestanding shell, got in over his head, and sold the project for a discount. The buyer, a spec builder, quickly got permits for a new mini-mansion and scraped the remodel project. I expect to see a version of this play out again with the fixit dreamers.

Anonymous said...

Above Anon I think the same about the fixer upper market. What is your view on the move-in ready market?

My feeling is that is a different type of buyer who buys and holds. So prices won't fluctuate as much with 90402 people who can afford to buy and hold.

Anonymous said...

1:07 pm here

True move-ins are the holdover inventory spec's and the FEW recent remodels that are done well. It will be interesting to see if buyers in the $1.8-2.5M fixer range (not tear downs) put in the $000's needed to have a decent house. A old spanish with a 3,000 sf footprint may sell for $2.2M, but will need $600k to fix the foundation, gut, and remodel.

I guess it boils down to the spread between a $3.2M spec or $2.8M all-in remodel. At some point the $3.2M newer spec inventory tightens, and the $2.8M path is the only way to go - supporting prices. The spec builders will be busy with major remodel projects, as some are now, and eventually they will have the confidence to build on their own dimes again.

Anonymous said...

That is an interesting comment. We all know that plenty of GCs were busy through the whole bubble building speccies.

New spec activity is zero right now, but SOME of the really good guys are really busy doing two things

(1) majory remodels
(2) new builds for owners

By new builds for owners, what I mean is, a person with 4 million in cash in the bank buys a piece of dirt for a million and a half and then hires a GC for an incremental million and a half to put something up.

So the GCs that know how to build are still doing plenty of building they are just doing it for owners, and not doing it as a spec. The GC makes less money, but still makes good money and keeps the lights on

Anyone else go to see 310 22nd? 6500 square feet, bank is in control - bank will look at offers between two and a half and three million. For the experienced GCs on this blog, how much will it cost to bring that house up to really high standard?

Anonymous said...

You are right-on about the owner funded build. I referred a neighbor to one of the better known and prolific 90402 spec builders for a major addition and remodel, probably a $800k project.

The spec guy said he was booked through the summer, and is more likely to do an owner-funded build than take on another remodel job. This is the same spec builder who dumped two tear-downs he was holding (profiled on the blogs) 2 years ago when the market turned.

My assumption is he will do a 4,500 sf owner build then start his spec business up again. He has +20 years in the game, deep pockets, and knows how to ride the waves.

Anonymous said...

He knows how to ride the waves - so I guess that means that he thinks a new upward wave is coming - he can buy a crummy 90402 house, rip it down, plow the land and then build a 4200 sq foot place and sell at a profit - nice new wave

Anonymous said...

Laugh at his surfing, but he and his family all have newer houses in the area, and his cash net worth is prob > $10M. Not bad for a lifetime of work as a GC and developer.

I know the family and I know they have their residences paid for and a viable business in good times and bad. I guess that makes him a bigger fool than know-all bloggers.

Anonymous said...

As a Santa Monica taxpayer, I am thrilled to hear that your friend who is a GC is now starting to do spec homes North of Montana.

On my block, there is a mix of 1920s era single story homes and relatively new 4200 sq foot houses.

The average 1920s single story home is occupied by a long time resident who is paying $5 thousand a year in taxes.

Think about the math here. A GC like your friend buys the single story home and demolishes it. He then puts up a 4200 sq foot home and sells it for 3.2 million. The new owners of that 4200 sq foot home pay $40 thousand a year in property taxes

So the city gets to collect $40 thousand a year in taxes instead of $5k. Your friend is doing a huge service to me and every other taxpayer by bringing in people who actually share the tax burden with us. So thank you.

Frankly, there is another benefit. We are really lacking in jobs for the unskilled people in the LA area. People on this blog may laugh at the $15 an hour that the framing guys and the roofing guys get paid, but at the end of the day they have families to support and need that income. So your friend the GC is providing much needed jobs by putting up 4200 square foot houses.

I am thrilled to have him do this. But I want to know his economics. Can you walk us through all the dollars out and dollars in when he puts up a 4200 square foot house North of Montana. Also walk us through the same set of numbers when he puts the house up in Sunset Park. I just want to better understand his business model.

