3309 Pacific Is Lucky in 6th Year

noreply@blogger.com (MBWatcher) — Fri, 30 Jul 2010 17:08:00 +0000

One of the most curious, difficult, long-term listings in Manhattan Beach has a deal.

3309 Pacific (4br/5ba, 3500 sq. ft.) has been for sale at one time or another in every year since 2005. (See "Going for 6.")

Listings at Pacific have been short, they've been long, but here, it ran less than 6 weeks before finding a buyer.

That's not unlike the situation at 234 Larsson in MBC's most recent post – hundreds of days on market once upon a time, now finding a deal in a little over a month.

To recount, the first listing at 3309 Pacific began at $1.799m in Summer 2005 near the peak of the local bubble, found a buyer (for a while) in Summer 2006 when priced at $1.599m – the deal failed – and was most recently up at $1.249m.

The principal attraction at Pacific is space for the dollar – about $350/PSF, far below the common $600-$800 range you'll see on other listings and sales. (See the 7/15/10 update's Tree Section solds page here.) Only big 590 36th has sold for less than $400/PSF in the Trees this year.

We've called Pacific "a bit off-kilter." The 1950 original was updated in the 70s or 80s and added onto pre-ZORP. There's some decent outdoor space out back, terraced and paved, but space nonetheless. (There's more in MBC's February 2009 review of the home and its for-sale history, "A Long, Strange Listing.")

While the rest of the marketplace moves slowly, we see 2 less-than-stellar listings moving. Bravo to Pacific. Let's see if they can hold onto this fish this time.

Larsson TH Comes Off the Board

noreply@blogger.com (MBWatcher) — Fri, 30 Jul 2010 04:08:00 +0000

234 Larsson

REO, shortie, SFR, TH, whatever – 234 Larsson (3br/3ba, 2300 sq. ft.) finally has a deal after cutting to $1.0m.

We've watched the home run hundreds of days on market over the past 3 years. Twice.

This time, the listing was mercifully brief at 45 DOM.

From July-Dec. 2006, the dated, tired version of the home was offered, with a sale closing much later, in May 2007 at $1.075m.

Someone went to work on the old TH and radically spruced up the interior. Remember "flips?"

They brought it back on public offer a year later, in June 2008, seeking $1.5m for the fabulously upgraded home.

Buyers were having none of it.


Larsson's remodeled interior

The listing was a fixture for a year-plus. The offering price gradually came down to $1.199m, and the signs of trouble became evident.

NODs, a trip to the courthouse steps for an auction. Frankly we haven't nailed down where this ended up – the most recent listing agent had "REO" in the brokerage name, but the current agent is from a more recognizably named shop. The listing is now called a short sale, with this very new intro language:

* * * SHORT SALE APPROVED * * * NEED OFFERS ASAP * * *

That come-on seemed to appear along with the recent cut to $1.0m, and the buyer's knock on the door. Looks like a bank will eat a part of the mess.

One thing didn't change over most of the span of 3 separate listings discussed here: The home was always marketed as an SFR.

In fact, it's a "stand-alone" townhome, which has just a couple major implications: you can't change the outside, and you have to pay $100/mo. in HOA fees.

Alas, this listing also cured that problem, eventually. It was re-labeled a "condo" at some point midstream this time.

So they finally called Larsson what it was, finally priced it right and finally found a buyer. Maybe not an entirely happy ending, but those are good steps as this one finally comes off the board.

11% in 3 Years

noreply@blogger.com (MBWatcher) — Thu, 29 Jul 2010 20:07:00 +0000

If a seller's loss can contain a hopeful sign, that may be what comes from the recent sale at 2305 Pine.

The modestly sized (3br/2ba, 2000 sq. ft.), remodeled cottage recently closed for $1.4m, a pretty good sign of strength in Tree Section pricing.

As MBC noted in our most recent post on Pine, the home came on in late February at a time of "fairly low inventory below $1.5m." (See "2305 Pine Is Back, 3 Years Later.") List then was $1.449m, so it didn't drop much as the deal was made.

For our market tracking purposes, the intriguing thing about the MLS-reported closed price is that it's down just 11% nearly 3 full years after its August 2007 acquisition at $1.570m.

Looking around town, you'll find plenty of 2007 purchases that have rewound more than 11%. Especially on an overpay situation like Pine seemed to be at the time in 2007 – you'd expect a bigger chop. Here are some '07 purchases resold recently, and their declines in value:

3113 Laurel

3113 Laurel (5br/5ba, 3400 sq. ft.), purch. March '07 for $2.350m, resold March 2010 for $2.025m (-$325k/-14%);

1018 2nd (3br/3ba, 1900 sq. ft.), purch. May '07 for $1.952m, resold May 2010 for $1.545m (-$355k/-19%); and

1516 Highland (3br/3ba, 2225 sq. ft.), purch. March '07 for $1.795m, resold June 2010 for $1.6m (-$195k/-12%) – some remodeling work was done after the '07 purchase, so the equity loss to the sellers was likely greater than 12%.

The 11% drop on Pine defines the low end of these recent 3-year resales.

Median prices citywide, meanwhile, dropped closer to 25% from peak to valley, though parts of 2010 have seen an uptrend from the trough. (More on median price trends soon.) What that means for Pine is that a sale midyear last year would have been expected another 5% or more below $1.4m.

The only very recent Tree Section resale from 2007 to perform "better" than Pine just did was 3011 Elm, a special Spanish in a nice location that dropped from $2.650m in Dec. 2007 to $2.475m this year (-$175k/-7%).

We always note that 2305 Pine was the subject of MBC's very first post, after the listing's price increased by $100k at a time that the broader market was strange and seemed mostly to be declining. That move prevented the home from selling during the Great Spring Rally of 2007, but the sellers still got most of their price increase in the Summer.

The buyers from that time, in getting out now, can at least be said to have picked a moment that wasn't the utter bottom to hand the keys over to someone else. Small satisfaction, perhaps, with a dollar loss that easily could exceed $200k, but it could have been worse.

11% in 2 Weeks

noreply@blogger.com (MBWatcher) — Thu, 29 Jul 2010 04:14:00 +0000

There are lots of ways to make price cuts.

You can do 'em slowly, over the long term, reluctantly.

Or you can make your move quickly, when it's clear that you started too high.

Maybe you know MBC's preference. We like to see sellers move toward the realistic end of the spectrum as soon as possible. Who enjoys having a listing run 6 months or more?

And this is the time, by the way, to make your moves, with the calendar squeezing the buyer pool. (See "Selling You Home? Then Act Like It.")

Today's example is 748 11th (5br/5ba, 5700 sq. ft.), an early-90s Hill Section manse with some updates on a quiet block west of Pacific.

The home began at $4.495m less than 2 weeks ago, and has now cut $500k (-11%) to $3.995m.

Seems like they weren't so attached to that inflated start price, after all.

We noted in our review for the first public opens:

It's practically 2 houses, with 4 [out of 5] bedrooms and a living room downstairs – one bedroom has a kitchenette and extra space, making it living quarters for a long-term guest or the help.

Upstairs is the master with 2 walk-ins, a great office with treetop views, a big and modern kitchen plus living/dining spaces. One separate living room has a little peek at the ocean...

[T]hroughout the home are details that many buyers will want to update.

A reader who also toured the home had this to say:

"Honey I forgot to remodel half the House". 1992 Dated downstairs, 2010'ish current upstairs.

The reader had it right – a striking feature of the house is that the upstairs feels now, and the downstairs... not so much. What will you do with all the extra space? First, remodel it.

