The latest news

Marketwatch's stories yesterday and today show it* vividly:

• "Home builders drowning in losses, subprime fallout"
  
  
• "S&P finally says subprime is mostly junk"
  
  
• "Retailers at the mercy of wary consumers"
  
  
• "Will subprime woes spill over to stocks?"
  
  
• "Gas prices rise amid refinery outages" (MSNBC)

*You all know the Roadrunner cartoons where Wile E. Coyote runs off the cliff, but only falls when he looks down and realizes there's nothing holding him up? That seems the case for the housing and stock markets now. The Dow rebounded some today; Wile is treading air a little longer.

See extended coverage by Calculated Risk.

Meanwhile, Santa Monica inventory is up another 5 just since Saturday, after lagging the last couple of months.

Geoquiz

This photo reminded me of Dr. Housing Bubble's "Real Homes of Genius". So how about making it a Geoquiz? It's in the geography we talk about. What is its address and listing price?

The first comment with the right answer gets the prize of ... being the first with the right answer! (Hey, we're low-budget around here.) If you like this we can do more.

We have a winner! The answer is in the comments.

"Easy Freeway access" on Urban

Sometimes a photo just presents itself! The house on the far right is 3208 Urban Ave., 2 bed / 1 bath, asking $699,900. Across the street is the Santa Monica Freeway.

It's described as, "Fantastic Santa Monica starter home. Big 6500 sf lot. Easy Freeway access, huge backyard with fruit trees. Bring a little imagination and discover Santa Monica's treasure...." Notice how they always call for imagination in cases like this? While they left out the short walk to Trader Joe's, a block south on Pico.

It's not a bad price, actually, for freeway-adjacent, less than the 3/1, in-escrow 3345 Virginia asking $789K, and last year's 2/1 3008 Delaware, sold 4/7/06 for $769K.

How Not to Price in Palisades

Well-priced houses have sold pretty fast in Pacific Palisades this spring. This 3 bed / 2 bath house at 461 Puerto del Mar, however, is an entertaining lesson in How Not to Price. There's more to this house than the photo shows, two stories on the back, looking out on the canyon.

Originally listed 1/10/07 for $1,699K, it's slowly nibbled the price down every couple of weeks, to $1,649K and $1,599.5K in February; $1,525K, $1,499K, and $1,449K in March; $1,429K and $1,399K in April; $1,379K in May; and now $1,359K at the end of June.

It's now third oldest of the Ancient Listings of Pacific Palisades (<$2M). Stay tuned for the top two.

Fast food ruin

Something different for the Fourth of July: Rome has its millenia-old ruins like the Coliseum. West L.A. has its decades-old Burger King ruin, on the north side of Santa Monica Blvd., east of Bundy. Wonder what was intended here, and why nothing has happened?

"Grate Location" on Ocean Park

Two adjacent houses are for sale at 1100 Ocean Park Blvd. (right), 3 bed / 2 bath, asking $1,149K (just reduced from $1,200K), and 1108 Ocean Park Blvd. (left), 2 bed / 1 bath + 1 / 1 second unit, asking $1,199K (just reduced from $1,250K).

The description for 1100 says it all: "GRATE LOCATION CORNER LOT CLOSE TO BEACH,GOOD SIZE BACK YARD,1108 NEXT DOOR ALSO FOR SALE ,GOOD FOR LARGE FAMILIES OR INVESTMENT,ZONE R3...."

For this they get paid big bucks?! "Close to beach", only about a mile. "Good for large families" because you won't hear them over the traffic noise? I wouldn't suggest they play in the street. "Good size back yard" on this 4,998 sq.ft. lot (Zillow)?

"Good for investment"? According to the County, 1100 sold 4/22/05 for $905K and 1108 sold 2/1/06 for $1,075K. After commissions, carrying costs, and more price reductions will this seller (presuming it's the same for both) get out whole?

Sitting on Second

Three listings have been sitting unsold a long time on the west side of 2nd Street in Ocean Park. Wonder why?

First is 2614 2nd (above), 3 bed / 1.75 bath, asking $1,375K, described as, "Impeccably restored Ocean Park Craftsman. ... Amazing location in the heart of west sides coolest neighborhood. Close to Main Street & South Santa Monica beaches." No lie it's close to Main Street, a half block west. But how "amazing" is being on the corner of Ocean Park Blvd., just feet from traffic roaring by your 2,448 square foot lot? It was listed August-November last year, and again since 3/1/07, qualifying for third place in the Ancient Listings of Santa Monica.Second is 2820 2nd (above), 2 bed / 2.75 bath, asking $1,449K, on a 3,746 square foot lot, listed 10/1/06, fourth place in the Ancient Listings of Santa Monica. It's a cute Craftsman from the front on 2nd, but more telling from the back, seen here across the Main Street parking lot south of Wildflour Pizza. Its description includes "a large private backyard." Huh? Where?

Third is 2912 2nd, 2 bed / 1 bath, asking $1,600K. It was on the market 12/06-2/07, asking $1,449K. It was listed again 6/22/07, now for $1,600K, but neither Zillow nor the County record a sale earlier this year. No photo is needed; it's a stucco box on a 4,996 square foot lot (lot sizes from Zillow).