Anonymous said...

"I just want to better understand his business model"

Best way to get the info is ask him yourself - he is easy to find. There are a handful of individuals and firms that have put up a lot of high-end specs over the last 20 years. I would stay away from the one-off guys.

The guy I am referring to put up my house, and proababy 12-15 others in GRS all over 4,000 sf. He also does super high-end in PP and Brentwood Park. He is not cheap, with 90403 being the lowest price zip I have seen his work (in the peak bubble years). I think he migrates between client build and fully-owned spec depending on the economy. He got the heck out of 90403 2 years ago when the party was over and is now working a 6,000 sf client build. I paid $350 sf for new construction, simple luxe, not overkill, 8 years ago. I would guess the price tag is closer to $400 these days, which is competitive for quality work and finish.

FYI, the GC's you want to talk to usually have their name associated with the house post-build... as in XXXX-built house for sale. I agreed to be a referral for him, and his prospective clients walk-through to see the quality of his work 8 years later. No better rec than that.

Wooster said...

Spec builders entering the market does not suggest that prices are to increase, or even flatten. It just means that once again they can reignite the search for deals with underwrite with some sort of developer profit. Given the pretty serious difference between what a developer and a GC/Remodel contractor will achieve in hard costs, I can see it happening in the near future.

Anonymous said...

Wooster I am not sure I understand what you mean
Given the pretty serious difference between what a developer and a GC/Remodel contractor will achieve in hard costs"

Wooster are you suggesting that a developer has a lower cost / higher profit business model than the other guys? Are you suggesting that a teardown house is inherently more attractive to a developer vs to someone else?

I am just not sure I understand what you are saying. There are a number of houses under construction in GRS right now. would assume that all of them are owner driven, ie the owner of the land hires a GC to build. GC is guaranteed a small profit for building for the owner.

If I GC decides to turn himself in to a developer, and risks his own capital, and is in a position to keep all the upside, are you saying that he squeezes the subs a little more and gets it done for a lower price per square foot?

Again, my friends in the business tell me that most GCs do some houses for clients and some houses for themselves. For the clients they agree to an "open book" where they pass through the cost of the subs to the client and earn a markup on the cost pass through.

So what they do is go to a sub and tell the sub to pad the work for clients, they tell the sub to earn a healthy margin on the work for clients. The sub then pays the GC back by working for zero margin on the GC's own project.

So when you add it all up, the work done for clients costs the clients $400 a sq foot all in and the work that the GC does for himself costs him $300 a sq foot all in.

This is all well and good, but if a GC is doing 100% work for himself this model breaks down. A really good GC needs a mix of work, work he can give the subs in which the subs can charge a full full price and work for his own account on which he gets discount form subs.

So again, I am not sure Wooster what you are referring to

Wooster said...

GC's are at the whim of their clients and normally can't achieve as low of costs because of changes made mid process, among other reasons. A developer knows his plan, team, and goal and gets the build done with more focus on a production process and (hopefully) nailing quality on the key parts of the house where people will notice. When its the homeowner's turn to make the decisions they are often inefficient and often lead to higher costs stemming from any number of reasons. The homeowner might want the absolute best of something when a developer would see it as a waste of his money. there are also two separate goals for a GC and developer. The GC likes a high cost build as that automatically leads to higher fees while a developer likes to shave costs or "value engineer" a plan to get the most bang for their buck, leading to lower costs. In the case of the developer this often leads to significantly lower costs, but often equal or only slightly lower perceived value by a buyer, which leads to more profit. See what I mean?

Also, a developer will have a familiarity with a whole slew of suppliers with whom he/she may have deals on things like windows, flooring, etc. More savings...

And yes, they definitely squeeze the subs more if their equity is on the line. Way more.

I'm not suggesting the savings are small. I'm suggesting the savings are huge.

For what its worth, I see it every day.

Anonymous said...

"Also, a developer will have a familiarity with a whole slew of suppliers with whom he/she may have deals on things like windows, flooring, etc. More savings..."

Dead-on, which explains why the same type of cabinets, fixtures, etc. keep showing up year after year in certain spec builders houses. Also explains why specs seem to get stuck in a design rut - developers stay with what works until it does not.