So we've got a tough case here, and the smart thing is to start showing movement before the listing vanishes into obscurity.

If the attitude holds, the listing's a contender for a sale this year.

More Ugly Ducklings

noreply@blogger.com (MBWatcher) — Wed, 28 Jul 2010 04:16:00 +0000

With burgeoning inventory this month, there's one trend that's harder to put a finger on... hard to describe... hard to really say out loud... but you know it when you see it.

It seems that several new listings are, let's say, "aesthetically challenged."

We'll run through a gallery quickly, using small-size photos. If you like, you can click any highlighted address for listing details via Redfin, plus full-size pics.

1908 Elm (4br/3ba, 3520 sq. ft.) was new in the mid-80s, though we're reminded that that was 25 years ago, no matter how fresh the music still sounds today.

As far as the home goes, we're seeing some tentative Tudor, but beyond that, the style is hard to figure. The listing features just this one pic – no interior shots – so we'll have to wait till the opens this weekend to see or say more. Starts at $1.590m.

751 26th (5br/6ba, 3500 sq. ft.) boasts a great location, but it's something of a surprise that the build sports a 2001 completion date. There was some kind of attempt at a Spanish styling here, but it got squared off and flattened out.

The beauty must be inside.

26th starts at $1.899m, a short sale after a most recent purchase in April 2005 at $2.1m. New in 2001: $1.475m.

3608 Crest (3br/4ba, 2125 sq. ft.) is forthrightly labeled a "Tudor," and we're guessing this reflects some kind of restyling of the original 1957 build. (Tudor had a good run in the 70s.)

The home seems comfy, if dated. It's in the thick of El Norte close to Rosecrans. You do get some ocean views, and the corner lot on Crest – which is kind of an alley – gives you some space from neighbors. Starts at $1.379m.

Why doesn't the listing mention "steps to El Tarasco?"

Rounding out our selection is a little piece of old-time MB at 1504 Pine (3br/2ba, 1600 sq. ft.), the eldest of this group with a 1954 build date.

Perfectly capturing the vibe, the listing calls the home "Big Bear at the Beach."

Having recently visited that mountain town, your blog author can certify: they nailed it. Pine has got a cabin-like feel with lots of wood paneling and cabinets, plus the requisite sooty fireplace.

The listing is not hiding anything: the home "could use some updating." But if you do the work, look where you are. Starts at $949k.

Don't think an ugly duckling has no chance to sell. Price can fix anything.

MB Local News Roundup

noreply@blogger.com (MBWatcher) — Mon, 26 Jul 2010 23:06:00 +0000

A few local developments seem to deserve a quick check-in:

First, many thanks and congrats to the local residents and other beachgoers who saved a life Sunday. An 11-year-old boy tried to dig a "tunnel" in the wet sand during an early-evening visit, but was trapped under the sand when a wave collapsed the tunnel while he was inside. This Daily Breeze story reports that a man nearby started the rescue:

That man, whose name was not available, immediately began digging for the boy. Other adults rushed to help. Before long, 20 people were scooping sand away.

Someone else called 911 and another person ran to a lifeguard tower to get help. Lifeguards joined the effort.

The boy wasn't breathing when pulled out, but appears to be much better now at the hospital.

The Olden Days on The Dune

On a different sand-related front, Sand Dune Park reservations are now open. As part of its split-the-baby solution to the controversies around Dune usage, the city now requires advance reservations. (For details see this Beach Reporter writeup.)

You need to go here online (right off the city's front page) to start the process by signing up for a user ID, then select a date for your visit and, finally, check off two consecutive 30-minute blocks of time for your 1-hour reservation. Yes, it's a bit clunky, but your blog author pulled it off.

To make a reservation, prospective park users must provide birth date, name, address, phone numbers (self and emergency) and any medical alert info. This is, er, somewhat more information than was required of park users previously.

After selecting a reservation time, you must also provide your valid ID # (driver's license, etc.) and vehicle license plate number.

At the appointed time of your visit, you bring the printout and a single cash dollar, along with your ID, and show that stuff to the attendant to be permitted to access The Dune. (Unless you're a kid 12 or under, and you can waltz in any time.)

Hurry! They're only allowing 20 people to reserve for each 1-hour block of time.

Oh, did we mention that the hours of park usage are also restricted? Weekdays, you can start at 8am, 9:30am, 11am, 3pm or 6pm. Saturdays, the last start time is 11am, and Sundays there are no reservations taken. (Kids only.) And this final note, courtesy of the Beach Reporter:

During their one hour on the dune, only walking will be allowed and people will not be allowed to do a “circuit” of walking down the dune, over to the stairs and back onto the dune.
“Once you’re inside that fence, you’re not allowed out of there,” [Parks and Recreation Director Richard] Gill said.

First they didn't want you in, now you can't get out. Maybe the government is as confused as its citizens.

And finally, parking – the pain that makes local government go.

If you want to park downtown, there's a good news/bad news story. First, starting next week, forget that pre-9am freebie window if you're stopping for coffee, juice or bagels on the way out of town – meters downtown will start at 8am from Aug. 2 forward.

And if you enjoyed the city's (costly) rate-drop to 75 cents an hour, that's gone, too – at least for Summer. We're back at $1.25/hr. in the center of town.

Oh, and if you went to the cash key instead of keeping gobs of quarters in the car, well... more bad news. Downtown meters won't take those, either. (Happily you can use the cash keys almost everywhere else in town that isn't a downtown street meter.)

So where's the good news? You can use your debit or credit card at the downtown street meters now.

The city calls these and other changes "exciting parking improvements." Which they may yet prove to be.

Close the Books on 440 6th

noreply@blogger.com (MBWatcher) — Mon, 26 Jul 2010 14:06:00 +0000

After a year of highs and lows, the saga of the new Cape Cod at 440 6th has come to a close.

Whether the saga ended on a high or a low note depends on which side you were on.

The sale closed late last week at $3.275m, -$1.220m/-27% off its start at $4.495m in July 2009. (The sale closed rather suddenly; the listing, curiously, was never posted as being in escrow.)

About $3m for a big (6br/6ba, 4200 sq. ft.) new home on a South End flat walkstreet – that is starting to look like a deal-of-the-year candidate. It's probably not welcome news, though, around the neighborhood.

With virtually no flat walkstreet new home sales as comps, that start price near $4.5m for 440 6th was loosely tied back to the $4.9m sale in May 2009 of a new Cape Cod at 224 7th (5br/5ba, 4200 sq. ft.). (Redfin doesn't show the listing details, but see MBC's "High/Low Prices of 2010, Sand," where 7th shared top honors.)

But 7th turned out not to be much of a comp. The location differences between a 200-block, ocean-view walkstreet home and a flat walkstreet home like 6th are readily apparent, and then you need to consider the build.

Still, a new home on a flat walkstreet – that sort of thing is rare. And 440 6th seemed to have some nice advantages in that corner location along Ingleside: lots of windows, no neighbors on one side, easy parking. Unless walkstreet buyers turned out to prefer midblock locations.

There was an early – though failed – deal that must have bucked up the notion that 6th was a $4m-plus property. (See "Newly Gone, South" from last August.)

But no.

MBC last mentioned 6th when it quit the market, however briefly. That turned out to be an interlude before a change of listing agents. (See "They Want the One They Can't Have.")

The point of our post then was that the mere act of taking the home off the market had prompted renewed interest in the property. Suddenly people were scrambling. And it worked out as we projected – the eventual buyers had considered the property under the first agent, and were biding their time. They were among those who called when it quit, assuring themselves a place in line – and getting the keys in the end.

