We're back to a more normal volume of opens this weekend. 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."
Hill Section
916 9th is a perennial favorite here at MBC; it made Mrs. MBC's year-end list. It's the great room/living room/yard combo, mainly, that works. Offers 5br/5ba, 4550 sq. ft. It was on the market last year, as high as $3.275m, but it's at $2.895m now. The first posted open since its late-February return is Sun. 1-4pm.
923 1st offers the lay public the chance to see a $7.6m home, much as they were once offered the chance to see an $8m home. But please recognize this one requires advance arrangements/RSVP (see info in the BR open house listings). Worth a shot. Sun. 3-5pm.
Sand Section
400 3rd (pictured) is Mrs. MBC's pick this week, though – just like her pick last week – it's not posted as open. Well, we suppose that just walking by any old day could be delightful. 400 3rd is a lovely, large (4br/4ba, 4000 sq. ft.) classically styled beach home on a corner lot down in MB's South End. A couple of ocean peeks = bonus. Starts at $3.499m.
341 10th is a South End flat walkstreet home right next to downtown that we featured last week, when it was only open Saturday. Definitely worth a look for its great style and materials. Starts at $3.3m. Open Sun. 1-4pm.
228 29th Place is ultra-cool, unlike anything we've seen recently in the Sand. Big wows, big views, and a price that has moderated from a big $3.049m last year to $2.499m now. (NOTE: The newest reduction of $130k just occurred Saturday.) If you haven't yet seen it, do. Open Sat. & Sun., 1-4pm.
Tree Section
621 Marine (pictured) is a custom-built (2002), "rustic Spanish" with 5br/4ba and 3100 sq. ft.
As we noted previously, the owners just purchased it last year (March 2007) for $2.436m (double checked) and they're offering it now for $2.489m (double checked!).
Open Sun. 1-5pm.
560 36th (second pic) is daring for a speckie, with an ultra-modern design in a land of Mediterraneans and Cape Cods. Offers 4br/4ba and 4040 sq. ft., but it's not priced at $4m, just $2.999m. A bit close to the armory and Sand Dune Park. Open Sat. and Sun. 1-4pm.
2611 Palm is a new one in the Trees – well, it has been new for some time (first offered Jan. 2007), but it's worth a first mention here anyway. Plenty charming, with some unique details and 5br/4ba, 3200 sq. ft., priced at $2.399m. Its twin (with reverse layout) is at 2309 Pacific (now at $2.099m). Both are open Sat. & Sun. 1-4pm.
Friday, March 28, 2008
Weekend Opens (3/29-3/30)
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63 comments:
Once again this list is very helpful. Since the overall most desirable / most expensive section of MB is the neighborhood south of the pier and west of highland,
can you tell us if there are any open houses in this neighborhood?
thanks
Props to the builders of 560 36th. That's a very refreshing house for the Tree Section.
Another new contemporary will be debuting shortly at 2504 Poinsettia (smaller than 560 36th with a smaller price tag). Is this a new trend? Haven't seen either one but plan to stop by 36th this weekend if possible.
Anon 7:07a, 9:17a, 9:35a
Why didnt you add your phone number and relator license number to your postings?
10:36, I'm 9:35. Did not post at 7:07 or 9:17. You, however, are an idiot and bitter renter in MBW's cult to think that anyone with something positive to say about real estate in my neighborhood is a realtor (note, it's realtor, not relator). In fact, all I did was ask if this was a trend; haven't seen either home so can't say if they're good or bad, moron.
Must have been the mookster. His bitter renter mentality is so transparent.
11:09a/9:35a - the Anon w a "tude"
Gee did someone stop by Peets for too long today, or RE market got you down?
Oh, and you did not say if you were a realtor or not?
btw - not a renter, own 1 MB homes and sold one at the PEAK in 3/07.
1:31- Of course you did, just like everyone else on this website. Good for you. Too bad, the peak wasn't 3/07 like you think.
1:31 p.m.
You might not be a renter but 11:09 is right, you are a moron.
Geez, this forum has degenerated. A few renters posting, then a bunch of realtors trying to shoot them down. I cannot even believe the negativity of the bulls on this website.....and the bull's call the bears negative!
Pretty much the name of the game on the posts these days are "if you don't agree with me, you are a moron".
Pretty embarassing guys. Of course, I would like to add, I am surpised that the realtors have time to look at this website, it being spring selling season and the weekend and all. Shouldn't you guys be out there selling houses or something?
I'm 9:17. I'm not a realtor or a renter, I just prefer modern architecture over the Mediterranean/Cape Cod copycats.