And woe to the client who must have custom euro appliances, high-grade windows, non-standard doors, etc - your GC will absolutely kill you on the build cost.

Anonymous said...

OK - so we have a concensus here.

We know why it costs so much to do a full custom house in the 90402, and why a spec house costs the developer so, so much less to build.

If I own a piece of land, and I go to a developer that does plenty of specs in the 90402, and I ask him to build me a standard cookie cutter spec on my piece of land, I am sure I will wind up paying him less than I would for a full custom.

I will have to give up on picking out every last detail of the house, and just go with standard cookie cutter stuff, but at least I will save money

Anonymous said...

"If I own a piece of land, and I go to a developer that does plenty of specs in the 90402, and I ask him to build me a standard cookie cutter spec on my piece of land, I am sure I will wind up paying him less than I would for a full custom. "

You have asked this same Q endlessly - the answer is the same. There is not a dicount you can drive based on cookie cutter, you will pay the retail price, and if you bug the GC with the same Q's over and over he will increase his mark-up even more.

Back to R/E, the builder forum is getting old (thanks to Wooster though for his input).

Anonymous said...

End of the discussion of building - let's get back to discussion of buying. Anyone else here visit the open houses in the 90402 on Tuesday? Nice little caravan day.

Anonymous said...

So 612 17th sold for $1815. Not exactly the $1895 they were asking considering they had 5 offers 2 days after it was listed. I guess the buyer beat up the seller a little bit here. It is a respectable number from a house that requires minimum of $400,000 to remodel and increase the sq footage slightly. It show you that a semi cute house on a smaller lot will bring in as much as a really dumpy house (408 20th) on a large lot. I would say land value for a 7500 sq ft lot is now in the low $1.6's and $1.8's for a 8940 sq ft lots. I wonder what 242 21st will go for?

Anonymous said...

I agree with you

What do you think of 723 22nd?

Anyone who has seen the inside have a comment on what the offers will be on this one?

What offers do you think are coming in on it now, in today's market. 2.3?

Anonymous said...

I have not even gone into 723 22nd. I find the front facade so disturbing. What the hell did they do to this house? It is the worst faux traditional I have see NOMO and I love traditional houses. Also, Ellen Conrad overprices everything and lets it sit for months. This is not the first time this house has been on the market. I have been looking for over a year and I remember seeing this posted last summer or fall. I just toured the interior on Redfin. YIKES!!! It is "tramodern." It looks like Sybil remodeled this house. So scary. Good luck to the sellers!! If I were a realtor I would price this house around $2.2.

Anonymous said...

Looks like sybil did the re model?

Anonymous said...

The house is an early 80's post-modern hangover, there are a few in the area. The bigger issue is spending $2.x and putting in a bunch of update money for a prop so close to Montana Ave. Good for walking kids to Franklin, but not a premier location. The first few lots N. of Montana are an upgrade from 90403, but not in the middle of the 90402 good stuff you really expect for the money.

Anonymous said...

Seems like most people are telling me to rent not buy right now NOM

What rental price do you think 2009 Montana rents at?

Anonymous said...

You know, "Sybil" staring Sally Fields in the mid 1970's. She was a girl with 13 different personalities just like the house on 22nd.

Anonymous said...

"Seems like most people are telling me to rent not buy right now NOM"

I'm not sure what's more disturbing- that you waste so much of your time (over the last 2-3 years) when you obviously cannot have enough money to buy in 90402, or that you somehow do have enough money and you ask a bunch of anons to help you make your major life decisions.

Anonymous said...

I'm not sure I understand what you are saying. I started thinking about buying two years ago. I read this blog and did some other research and decided not to buy. The decision to rent and not buy has served me well.

My cash is building up while I wait, and it is kept safe. I think it is the people who rushed to buy who are suffering, not the people who held back and rented like me.

I have decided to sign another one year lease and rent another year. You sound like a bitter buyer when you slam people who have decided to rent

Anonymous said...

May I humbly suggest we start a blog to discuss 247 20th?