So there's a note to sellers – why not try dropping out to see if you can get a deal done?

Those buyers also took a decent discount off the last list price (before that MBC post) of $3.598m, an extra $323k (-9%).

Whether this was a spec project or a custom home on which the owners switched gears – as MBC has reported – this project now looks to have wound up in the red.

The lot at 440 6th was purchased for $2.050m in Oct. 2007 in an overbid situation. (See "MB Market Update for 9/15/07.") By our back-of-the-envelope calculations, the project winds up flat only at a build cost of roughly $225/sq. ft. Anything much higher and the losses really pile up.

Meantime, the not-quite-new (2003), somewhat smaller Cape Cod at 325 9th (5br/5ba, 3700 sq. ft.) is lingering near 6 months, though it's got a new price ($3.349m) and was recently re-listed to restart the clock. (Achem.)

They're not going to like the comp at 6th, either – on a purely PPSF basis, that brings 9th closer to $2.9m. It was purchased at the peak in March 2007 for $3.659m, nearly 21% higher.

Weekend Reading & Reviews

noreply@blogger.com (MBWatcher) — Sat, 24 Jul 2010 14:15:00 +0000

We're forgoing the traditional "Weekend Opens" this weekend for a brief blogger break. We'll be back at full strength Monday.

Meantime, we encourage readers to click here for the complete list of opens published in the Beach Reporter, check out some opens and report back in the comments here. Tell us what you see, what you like and what you don't like.

Also, this week's edition of South Bay Confidential is very MB-centered. It's about the MB Strand. See the column in the "Home Guide" in Saturday's Daily Breeze (print edition), or online here or also here, if you prefer seeing it in its print layout with graphics.

In the column, we discuss 4 separate homes for sale on the Manhattan Beach Strand. Here are links to those active listings:

1600 The Strand, now at $13.5 million. (The Breeze features a nice photo.)

3516 The Strand (pictured) newly down to $9.850m (from $14m last year).

2920 The Strand, marking about a year on market, now at $11.750m.

1804 The Strand, the newest entry of the bunch, 30 days on market, start price of $11.9m.

Big Changes North & East

noreply@blogger.com (MBWatcher) — Thu, 22 Jul 2010 13:45:00 +0000

Bringing unique new homes to market in 2009 was bold and challenging.

Halfway through 2010, some of those spec projects are still with us, angling for attention and buyers.

We'll look at a few of those, each carrying its own special burden – some mix of price, location and style – that has made deals especially hard to come by.

3516 The Strand first drew MBC's attention in April 2009 in "Another Week, Another Titan," when it launched at $13.999m. (The current version of the listing began in November, after a long break, at $12.999m.)

The ambitious 6br/5ba, 5550 sq. ft. home features lots of extra details meant to give it an authentic Italian feel. They brought in reclaimed materials (beams, bricks and tiles), old fountains and sinks from Cyprus and had other pieces custom-made in Italy as well.

Not to forget the preferences of big-dollar buyers, the home sports modern flourishes like a giant home theater. (You thought you would have to skip that at the beach?)

With nearly a full year of market exposure – deducting for the time off last year – the home needed a bold move to draw attention. On Wednesday, a single cut of more than $2m brought the price to $9.850m.

That's -$4.149m (-30%) off the start, maybe moving into the right territory now.

Further north and up along Highland is a package of 5 modern El ~~Porto~~ Norte condos that have sat and sat since their debut in November 2009. The project has begun to look like the White Elephant of El Porto – though now one unit's under contract, so that's a start.

This week the sellers added a new agent and the remaining listings were all rebooted:

4321 Crest, #A (3br/3ba, 2050 sq. ft.) began at $1.599m, cut to $1.299m and is the one that is now in escrow.

4323 Crest, #B (3br/3ba, 2050 sq. ft.) began at $1.789m and is now at $1.499m.

4320 Highland, #C (3br/3ba, 2250 sq. ft.) began at $1.859m and is now down to $1.299m.

312 44th, #D (4br/3ba, 2675 sq. ft.) began at $2.299m and is now down to $1.649m.

316 44th, #E (4br/3ba, 2650 sq. ft.) also began at $2.299m and is also now down to $1.649m.

That's a blizzard of price changes, so let's try to simplify.

The one unit that has a buyer cut 19% from its start before a deal was made – and we don't yet know the actual contract price. Prices on the others are down 16%-30% after more than 7 months on market.

Maybe you could have seen this coming. In MBC's writeup on the project as it broke ground in March 2008 (see "Coming Soon to El Norte"), we said:

It's an ambitious project starting up at a rough time for the local market. (Let alone the credit markets.) Give the developers credit for having cojones.

The units will have ocean views, and they'll be new, but the location is going to be a problem... buyers are steering clear of the area while they have options.

Of course, one case in point for buyers avoiding the area was the famous Gateway to Manhattan Beach, 4419 Highland, whose travails have been well-documented here. The trapezoidal tower is currently listed at $999k on a second attempt to sell, after a period as a rental.

Might these new condos be profitable? The land was obtained for $3m at the peak in Feb. 2007. If every single unit sold for its current list price, that'd be $7.4m. Though that's nearly $2.5m less than the total of all the start prices, the big question is what the build cost – if it was well south of $4m, they've got a chance to squeak it out once all the units sell.

For our last entry, we look east of the highway to 116 Terraza (7br/9ba, 10,500 sq. ft.), a big new courtyard home on a flag lot on a quiet, prestigious East MB street.

This one launched in Sept. 2009 officially at $10m, though this was a cool $1m discount off the pre-completion price suggested at the builder's website (yes, that's still posted). Last price we saw was about $7.3m.

After 6 weeks off the market, Terraza's back at $6.999m, fully $3m (-30%) off the start price.

It wasn't a $10m home, but is it a $7m home?

Last Two Old World Homes Close

noreply@blogger.com (MBWatcher) — Tue, 20 Jul 2010 17:00:00 +0000

Back in March, MBC drew attention to 3 homes, each with a unique and throwback flavor, in "Kickin' It Old World." Now all the homes have sold.

456 27th (3br/3ba, 2625 sq. ft.) lingered more than 100 days before a buyer knocked.

The Tudor at 27th began at $1.690m this year, quite a big step below the offering price 2 years ago of $1.950m.

It has closed for $1.505m, a drop from ambitions this year and last, but a clear boost above the June 2003 acquisition price, $1.179m, which also predated a good deal of remodeling.

Also in the Sand, but further south, 435 10th (4br/3ba, 2025 sq. ft.) sold for $1.499m, as we've previously noted. It began in October last year at $1.799m.

That home had location going for it – a flat walkstreet near downtown – but the inside was a little too unique for most people. The new owners are under way on a big interior renovation as we write.

Finally, 2701 Maple, a pre-ZORP biggie (4br/4ba, 4000 sq. ft.) that won a design award when built in 1983, closed for $1.725m in late June.

The home's a bit of a landmark in the local area, very distinctive. Like 27th, its sale price this year reflects a nice boost over a 2003 and a pre-remodel acquisition price: $1.080m. It came down modestly from a start price of $1.825m this year.

MB Market Update for 7/15/10, Overview

noreply@blogger.com (MBWatcher) — Mon, 19 Jul 2010 17:59:00 +0000

The new MB Market Update spreadsheets are up online for your viewing and use by clicking here, or at any time by using the pull-down menu on the front page under "MB Market Updates."

The first part of July continued a trend seen in June, with new listings outpacing sales (new escrows), this time by a wider margin.