Sad that it is apparently not okay to say ANYTHING positive about MB.
Yes...this blog is starting blow, and has become indicative of all that is annoying about LA. Check out
http://marinrealestatebubble.blogspot.com/
for more thoughtful comments on the current real estate melt down.
4:20 p.m.
You've been added to the moron list. I'm not a realtor. I am a homeowner in this lovely hamlet called Manahattan Beach.
I looked at the 29th Place townhome a few weeks ago and agree that the views are great, but I found the place really lacking cohesion in terms of design. It felt like an awkward mishmash of contemporary, modern, "ethnic", traditional, etc. I think a good interior designer could really improve the place. But to each his own.
Re: the 10th Street walkstreet house, does anyone have thoughts about its value? While the location is great and the finishes are nice, it just seems hard to justify such a high psf price. Am I just delusional?
4:20- You are a moron. I really doubt that there are many realtors on this site. I'm 2:56 and a former MB homeowner and neither a bull or bear. Not sure what the market is doing or is going to do.
Case in point, was the ridiculous non-story that MBW ran on Fri about 523 Marine. Worthless point, no real data. Oh wow, the market might be flat from 2006. Like who does not know that. The market was relatively flat between 2000-2001, and there weren't these ridiculous comments or stories. Granted the conditions are different. I would like someone to give real data. But then again that would require someone having a crystal ball which it seems all the bears do nowadays.
Oh wait, all they do is copy and paste articles. MBW does his best, but he falls short.
OK, it is apparently not the realtors that are so negative, but rather the HOMEOWNERS.
But I do rest my case, got called moron twice for suggeting their is too much name calling going on.
6:30, as a MB homeowner, can I please make it three votes that you're a moron because I firmly side with the other two commenters about your status on the intelligence scale. Oh, and from the tone of your comments, nobody here believes for a second your little fiction about being a homeowner yourself. You bitter "mookie" type renters are soooooo easy to spot.
And I don't drink Peets - way too strong for my taste.
6:43, you are hallucinating. I never claimed to own, I very happily (and proudly rent). Go back and re-read. I must say, I don't understand your beef with my comments that calling people "morons" is a little counter-productive.
You must be the grumpy old guy that likes to drink in the evenings and has one rental. My apologies, it must suck to have to "serve" your tenants all the while your propety values are dropping.
Now, you will have to excuse me, but I am going to do what you were complaining about:
Moron.
I guess it does feel pretty good. Not particuliarly effective, however.
ok 6:49, 5:45 again. You must not have read that I am a former homeowner, with your comment that the homeowners are negative. And where did you get the great insight that property values are declining?
MBW just indicated in a story yesterday that 523 Marine was flat. A so-so location. So not sure where your data is to support your claim.
Back to my drink and to prepare my 3 day notice to pay or quit to my tenants.
6:49 may not be a moron, but he sure can't spell.
You guys are are mean. You are sounding like old bitter men. Please dont tell me you the same folks that voted Bill Eisen into our school board?
Oh, speaking of please PLEASE take time to sign to Impeach Eisen.
Why do i mention it here? Our schools ability to perform at a high level have everything to do with RE prices.
The only person commenting on this whole damn thing that isn't a moron is the man who referred to Manhattan Beach as a "hamlet." I'll bet he's a fine upstanding citizen of the highest moral character and I'd be also willing to bet that he has muscular, well defined calves.
I refuse to sign to impeach Bill Eisen until I see his calves. You can tell a lot about a man when you take a good look as his calves.
Bill Eisen is being falsely condemned. He is a fine upstanding gentleman. How could he be anything else? He is a liberal Democrat. One thing for sure, he will burn in Hell.
7:20 and 7:25 p.m.
Probalby the same person. Shouldn't you be on a blog in West Hollywood or San Francisco?
8:45 You got it right. We can't have these calves loving you-know-what's polluting our perfect MB ecosystem.
By the way 8:45, how are your calves?. Yeah baby, I bet they're real hot from all that beach volley ball.
8:56 p.m.
I bet you can walk across wet cement and not leave any tracks. Are you drinking white wine and listening to Showtunes?
8:56 What in the devil are you insinuating? Have you gone completely mad? Can't a man enjoy a gander at another man's calves without it turning into something untoward? I will respectfully suggest that you rent "Spartacus." In this wonderful film, men's calves are abound. Get used to it, by this I mean, men's calves and the fact that MB is going completely gay and there's nothing you can do about it. Ha HaHaaaaaaaaaaaaa.