This is a 3 bedroom 3 bath. Bank is asking 1.7

When I went to look at it the broker told me that the garage had been turned in to a family room without permits. And that an additional bedroom had been built on to the house. Broker did not know if the bedroom was built with permits or without.

I know for sure that if I buy this and rennovate the city will force me to re convert the garage in to a garage

But what about the bedroom built on ? First of all anyone know for sure if it was built with permits or not?

And if it was built without permits, will the city let me have it inspected, make a few changes and keep it - or will the city force me to rip it off and restore to original specs?

IF anyone can help me, help me out.

And if our esteemed blog host thinks this is a worthwhile topic let's have a new thread

We all know the banks have a large number of 90402 houses in various stages of foreclosure - to my knowledge this is the first post foreclosure house to be marked by a bank in the 90402 flats. So I think it is an important one for us to watch closely

Anonymous said...

IF anyone can help me, help me out.

Based on you questions...

Seek out a good general contractor for your answers - don't rely upon blog advice, and for god's sake don't try this on your own.

Permitting and remodeling in SM is not rocket science or impossible, just get the right professionals involved. There are no bargains, shortcuts, or quickies to sneak past the permit process. Do it right, and be prepared to pay more than you expect.

Anonymous said...

Anyone else been inside 708 17th? Interesting design job, appealing place.

But the layout is too choppy for my taste. Lots of little tiny rooms, not the open layout that I want.

Location ain't too good either.. Anyone else ?

Anonymous said...

Anonymous said...

Click on the link in the above post.

This site is perfect for a collection of family homes. You are allowed to build four separate houses on the piece of property, so Mom&dad can have one house, and each of the three kids can have their own place.

There are few places on the West side available right now to build a family compound.

This is one of them

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Anonymous said...

Uh this is nonsense.

You can't capture what is going on with facts and figures you have to seek out the human stories like the one below.

Stories and feelings capture it, not stats

Here is an explanation from someone that grew up in the Franklin 90402
Ironically, even with a very strong combined income, wife and I cannot afford a home in the same neighborhood my gardener lived when I was growing up! He was a decent guy, and I am not making any judgments about working class vs. white collar- we are all just people trying to make it. It is just that I find it ironic that I now couldn't afford his house, even though I have earned an PhD, and my wife is leads a large organization. I actually went to my old gardner's house when I was a boy and purchased a couple of minibikes off of him. It was simple, a 1940's cookie cutter (with great landscaping!) off of Braddock by Centinela.

I wasn't born with a silver spoon in my mouth, and back in those days Santa Monica was a sleepy middle class town and we were not rich by any stretch. Today, I would love to live in the neighborhoods of Mar Vista, and when I returned to CA I envisioned purchasing a home around Braddock & Centinela. Of course this was before I came to terms with what an insane asylum the realestate speculators and out of town money had made the Westside.

What we didn't account for, and I can vouch for this having lived in several states outside of CA, is the "X Factor." Basically, I didn't take into account that a majority of people in states across the US would give anything, and I mean anything, to live in the Westside/Hollywood/South Bay areas. They migrate to SoCal looking for the "good life" and they bring their parents money and buy into the 90066.

These folks bought next to a sketchy housing project (Mar Vista Gardens), they bought next to old-school dudes who cannot even afford to fix and move the cars rotting in their front yards, or guys who live in dilapidated family homes because their blue collar pensions, are too small to keep up with the rising costs in these areas.

The X Factor-motivated buyers bought in these areas and paid top dollar (and, as we can see with the current "dead cat bounce" are still buying in these areas even as many people realize the market is correcting) even in the face of the horrible neighborhood characteristics . I suppose that they were looking for a slice of the California dream. To someone who grew up on the Westside, I didn't realize the power of the X Factor until I left town and returned.

Me and my wife are here because most of my immediate family still lives around this area. We would love to raise our children in the company of our extended family, however, we are giving the Westside another year (we have been renting for 4 years already) before we relocate to an area that offers a high quality of life (safe neighborhoods, good schools, fun things to do, etc.) and is affordable.

If is frustrating to deal with this process, but I'm not special and I'm not entitled just because I grew up in Santa Monica; if we move we will make a great life somewhere else. People have been priced out of their own neighborhoods for decades, so why should it be any different for me?