In our independent market tracking, MBC recorded 17 new listings and 6 sales (new escrows) among SFRs west of Sepulveda from July 1-15.

You see more sellers getting around to putting their homes on market, maybe having heard about all the action this Spring. Meanwhile, buyers are either taking a break or are literally on vacation.

Total inventory was up to 91 SFRs west of Sepulveda, up 8 from the end of June and up 12 from the end of May, and this was with 4 cancellations in early July.

The last time MB had SFR inventory west of Sepulveda in the low 90s was September 2009. (See "MB Market Update for 1/31/10, Inventory," with a graphic going back to August 2009.)

Inventory by sub-region west of Hwy. 1 (for more see the tracking page of the spreadsheets) broke out this way:

Hill Section: 16 (click for Hill Actives)
Sand Section: 44 (click for Sand actives <$2m, or actives >$2m)
Tree Section: 31 (click for Tree actives <$1.5m, or actives >$1.5m)

Inventory in the Sand Section has been building steadily as Summer has kicked into gear – and that excludes THs in MBC's count. (Yes, we'd like to add THs some day soon!) Sales have not come close to keeping pace by the beach, though.

More soon on activity in each part of town.

Selling? Act Like It

noreply@blogger.com (MBWatcher) — Sun, 18 Jul 2010 14:04:00 +0000

As Summer kicks into gear here, the new South Bay Confidential column in the Daily Breeze notes that the home selling calendar is getting shorter.

Advice to sellers: If you mean to sell, act like it. Price it right unless you want to be stuck till the holidays... and beyond.

Read this week's column in the "Home Guide" in Saturday's Daily Breeze (print edition), also available online here or also here, if you prefer seeing it in its print layout with graphics.

Weekend Opens (7/17-7/18)

noreply@blogger.com (MBWatcher) — Sat, 17 Jul 2010 13:06:00 +0000

The sun's up, the beach is crowded, and so is the housing inventory, increasingly.

The past week or two has seen a slew of new listings at a somewhat surprising time of year. That means, once again, new options for your touring this weekend.

Please be polite and shower off the sand before heading out.

Click here for the complete list of opens published in the Beach Reporter, or at any time use the link in the right-hand column under "Prop. Search Tools."

As always, click on any highlighted address for more pics & details via Redfin. We ask MBC readers who visit the featured homes, or any open house, to also report back in the comments here. Tell us what you see, what you like and what you don't like.

Hill Section

748 11th (5br/5ba, 5700 sq. ft.) is an early-90s manse with some updates on a quiet block west of Pacific. (Across from The Georgian, 755 11th, a listing that was with us for a while in years past.)

It's practically 2 houses, with 4 bedrooms and a living room downstairs – one bedroom has a kitchenette and extra space, making it living quarters for a long-term guest or the help.

Upstairs is the master with 2 walk-ins, a great office with treetop views, a big and modern kitchen plus living/dining spaces. One separate living room has a little peek at the ocean.

Despite the big lot (7950 sq. ft.) there isn't much of a yard. The grand marble entryway retains much of the charm of its build date, but here and there throughout the home are details that many buyers will want to update.

Starts at $4.495m. 748 11th is open Sat. & Sun. 1-4pm.

Sand Section

473 31st (4br/5ba, 4000 sq. ft.) is a sharp, custom modern that was new in late 2007, and was covered here at MBC as the price dwindled from a $3.25m ask down to a $2.8m sale. It's back now at $2.8m, almost exactly 2 years after the current owners moved in. (Also offered for $2.925m furnished.)

The upside-down layout features 1br and a living area with tile floors on the first level, 3br on the second level and big living spaces on the top. The master suite is striking and large, with a spa-like bath and an ample closet room.

A modern style isn't for everyone, but this execution mainly feels clean and orderly, not hard to adapt to. As noted, it starts this year at $2.8m, the July 2008 acquisition price, and is open Sun. 1-4pm.

329 19th (4br/4ba, 3625 sq. ft.) is another modern, down closer to the water and downtown – though still east of Highland. The advantage of the 300 blocks in this area is, of course, the big ocean views, and the home features them.

The architect on this home has a distinctive style which we tend to appreciate, even if this 2001 build is high-concept and angular in places.

Two ocean-view decks take great advantage of the location, and a 4-car garage helps reduce one of the big minuses – where else are you or guests going to park?

329 19th starts at $2.999m and is open Sun. 1-4pm.

Tree Section

2808 Elm (5br/4ba, 3225 sq. ft.) is a newer (2006) Cape Cod that's light, bright and cheery, and also very familiar if you know recent-vintage new construction in the Trees.

The home, which steps down gradually to fit the downslope of the hill it's on, features a separate living room up front, plus a different sort of open dining area right off the entry. A kitchen/great room in the rear opens to a fairly large patio and a little grassy patch as well.

The master suite's done well, a solid notch above average. One kid's room gets its own bath, while 2 others share a jack-and-jill.

Biggest letdown is the official 5th bedroom, a room in the middle of the main living floor with glass doors and no direct bathroom access. It's a natural office, or something, but closets make it a "bedroom." It's hard to fathom how this trend in odd main-floor "bedrooms" got hold in the decade past; every time we see one it's a head-scratcher.

The sellers bought new at the peak for $2.415m in Nov. 2006, but aren't trying to kid anyone about what the home's worth now. They start competitively at $2.049m.

2808 Elm is open Sun. 1-4pm.

2104 John gives you a bigger-than-average house (5br/5ba, 3980 sq. ft.), a bigger-than-average lot (5700 sq. ft.) and a much better-than-average location. (It's John!)

The newer (2002) build is, like 2808 Elm, going to prove very familiar if you know recent Tree Section homes, though each room is just a tad larger than expected, owing to the wider lot. One layout quirk: the large living room at the entry, with its soaring, 2-story ceilings, seems underutilized, even wasted, as it's currently set up. Can it be made grand?

The kitchen/great room opens out to a big deck and ample yard, another benefit of the larger lot. Upstairs, among the 4 bedrooms is one up front that feels like a true guests' suite. One bedroom on the north side was quite dark on our tour, and that wasn't just due to the current teen resident's tastes.

The fifth "bedroom" is, again, downstairs, as with 2808 Elm, though this one has an attached bath. Our previous comments still apply.

Overall, we'd like to be lifted out of our blogging chair by a home's "wow" factors to go along with a $2.599m price for a Tree Section home like this, but that didn't happen. (At least not till we grokked the block again.) The sellers paid $1.8m new in April 2003, and this is quite a step up from there. Check out the home yourself and let us know what you think.

2104 John is open Sun. 1-4pm.

Downtown RE Happy Hour

noreply@blogger.com (MBWatcher) — Fri, 16 Jul 2010 04:27:00 +0000

They knocked down Good Stuff a few years ago to get going with the new 1300 Highland complex of "shops & worklofts."

Friday from 4:30-7:30pm, the nearly complete project will be open to all comers for a looksie.

And given the hour, you'd expect a nosh and a cold one too, right?

Why not kick off your weekend with a drop-in? Then make a night of it downtown.

For more on the development, see the new Easy Reader writeup here, or the project's Facebook page here.

Revisiting the MB/HB Auction

noreply@blogger.com (MBWatcher) — Thu, 15 Jul 2010 16:45:00 +0000

For a recent column in the Daily Breeze, MBC's author covered an auction of 18 condos in Rolling Hills Estates. (One unit's interior is pictured here.)

Short story: They broke ground in late 2006 (oops!) on some experimental luxury condos, and the project flopped. (The column is online here and also here, in its print layout with photos.)

