Finally ... drum roll please ... here are the North of Montana sales for September 2009-February 2010. Seven houses sold for less than $1,650K, all the way down to $1,294K for the 3 bed / 1 bath house at 723 11th Street, next door to the parking lot behind Montana shops.
As before, these are in order of final asking price, with decreases over 10% and listing dates before 2009 colored red. Many of the sales over $2 million took substantial price decreases, and buyers got a lot more house for between $2 and $3 million than they did at the bubble's peak.
Address, bed/bath, current price (-% from orig.), orig.list date, sale date, sale price (-% from last list price)
Less than $2M
723 11th, 3/1, $1,300K, 12/3/09, 12/11/09, $1,294K (-0%)
717 11th, 3/2, $1,525K (+2%), 7/1/09, 1/22/10, $1,452K (-5%)
209 25th, 3/2.5, $1,649K (-19%), 10/7/08, 10/8/09, $1,525K (-8%)
444 9th, 3/1, $1,685K, 11/5/09, 12/22/09, $1,585K (-6%)
714 Euclid (photo), 4/3, $1,699K (-6%), 6/10/09, 9/2/09, $1,600K (-6%)
626 11th, 3/2, $1,720K, 9/17/09, 11/20/09, $1,600K (-7%)
747 23rd, 2/2, $1,749K (-3%), 7/15/09, 9/29/09, $1,645K (-6%)
409 16th, 4/2, $1,850K, 10/28/09, 1/15/10, $1,635K (-12%)
408 20th, 2/2, $1,875K, 11/12/09, 12/22/09, $1,815K (-3%)
612 17th, 3/2, $1,895K, 11/25/09, 2/3/10, $1,815K (-4%)
231 18th, 3/1.75, $1,994K, 8/20/09, 9/23/09, $1,968K (-1%)
339 Adelaide, 3/2.5, $1,995K, 4/24/09, 11/19/09, $1,885K (-6%)
464 20th, 3/2, $1,995K (-9%), 4/2/09, 10/6/09, $1,888K (-5%)
340 21st Pl, 3/1, $1,995K (-5%), 7/22/09, 9/29/09, $1,810K (-9%)
Over $2M
2009 Montana, 5/6.5, $1,988K (-29%), 3/4/09, 10/28/09, $2,010K (+1%)
721 19th, 5/3, $2,050K, 9/14/09, 11/23/09, $2,149K (+5%)
1303 Georgina, 4/3, $2,175K (-16%), 5/27/09, 12/15/09, $2,109K (-3%)
410 23rd, 4/4, $2,495K, 10/5/09, 11/10/09, $2,415K (-3%)
472 23rd, 4/2, $2,650K, 7/10/09, 10/14/09, $2,250K (-15%)
215 24th, 4/3.5, $2,725K, 8/27/09, 9/30/09, $2,650K (-3%)
715 23rd, 5/5.5, $2,788K (-15%), 2/12/09, 10/20/09, $2,550K (-9%)
415 Palisades, 5/4.5, $2,795K, 7/23/09, 9/3/09, $2,668K (-5%)
703 12th, 4/4.5, $2,795K, 10/29/09, 1/15/10, $2,795K
553 12th, 5/4.5, $2,895K (-17%), 1/26/09, 9/2/09, $2,725K (-6%)
632 11th, 5/5.5, $3,250K, 7/17/09, 9/28/09, $3,150K (-3%)
428 21st Pl, 5/4.5, $3,449K (-4%), 6/15/09, 11/11/09, $3,250K (-6%)
739 23rd, 5/4, $3,495K (-19%), 6/4/08, 9/18/09, $3,200K (-8%)
226 17th, 5/5.5, $3,695K, 8/18/09, 9/30/09, $3,395K (-8%)
507 Palisades, 5/4.5, $6,995K, 5/28/09, 11/12/09, $5,951K (-15%)
Tuesday, March 23, 2010
90402 sales Sep-Feb
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23 comments:
408 20th is not a 2/2. Its a 3 bedroom + den with 2 full baths.
Now a rental.
I see from this list that four decent houses sold for over 3 million each
Makes sense to me - a decent house n of montana is 3 million and a tear down is 1.5
the spread between 1.5 and 3.0 is justified by construction costs
Seems like a lot more inventory is reappearing on the market in NoM recently.
I agree inventory is hitting the market
Did you see the 30 year old house on 14th that is asking more than 4 million?
Any comments?
Seems like the 3 million and above market is pretty healthy in the 90402 right now
"Seems like the 3 million and above market is pretty healthy in the 90402 right now"
According to westside bubble's data, there were 5 $3MM+ sales in 6months- is that pretty healthy to you?
Yes, I think 5 +3m sales in 6 mos. is phenomenal in the environment.