The X Factor keeps drawing people from all over the US (and the world!) to SM/Culver City/Mar Vista, and they are often willing to sacrifice all sanity to "afford" a home in these areas.

Sorry about the rant, but it was certainly encouraging to see a fellow native talk about our community and what it has turned into

Anonymous said...

Nice to get away from the 90402 discussion - let's debate other neighborhoods. Below is a write up on Brentwood - anyone here shopping in the part of Brentwood between San Vicente and Sunset,

If so do you buy the below distinction that East brentwood has sidewalks and West Brentwood does not?

How do you distinguish between Brentwood w sidewalks and without


I do not know Brentwood well. So the below comments will seem simplistic to some of you. But I would divide Brentwood in to four pieces. The interesting restaurants are on San Vicente generally, so I will discuss how easy it is to walk to San Vicente.

First of all, part of Brentwood is North of Sunset. Forget this part if you love walking, since to get to the good restaurants you would have to cross Sunset. Crossing Sunset is *not* pleasant as a pedestrian

Second part of Brentwood is South of San Vicente. This neighborhood is mostly multi family. Great sidewalks, great pedestrian access, but multi family. So forget this if you want a single family lifestyle

Third part of Brentwood is between San Vicente and Sunset, West side of Brentwood. This part of Brentwood is generally known as "Brentwood Park" . The western border of this neighborhood is the street that is called "26th street" or "Allenford" (basically Allenford and 26th are the same street, just named differently depending on where you are on the street)
OK Brentwood Park is an all around wonderful neighborhood. Best known as the neighborhood where the OJ Simpson murder took place. But as far as I know there are no sidewalks at all in Brentwood Park. Those of us with 7 and 8 year old kids might feel uncomfortable letting them walk to and from the houses of their friends in the neighborhood since it seems overall more dangerous to have kids walking the streets instead of the sidewalks.

The 4th part of Brentwood is the part between San Vicente and Sunset on the EAST part of Brentwood. I am thinking Westgate Avenue and Saltair Avenue - these streets in the EAST side of Brentwood seem to have Sidewalks and so you get the benefit of a green family friendly neighborood with single family homes and the easy walk to the restaurants of San Vicente - and sidewalks.

So I know the EAST side of brentwood north of san vicente has sidewalks and the WEST side of brentwood north of san vicente does not have sidewalks. But I have no idea exactly where in Brentwood the transition from sidewalks to no sidewalks takes place

Anonymous said...

"What purpose have they served that you no longer need to show this data? Could it be they are no longer "dramatic" and don't serve your purpose of trying to show the Westside is crashing?

Show those graphs so we can all see how thing have been leveling off or improving in some areas. These are the same graphs you have been using to prove to us that things are really bad on the Westside."

Yep - thats the problem with agenda driven/data laden blogs. When the data shows things are headed downward (and supporting the author's agenda), he is more than happy to show the stats.

However, when things turn around and no longer support his agenda of doom, he drops the data points one by one.

This is how all blogs die as the data to support their agenda becomes more and more limited as time goes on and prices correct. I expect this blog has 6 months of active postings left - 12 tops...

Anonymous said...

Anyone else seen
470 19Th Street Santa Monica, CA 90402

This is a normal 1988 build asking 3.7 million

Is the price for 22 year old houses in the 90402 now back above 3 million ?

If so this would be a shocking reversal from the prices of a year ago

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Anonymous said...

Can we have more coverage of the houses selling in the 90402?

717 11th Street
Just closed escrow Jan 22 for

Anonymous said...

It is just painful that the 90403 hasn't come down in price as much as some other condo neighborhoods.

Some really nice doorman buildings on the wilshire corridor are down to around $300 a square foot for condos. These are buildings with doormen and wonderful views. Meanwhile anything half decent in the 90403 is $600 a square foot.

For those of you that don't have to be in the 90403 I refer you over to the following very interesting deal

10520 Wilshire Unit: 202 Los Angeles, CA 90024 $641,000 3 Bed, 3 Bath | 1,817 Sq Ft