The auction occurred this past Sunday, and the auction company is still sorting through the bids to try to seal up all the deals. What we know for now is that they did get bids on all 18 condos.

Meantime, this auction reminded us of the once-ballyhooed MB/Hermosa new home auction, which had very different results.

You may recall this one, and if you do, bravo – your memory's better than you thought.

It was November 2008, and 5 separate "new" homes (they'd all been stuck on the market for quite a while) were put up for one big auction, with the emcee and crowds touring around from property to property as efforts were made to unload each one.

Alas, not a single one of the homes sold at auction.

In the immediate wake, there was an upbeat buzz about interested parties who might be working out side deals, but that apparent action petered out, and each home returned to the market. (See "Forget 'Qualified' – Auctions Failed.")

Gradually each failed speckie did find a buyer, though. We always meant to wrap this up, so better late than never. Let's review:

2509 Palm (5br/4ba, 3200 sq. ft.) logged more than 550 DOM from April 2007 forward, with a start at $2.449m. Its twin, one block over at 2509 Walnut, hit the market at the same price in July 2007. Walnut made a deal for $2.025m, but Palm went to auction at $1.499m.

Even that come-on price didn't work. Palm foreclosed instead. The buyer who grabbed it put it back on the market and, lo and behold, sold it in June 2009 for $1.675m, a surprising outcome.

1211 11th (5br/5ba, 3325 sq. ft.) (pictured) hit the market in Aug. 2007 for $2.149m, logged 400+ DOM and came to auction at $1.450m. No deal there, it re-listed at $1.799m (really? yes!) and sold in May 2009 for $1.425m.

1405 Faymont (5br/5ba, 3550 sq. ft.) hit the market at $2.095m in 2007 also, rolling over to the auction at $1.399m. No deal, but in January 2009 it closed for $1.350m, going to a buyer who first learned of it at the auction, but didn't bid then.

Two next-door newbies in Hermosa Valley were part of the auction also, 540 21st (pictured) and 544 21st. Both hit the market in Summer 2007 at $2.499m. 540 went to auction at $1.649m and 544 at $1.669m.

Both Hermosa homes later closed above their auction prices in June 2009, 540 at $1.750m and 544 at $1.725m.

If you were keeping score there, it's pretty amazing to see that 3 of the 5 auction homes sold above their auction start prices – one after a thorough foreclosure cleaning. Granted, we don't know the private "reserve" prices slapped on each property, which were probably higher – "reserves" didn't matter much when bidders basically skipped the process.

Of course, there was another auction held in town late last year that was a success. That was a probate case on what MBC called a "grim, destroyed house" at 1801 Elm. (See "Probate Auction Ends at $805k" and "Probate Auction Home Closes.")

The closed price there was closely in line with the market opinions expressed by MBC readers in our pricing poll on the property, which actually launched at the come-hither price of $399k. (See "Poll Results: 1801 Elm.")

We're not aware of any auctions upcoming in MB, but you never know, do you?

Stuck on the Flat Walkstreets

noreply@blogger.com (MBWatcher) — Wed, 14 Jul 2010 13:26:00 +0000

The South End's flat walkstreets have a profound draw for some families, and the sales action can be swift.

Consider the little cottage at 517 5th (3br/2ba, 1475 sq. ft.), which sold within 4 days back in mid-May and just closed for $1.7m. Nearby, a newer home at 440 5th (4br/4ba, 3075 sq. ft., $2.899m) also found a buyer in its first week, in early June.

But there's inventory to be had on the flat walkstreets, and some of it appears stuck.

The hardest case has to be 440 6th (6br/6ba, 4200 sq. ft.), a home that was new last year and has been trying to find buyers ever since.

Actually, buyers have signed on a couple of times, but here we are today looking at a terrific Cape Cod on a corner lot that still seems to have nothing solid going on. (UPDATE: The listing is still posted as active – not pending or seeking "backup offers" – but word is that the home is actually in escrow.)

The listing for 6th began at $4.495m in July 2009, and posted a deal in late August last year without any price cuts (see "Newly Gone, South"). But that deal failed. Over time, the price dropped to $3.598m before a switch in agents in April and another failed deal. It's now at $3.499m.

325 9th is a newer (2003), full-featured Cape Cod with 5br/5ba, 3700 sq. ft. After an informal off-market/pre-market effort to sell, the home's now been on public offer for 5 months.

After a start at $3.695m in February, it's down just $100k to $3.595m.

(UPDATE: Shortly after this story posted, 325 9th reduced to $3.349m. Also, this story did not mention the March 2007 purchase price of $3.659m; it's now down $310k/-8% from acquisition.)

Nearby, 332 10th (4br/5ba, 4115 sq. ft.) doesn't have the same longevity problem as the 2 Cape Cods, but the 10-year-old Spanish did recently lose a buyer who had grabbed the property right before it hit the market. Like the others, though, it's priced in the mid-3s ($3.449m).

As we noted in our "Sunday Opens" post the other day, 332 10th is a short sale and will need some rehab work to buff it up to its original condition.

On the same block, on a smaller scale, 420 10th (4br/3ba, 2400 sq. ft.) (pictured) hasn't found a deal yet, now at 55 DOM. It's still at the $2.195m start price.

In a "Weekend Opens" post last month, MBC called 420 10th "a classically styled home... that fully basks in the walkstreet lifestyle."

Summer's here. The sun's finally out.

Shouldn't some of MB's premier beach-area homes be getting some action?

Curious REO Strategy on Pine

noreply@blogger.com (MBWatcher) — Tue, 13 Jul 2010 04:13:00 +0000

For much of 2010, the 8-year-old home at 3613 Pine (5br/5ba, 3375 sq. ft.) has been offered to the public.

All along, it's been called an REO – a foreclosure owned by the lender.

All along, it's been priced too high to draw interest.

In January, the Rosecrans-close home came on at $1.695m.

When that listing quit 5 months later, it was down to $1.495m.

Only with the last price cut had the home gone below its March 2005 acquisition price of $1.520m. Not quite far enough, it would appear, since MB seems mostly to be living in 2004 prices still – and that would put Pine a bit further down.

For some reason, after 5 months without success – 5 of the most active months in the MB market since the bubble popped – the new listing now starts with a new strategy: raise the price.

Friday, the listing returned after a 2-week hiatus at $1.549m, or $54k above the price at which the market had rejected it. They're calling it a "good deal" after that little boost.

That, for a home that will require some work, and is to be sold "as is." Per the listing:

Beautiful & elegant 5+4.5 Mediterranean Villa that needs some work to restore it to its recent, beautiful past.

On the plus side, the description now touts the relative simplicity of the foreclosure sale, since it's a private investor, not a bank, that's taken the property back. No red tape, committees or hassles, they say.

And they promise to reply to all offers – yes, even you lowballers who think 6 months of market exposure for a distressed property presents a great opportunity.

Let's see how it plays out.

Quick Cuts in the Teens

noreply@blogger.com (MBWatcher) — Mon, 12 Jul 2010 19:12:00 +0000

Some newly closed sales will raise some eyebrows. In each case, fairly quick purchases came with discounts near 15%.

It didn't take long, apparently, for the sellers of 605 8th to recognize that they wouldn't be getting what they paid for their Hill Section home new in 2006.

Though they listed in April this year at exactly their June 2006 acquisition price of $5.495m,
the closed sale has just posted at $4.7m.

That's a somewhat breathtaking $795k/-14% off the purchase price. The listing ran just 50 DOM before that haircut.