The fact is no one really knows whether housing prices are going up or down--it is more difficult to tell then ever before. Thus, if you want to buy a house, buy it only if you can easily afford it (and to take a loss) and want a home (i.e. for your family, etc.). The problem is that most people buy more home than they can really afford--including many of those who did buy and are buying $3m+ homes. You can only really afford the home if you can buy it in cash and afford to still live there if you lose your income or a significant part for a long time. Otherwise, if you buy a $3m+ home you are letting your ego or materialism get the better of you--buy a cheaper home that you can really afford and sleep at night more easily.
"buy a cheaper home that you can really afford and sleep at night more easily."
Detroit is really cheap - can you sleep easily there?
"Yes, I think 5 +3m sales in 6 mos. is phenomenal in the environment."
Well, obviously your opinion carries more weight than something like actual historical data, so I agree with you, things are peachy.
"The fact is no one really knows whether housing prices are going up or down--it is more difficult to tell then ever before."
Who should we believe, the ones who were right over the past 4 years, or the ones who called for a "soft landing" and are now coming around laughing at the bears (as if the pain is all over)?
Hey 8:38...there's a lot of room between $3m and moving to Detroit. If you can think about buying a $3m home, it might be better to buy a $2m home and sleep at night more easily.
Maybe the $3M buyer passed on the $5M house, facts that you and I as outsiders have no idea about.
Never assume to know someone's finances or motives, especially in this major metro.
Ditto to 8:10.
Unless you're in a very rare place in this economy, it's hard to be confident that your income in 5-10 years will not be materially less. Lawyers get laid off. Health care reform may have an impact on the docs. Small business can get sideswiped by global trends. Etc.
Undertaking a promise to make 95th percentile plus income for 30 years is a recipe for sleepless nights. For me at least.
9:14
That's the point--if you are passing on a $5m home to buy a $3m home because you not only can buy the home in cash but you can afford to live your life, maintain the home, pay your property taxes for sometime--even if your income changes significantly for the worse--that's financially responsible.
On the otherhand, if you cannot buy the $3m home under those circumstances, then you should buy a less expensive home when the outlook for home prices is uncertain.
I have no clue what the finances of the people buying the $3m homes today are...I believe at least a few of them do not meet the above standards and are thus "stretching". Anyone taking out more than a $1m mortgage (solely for tax purposes) to buy a $3m home would be suspect in my opinion.
11:53, agreed.
That's why I believe unless your income/career circumstances are exceptionally bright and certain, a buyer of a $3m home should, as a rule, have at a minimum 2-3x the purchase price in liquid net worth.
If you look at the most restricted co-ops on 5th Ave, Madison, Park Ave in NYC, that is what they require to pass the board in order to be able to buy. Yes, there is a certain level of snobbery embedded but it is also good business as any existing co-op owner in the building wants to make sure no one else in the building will ever need to "fire sale" and thus set a significantly lower comp then necessary for the building.
I agree.
I have net worth, sitting in liquid investments, of four times the value of the houses I am bidding on in the 90402.
I sleep better at night knowing that I am financially secure.
The people that don't have this kind of liquid net worth should stay out of the 90402.
They think they are doing their kids a favor by stretching to get them in to a great neighborhood, but really the stress on their whole family will be tremendous if they can't meet their mortgage payments.
By the way it is the people that stretch to get in to the 90402 that are usually keeping up with the joneses and bringing a competitive vibe to the neighborhood. Those that can easily afford the 90402 keep the vibe relaxed and wholesome.
So consider this an agreement - if you have to stretch at all to get in to the 90402, don't do it.
"I have net worth, sitting in liquid investments, of four times the value of the houses I am bidding on in the 90402."
And the reason anyone should care what you have or don't have is??
This blog is about done.
I agree.
Do not buy in a neighborhood you can't afford. Buy in a neighborhood you can afford.
EOM
I pray to God that when I have an eight-figure net worth I will have better things to do than write anonymous comments on neighborhood blogs.
You don't know how much stress and strain the wannabees put themselves through. the West Side is full of people that got in over their heads.
Don't encourage people to over spend.
Only those that have the cash should buy. No more straining
Prices rose 0.3 percent from December to January on a seasonally adjusted basis, according to the Standard & Poor's/Case-Shiller 20-city home price index released Tuesday. Prices increased in 12 cities in the index.
The biggest monthly gain was in Los Angeles, where prices rose 1.8 percent from December. And real estate agents say there's a distinct sense the worst of the downturn is over\
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Can we get more people to post info related to the above -
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Buy now or forever be priced out
Buy now or forever be priced out
Don't think so, with cheap rents, the economy going nowhere fast, and super jumbo's a complete hassle to deal with.
The big driver is investment or asset quality, terms thrown around loosely during the bubble years. People who really want to own are buying what they need and are comfortable with. You can reason there is a chance of appreciation over the long term (w/inflation), but the short-term (3-5 years?)investment concept is just not happening.
The economy is totally recovering can't you tell? All the census jobs are going to save us - oh yeah plus all the private sector job gains that are keeping the fake unemployment rate constant at 9.7%...
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