It's not because the home lacks for much that its value dropped over these 4 years or so – that's just due to the change in the market since the peak-year purchase. The big house (5br/7ba, 6625 sq. ft.) is a marvelous Cape Cod, quietly luxurious, that has almost too much going for it: an extra-large lot (9300+ sq. ft.) with a pool, real ocean/PV views from several decks and a location just steps from downtown. And now it's got new owners to enjoy it all.

Meanwhile, up at 641 18th, at the crest of the hill on one of the great streets in the Martyrs area, sellers proved that they weren't too attached to their much-too-ambitious start price of $3.295m.

In writing up the quick escrow at 18th, we said "[y]ou could have counted MBC as skeptical" of that start price. (See "Near and Over $3m in the Trees.")

The buyers, too.

They paid $2.865m instead, a chop of $430k/-13% from the list price.

And this was in a multiple-offer situation on a home with just 2 weeks' market exposure.

As it happens, the winning bidders didn't offer the most money, but they did go all-cash and closed quickly – the most attractive terms, if not top dollar.

Yes, cash does give you leverage. You can ignore the start price, win a bidding war and pay less.

Sunday Opens (July 11)

noreply@blogger.com (MBWatcher) — Sun, 11 Jul 2010 03:41:00 +0000

We found only one truly new listing this week, but we're most excited to report that 445 33rd on the plateau will be open after a false alarm 2 weeks ago.

That's not to say that some Hill and Sand listings aren't new – they've simply returned to market after some time off, so many readers will be familiar with them from prior attempts to sell.

Click here for the complete list of opens published in the Beach Reporter, or at any time use the link in the right-hand column under "Prop. Search Tools."

As always, click on any highlighted address for more pics & details via Redfin. We ask MBC readers who visit the featured homes, or any open house, to also report back in the comments here. Tell us what you see, what you like and what you don't like.

Hill Section

946 9th (6br/6ba, 4300 sq. ft.) is a newer (2002), tricked-out home in a familiar style for the Hills. There's a grand entry with curving stairs, a big kitchen/great room opening out the the back yard and, of course, a master worthy of a Master.

The big lot (7250 sq. ft.) affords a nice-sized yard, though the current owners haven't done much with it. (The listing touts potential for a pool.)

It'll be interesting to see where the markup turns out on this one if it sells. The owners paid $1.950m for the home new in Oct. 2002, and offer it to the public now starting at $2.699m (+$749k/+38% over 2002).

946 9th is open Sun. 1-4pm.

Back for another round is 114 N. Poinsettia (5br/6ba, 6400 sq. ft., including basement), the newer (2007) Spanish at the corner of 2nd and Poinsettia.

On and off since May 2008 – shortly after it was completed and the owners moved in – the home has been for sale. It began at $7.750m, moved quite a bit throughout 2008, came back in 2009 and quit in December last year at $4.995m.

It returns now with a local agent, not family, representing the listing for the first time, priced at $4.995m again.

The home's beautiful with big views of the ocean and PV. The kitchen and living spaces on the top floor are inspired, but a lot of the home's square footage is on the first floor or below grade. The location at the corner of two busy Hill Section streets hasn't helped.

One other change: The original listing 2+ years ago drew our notice because the Spanish style was actually called "Andalucian." Now: "Montecito." One word, many thousands of miles of difference.

114 N. Poinsettia is open Sun. 1-4pm.

Sand Section

445 33rd is back!

The home had a buyer right away when it was ready to debut a couple weeks ago, and the first open house was canceled. Recently the buyers walked for their own reasons, meaning there's now a public open.

The home (5br/5ba, 3600 sq. ft.), as we've said before, is a true modern beach delight, with interior spaces that are sharp, white, tight and glossy with a timeless, beachy appeal. Start price: $3.125m.

445 33rd is open Sun. 1-4pm.

332 10th (4br/5ba, 4115 sq. ft.) was last seen on the market in Summer 2008 at $3.999m, but it didn't sell then. Coming back here in 2010 at $3.399m, it was a short sale that sold immediately (really pre-market). Alas, the buyer is gone and we see it on market again at $3.449m.

The home's a newer (2000) custom-built Spanish, but to some extent you have to see the potential in it – it's unpolished for now after really being lived in these 10 years or so.

A little rehab later, you've got a midblock, flat walkstreet Spanish near downtown – could be great.

332 10th is open Sun. 1-4pm.

Tree Section

594 30th (4br/3ba, 2050 sq. ft.) has been with us about 5 weeks now, maybe a bit of a surprise for a home that's clean and comfy on a quiet half-block near Sand Dune Park, and which started out seeming to be well-priced.

The late-50s home has been updated with a sense of style, preserving lots of original elements that make it distinctly a beach house while delivering modern updates where you care most (a modern kitchen, for instance).

There are some very custom outdoor-living aspects – a small lap pool, paving stones set into the back yard grass, a little outdoor fireplace. A deck off the kitchen/dining area invites you outside to eat or lounge.

There's one issue that will nag: The upstairs master is separate from the 3 bedrooms downstairs and open to the house – no door at the top of the stairs.

594 30th is still priced at $1.4m and is open Sun. 1-4pm.

2908 Laurel (3br/3ba, 1985 sq. ft.) offers one of the more attractive combinations of location, size, condition and price to come along in a while among lower-end Tree Section homes.

The start price of $1.249m has not generated a bidding war 3 weeks in. Maybe because it's a bit of a puzzle, with an upside-down layout and some updates here and there, but really a need for another refresher to bring it to 21st century standards.

The location and sunny living spaces upstairs, with treetop views, remain solid attractions, and the yard is not insubstantial.

2908 Laurel is open Sun. 2-4pm.

3405 Pacific (4br/4ba, 3200 sq. ft.) is a newer (2006) Cape Cod that's got 2 related location issues – busy Pacific plus refinery proximity. At least the home's original views of the refinery have been obscured by new construction nearby.

Pacific is pretty great inside: bright, comfy and unique in parts. You just have to leave the outside where it belongs: outside.

The sellers bought at pretty much the peak for the area, March 2007, paying $1.775m then – one of the first new homes to sell below $2m. They now are offering only a modest discount now at $1.689m.

3405 Pacific is open Sun. 1-4pm.

MB Market Update for 6/30/10, Hills & Sand

noreply@blogger.com (MBWatcher) — Fri, 09 Jul 2010 03:52:00 +0000

With activity fairly light in both the Hill and Sand Sections in the second part of June, we'll combine the update for the sub-regions once again.

Let's look first at the 4 sales (new escrows) in this period in both areas combined. All were priced at $1.5m or below:

123 44th (3br/3ba, 1700 sq. ft.) in El ~~Porto~~ Norte is a late-90s home with big views that's been updated as well.

Unfortunately for the sellers, they bought at the peak, paying $1.490m in Jan. 2007. When the home was listed at the same price in November 2009, MBC suggested that would only work out if "someone pulls a rabbit out of a hat." (See "Tinkering Won't Save It.")

Some months later, the listing became a short sale at $1.290m, the list price since late April. We counted 232 DOM.

For around the same price, 469 32nd (3br/3ba, 1675 sq. ft.) found a buyer much more quickly. The classic 50s beach cottage (with good updates) at the end of 32nd near The Dune lasted just 12 DOM at $1.299m.

Nearby, the challenged listing at 445 32nd, with its up-and-down prices, may finally have a comp. 445 is now at $1.299m, too, obviously too high for a property that's inferior to 469, but at least there's some guidance coming.

931 Highview in the Hills is most likely a lot sale (6340 sq. ft. lot) for a home and location with possible views from a higher floor. This one also lasted 12 DOM but, with multiple offers, we hear you should look for a sale price above that $1.5m start.

539 24th (3br/2ba, 1475 sq. ft.) came on in early June and didn't last the month. The 50s home down the hill near Blanche had been sharply updated. There are surprising outdoor spaces and other surprises hidden behind the ho-hum exterior.

539 24th began at $1.345m and lated 20 DOM.

There were 12 new listings in the Hill and Sand Sections, with 2 in the Hills (see all Hill Actives), 6 in the Sand below $2m (see all actives <$2m) and 4 more in the Sand above $2m (see all Sand actives >$2m). A few highlights:

445 33rd (5br/5ba, 3600 sq. ft.) is a true modern beach delight, with interior spaces that are sharp, white, tight and glossy with a timeless, beachy appeal. Wide plank floors are stained light, polished up and shiny. The top-floor kitchen and great room opens, via nanawalls, to a big patio/deck with some ocean peeks and views across the plateau.

The custom home disappointed MBC readers in just one way – the first open house was canceled after an immediate sale was made. The buyers have walked now for their own reasons, bringing the home back to market. It will be open this Sunday, and will get one more mention in our "Weekend Opens" soon. Start price: $3.125m.

508 3rd (4br/3ba, 3050 sq. ft.), a remodel of a late-80s home down on a quiet block in the South End, debuted in July 2008 at $2.299m, a tidy $500k markup over the owners' Sept. 2005 acquisition price of $1.8m.

It didn't sell, and re-debuted on the market in late June this year for $600k less than that 2008 request: $1.699m, and -$101k off acquisition. It worked – within about a week it had a buyer. (Though the new escrow will go in our July spreadsheets.)

Two duplexes got squeezed onto the SFR lists this period (arguably, either one could be used a single-family): 221 11th (3br/2ba, 1275 sq. ft.) down by the pier ($1.125m) and 233 42nd (3br/3ba, 1675 sq. ft.) in El ~~Porto~~ Norte right on Highland ($1.365m). While 11th has just some perfunctory updates to make it a decent rental, 42nd was very recently redone completely.

Finally, 2 neighbors on 31st St. hit the market within days of each other: 224 31st (5br/5ba, 4200 sq. ft.) (pictured) is a newer (2005) home west of Highland with max square footage and ocean views. As MBC noted in "It's Better Now by the Beach" the other day, 224 31st has been on and off the market over the past 2+ years, starting in August 2007 at $4.995m, and back now at $3.499m.

Next door is 228 31st (4br/4ba, 3950 sq. ft.), a new ultramodern with huge and, they say, unblockable ocean views. They're almost finished building it. Start price: $4.895m.

Only one listing in the Hill or Sand cut its price in this period: the new construction at 906 9th (6br/6ba, 5425 sq. ft.).

The cut to $4.395m should be viewed in context. This listing, which began in April, is technically separate from the one which ran from Feb. 2009-Jan. 2010, with a high of $4.895m and a low of $4.2m.

Yes, the prior listing at 906 9th ended nearly 6 months ago at almost $200k below the current price.

Just 2 closed sales in the Hills and Sand before June 30. One, at 617 6th ($4.5m), we covered just the other day.

So that leaves the closed sale at 311 26th to round out our coverage – and on a pretty nice note.

The 4br/5ba, 2500 sq. ft., newer (2007) custom home on a 2/3rds-size lot just above Highland features great European styling with fantastic detail. And did we mention big ocean views over ~~Parque Culiacan~~ Bruce's Beach Park?

We called the start price of $2.798m "ambitious," but the close at $2.5m (yes, $1,000/PSF) is still quite an accomplishment east of Highland.

MB Market Update for 6/30/10, Overview

noreply@blogger.com (MBWatcher) — Thu, 08 Jul 2010 21:51:00 +0000

As June wrapped up, it turned out to be the first month in a while in new listings substantially outpaced sales (new escrows).

In our independent market tracking, MBC recorded 30 new listings and 20 sales (new escrows) for the whole month among SFRs west of Sepulveda.

Looking only at the 2-week period from June 16-30, an imbalance was more notable: 17 new listings, and 8 sales (new escrows). Of course, during this period, you may have noticed that school let out all over and people skipped town, so we'll try not to over-interpret the dropoff in sales.

For the whole story, see the new MB Market Update spreadsheets. Those are up online for your viewing and use by clicking here, or at any time by using the pull-down menu on the front page under "MB Market Updates."

Total inventory was at 83 SFRs west of Sepulveda, up 4 from the end of May, a figure that would have been higher but for 5 cancellations in the second half of June, 6 total for the month.

Inventory by sub-region west of Hwy. 1 (for more see the tracking page of the spreadsheets) broke out this way:

Hill Section: 17 (click for Hill Actives)
Sand Section: 31 (click for Sand actives <$2m, or actives >$2m)
Tree Section: 30 (click for Tree actives <$1.5m, or actives >$1.5m)

More soon on activity in each part of town. We'll bring you up to the current moment as we look at each subsection west of Sepulveda.

Close the Books on 939 Duncan & 617 6th

noreply@blogger.com (MBWatcher) — Wed, 07 Jul 2010 19:51:00 +0000

For a little while, a bank owned 939 Duncan, but now new owners have taken the keys.

As we noted in "Uh-Oh, Duncan" back in April, the 4br/4ba, 3950 sq. ft. home was purchased in Dec. 2005 as a rehab project for $2.53m.

Almost 2 years later, it was ready for market at a big markup, though it ultimately found only renters, no buyers:

Oct. 2007: Starts at $3.895m

Feb. 2008: Cut to $3.695m

Sept. 2008: Canceled

April 2010: Offered for $2.040m as an REO

late May 2010: In escrow

The remodel-turned-REO has now sold for $2,111,888 – one of those oddball prices you sometimes see with bank transactions.

The sale price is -$418k/-17% off the pre-remodel acquisition price. Looks like the rehab was essentially donated to the new owners.

Also worth noting – another lender foreclosure sale at 617 6th (5br/5ba, 5725 sq. ft.) that also just closed.

The big Caliterranean with ocean views, home theater, etc., is a speckie that was never properly finished before hitting the market back in early 2008 – not so long after the 939 Duncan remodel.

A long-running (600+ DOM) listing for the almost-complete home crashed in late 2009 when the investors foreclosed.

Launched at $5.995m long ago, 617 6th just sold for $4.5m (-$1.495m/-25% from start). The lot was acquired in Feb. 2006 for $2.250m.

A Rush of Closings

noreply@blogger.com (MBWatcher) — Tue, 06 Jul 2010 17:00:00 +0000

The past few days have seen a minor flurry of closed sales, a few of the listings having long back stories here at MBC:

511 Pacific (5br/9ba, 8000 sq. ft.) is a spectacular, unique and somewhat mazelike modern home. It offers a surprising, 180-degree panorama from a fairly low point on the hill, just above Ardmore.

In a more indepth story in late January (see "Pacific Connection"), we had more to say about the house and history.

The short: This one began at $8.150m when newly completed in late 2008, was at $5.995m by March 2009 and has now closed for $5.250m.

505 3rd (4br/3ba, 2550 sq. ft.) is a tired, dated home on a typical local lot of 2700 sq. ft. It's finally sold now for $1.352m after first hitting the market in May 2007.

Investors had grabbed the property in Sept. 2005 for $1.6m and tried to resell it for prices as high as $1.949m from 2007 forward. MBC wondered aloud what it "should" sell for in Aug. 2007 in "What's Right for 505 3rd?" – that was back in the days before MBC pricing polls.

3rd was listed as a short sale this year. (As the Redfin display page still shows.) Final sale price was -248k/-15% off the Sept. 2005 trade.

Back in early May, MBC (and the MLS) teased buyers, saying "Here's Another Chance at 3011 Elm."

The suggestion was that the unique, luxe Spanish at 3011 Elm (5br/5ba, 3600 sq. ft.) could be around a while to tour, ponder and, perhaps someday, purchase. But it did not linger – it sold almost immediately, after listing at $2.495m. It has now closed for $2.475m.

The backstory was that the home was listed new in 2005 at $2.595m, got bid up before selling to a certain local/international USA soccer star for $2.8m, but the home had traded again in Dec. 2007 for less: $2.650m. In 2007, it was one of the first truly great properties we saw sell for less than acquisition, suggesting that a trend was taking hold. (It was.)

The new sale is another step down: -175k/-7% from Dec. 2007, and still 5% below the 2005 start price.

For more on some recent closings, see Redfin's MB page and click the tab at the top for "Recently Sold."

Holiday Reading

noreply@blogger.com (MBWatcher) — Mon, 05 Jul 2010 20:51:00 +0000

It's a long, lazy weekend, with Saturday and Sunday afternoons cooperating for beach days.

Here's hoping you've been toting your summer reading (hardback, paperback, Kindle or iPad) throughout this relaxed time. As to online real estate reading, we've got a few new options:

El Norte: An appreciation – A new post by Blake Roberts takes on the common sentiment that MB's Sand Section only matters south of Marine, mainly for proximity to downtown. "Actually, we have two downtowns," says Blake, noting the North End's plethora of stores, food, bars, etc. His timing is self-serving, inasmuch as Blake's got a new west-of-Highland listing on 31st St. (see "It's Better Now by the Beach"), but that doesn't make his boosterism wrong. (Photo: Liz Spear of Manhattan Beach Patch, from this article on the North End's changes.)

Easy Reader on MBC author's "coming out" – Maybe you got it at your front door, but if you're out of town, check out the story online.

New South Bay Confidential column in the Daily Breeze – This week focuses on a major remodel in S. Redondo. Did you know they're still flipping houses? The column is printed in the "Home Guide" in Saturday's Daily Breeze (print edition), and is also available online here or also here, in print layout with photos.

Saturday Opens (7/3)

noreply@blogger.com (MBWatcher) — Sat, 03 Jul 2010 04:08:00 +0000

There's a tiny, tiny window this weekend to see open houses, owing to the holiday. Mainly Saturday-only opens, for obvious reasons.

Some of you are already celebrating, to judge by the fireworks popping and flying around MBC headquarters on Friday evening.

With no debuts this week, we'll stick to a very short list of opens that have been featured at MBC before – with one exception east of Sepulveda.

Click here for the complete list of opens published in the Beach Reporter, or see it at any time by using the link in the right-hand column under "Prop. Search Tools."

If you do get out & around this weekend, please report back here on what you've seen, what you liked, didn't like, etc.

Hill Section

Back on market this week is 856 11th (4br/3ba, 2225 sq. ft.), after the buyers who snapped it up quickly last month walked away.

The smallish house is all set up at the front of the 6,000 sq. ft. lot, affording a big, sunny, truly parklike yard. It's an extra bonus that the home's currently got a full kids' playset out back as well.

The mid-70s home tends to show its vintage in places, and the 2-up/2-down layout with the bedrooms is not going to suit every family well. The kitchen's nicely updated and the floors upstairs have a newer feel.

The very nice eastward views from the top floor living spaces and deck may not last. A new home is being readied for construction next door, and there's no telling exactly how 856 11th will be affected.

MBC mentioned this home a couple times in late 2008 when it was offered at $1.479m. (It was a sage green color then.) It's now priced a tiny bit higher at $1.499m.

856 11th is open Sat. 1-4pm.

Sand Section

301 2nd (3br/4ba, 2100 sq. ft.) is a tightly remodeled contemporary TH with nice ocean views down in the quiet South End.

The 1991 build was first redone earlier in the decade, and has been sharpened up again quite recently. As it's staged now, the contemporary look simply feels clean, not jarringly modern. Four balconies give you plenty of chances to drink in the sun, breeze or views.

We've noted before that this property was advertised on MBC's front page and that your blog author is friendly with the seller. So you can gauge our enthusiasm with that in mind, but we certainly think it's worth a drop-in. Priced at $1.659m.

301 2nd is open Sat. 2-4pm.

Tree Section

At 2523 N. Valley, you get a darling, meticulously crafted Spanish (they call it "Monterey Colonial") with lots of unique details.

This one made a lasting impression back in 2005 when it was new. There are a couple of hitches, though.

First, location – anything on Valley will take a value hit, no avoiding that. Next, the garage. In an effort we commend to get the garage behind the house instead of dominating the front, we wind up here with a long side driveway that narrows the home. The garage probably isn't going to have cars parked inside of it often. (Yet the bonus studio/garden room off the garage is one of those unique details we like.)

Size suffers a bit – the 4br/5ba home reaches only 2800 sq. ft., about 300-500 fewer square feet than most newer-era builds. That means each room is just a fraction smaller than you may be used to seeing. Things could get tight with a busy family.

Buying the home new near the local market peak in Feb. 2006, the sellers paid $2.050m. They know they won't be getting all of that back. They began at $1.789m (-$261k/-13%) more than 2 months ago, and are certainly due for a cut.

A nerdy aside: Your blog author is not an architectural historian, but the internets quickly showed us 3 examples of "Monterey Colonial" design that, frankly, look nothing like 2523 Valley. Where, for example, is the hip roof? We'll take the modern version, though, thanks.

2523 N. Valley is open Sat. 1-4pm.

East MB

Yes, sometimes MBC ventures east of the border. Recently, some reader/clients brought your blog author over to 438 Altura Way.

First question: Where's Altura Way? Turns out this is a half-block between Longfellow and Keats, just a few blocks east of Sepulveda. A very quiet, private nook of MB.

You probably know that "Altura" means "height" in Spanish, right? Here, that's apt, because the lot at 438 Altura is positioned at the top of a hill that slopes quickly down to other parts of MB, with Mira Costa dominating the view. That allows for an interesting panorama of treetops, homes and sky off the east side of the property.

Views from the heights are surprising to the south and west, also. From a the tacked-on second-floor "master suite" (we're being generous), you can clearly see the PV hill and a smattering of ocean, too. Yes, ocean, from East MB. Go figure.

The home itself... not pleasant. The mid-50s original had that second-floor addition later, but its overall layout needs radical reconfiguration to meet any kind of modern standards. Today, of course, you'd set the living spaces toward the back to feature the big-sky views to the east. But no, that side of the house is clogged with small bedrooms and a 50s bath. You'd also need a total overhaul of all fixtures, floors, baths and the small, L-shaped galley kitchen.

The home doesn't absolutely have to be scraped, but that would make it easier to bring the lot to its best use.

The listing claims that Altura has a 7900 sq. ft. lot, but it seems quite a bit smaller – maybe space is wasted out front, but maybe some of that lot is part of the downsloping hillside behind the home. That's important to check.

A couple of weeks into the listing, 438 Altura remains at its start price of $969k.

Incredibly, it's open both Sat. & Sun. 1-4pm.

Unmentioned benefit of 438 Altura: Free fireworks from Mira Costa on special occasions, though not July 4th.

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