Too bad, homophobe. Men's calves will soon be everywhere.
in response to the below post -
___________________
people seem to forget that there is a huge valuation gap between the pier area and the rest of the west of highland walk streets
i would put the following on the table - west of highland walk streets 20 blocks north of the pier cost $700 a square foot for land value.
west of highland walk streets within four blocks of the pier cost $1200 a square foot for land value
west of highland is not a neighborhood - you have to know WHERE west of highland you are talking.
____________
I would respond that the best basis of comaprison is the area south of the pier west of highland sells for two times el porto west of highland - the further south you go the more expensive
this is mainly due to proximity to downtown - people pay more to be close to downtown as well as desire to be far from the refinery
no one knows if this gap will widen over time , but i bet it will - with prices south of the pier climbing above 1500 a foot
9:13 p.m.
Oh Mary...such anger !!!! I bet you are so mad you could just crush a rose with one hand. I hope I don't make you cry.
9:13 Are you really this feeble-minded that you don't realize that this person has been messing with you? Very funny.
Of course I do.
Listen here 9:45 I have not messed with anyone in years. Sure, I've fantasized about some calves here and there, but nothing concrete. I would like to address the gentlemen's statement: no, I can't crush a rose, but I can still operate a pen relatively well. With this skill, I will attend the next Manhattan Beach City Council Meeting and propose that the city's new theme should be "Gayest in the South Bayest." I think we should quickly Trade Mark this so El Segundo doesn't do it first.
The sellers at 228 29th Pl. just made a significant cut, $130k more, so it's now at $2.499m. (Started at $3.049m last year.) Just updated the story to reflect that.
The criticism posted here in an earlier comment is well taken. It's a stunning house but not for everyone; that's part of why they've had trouble with it. They're taking steps and that will help.
Did anybody notice the twins on Poinsettia also cut 100,000 to 2.69. Not surprising as they were both overpriced, but worth noting. I wouldn't mistake this as prices all around going lower. This is a clear example of an owner who is misguided about the current market pricing. Can't blame them for trying.
Has anyone here seen the interior of the Nantucket home on 3rd street? Just curious. I always find it suspect when no photos are posted.....
Based on all the chatter from realtors/homeowners on this blog about how wealthy they are (especially vs. renters), there should be a lot of concern related to the auction rate market. On Friday, UBS was the first of all the investment banks to start marking down the value of these cash equivalent securities. The problem - when you start marking these down to .80 cents on the dollar, they are no longer cash equivalents. UBS has about 35B of these securities. To give you an idea of how this compares, they have approximately 50B in bank deposits, which is the primary sweep for client cash. Only 13% of the ARS will remain at par, with the bulk of them probably being priced between .90-.97. If you have student loan ARS's or auction rate preferreds, well, let's just say the mark will be closer to .80 because they are basically saying there is significant illiquidity and they are turning into longer term bonds. FYI, most ARPs and ARS have 30 year maturities.
As all of you Rockefeller's who post on this site know, this impacts the wealthy the most, and that is Manhattan Beach. If you have a UBS account, look at your statement in early April. You'll be happy to see your cash at a discount. No doubt in my mind that the Merrill's, Wachovia's, Smith Barneys, etc will follow soon.
On another note - great article in SF Chronicle today about the Shorenstein company raising a $2B commerical RE fund to purchase distressed property that they anticipate seeing. These guys are as smart as they come. Add that to Sam Zell, who sold EOP last year bc he thought prices got ridiculous, well, let's just say the smart money believes commercial RE to follow residential.
Hey, I didn't even have to cut and paste. Yeah, I know, this has nothing to do with MB RE as this is a market that sneezes at the overall economic plight of the rest of the US. Now, off to my home in Palmdale where I can tell stories of how I went 4 for 4 in my softball game last night.
If you've ever wondered why the phrase "bitter renter" was coined on this blog, all you have to do is read bundy's comment above. Apparently, when he's not trying to get his landlord to fix his toilet, he spends a lot of time contemplating the prospect of MB homeowners being damaged financially or at least brought done to his meager level of financial wherewithal. Indeed, this appears to be something he fantasizes about with glee, sort of like - Obscure Reference Alert - Al Bundy trying on 'cool' sunglasses to the tune of ZZ Top's 'Sharp Dressed Man'
Question, bundy, since I'm not that sophisticated and don't have a UBS account in any case. ARS is an alternative vehicle to money market, right? You are speaking only about the former, not the latter, correct? The reason I ask is that I've heard some overly cautious people talking negatively about money market funds (or at least some mm funds). Any thoughts or clarification?
"Bitter Renter" was not coined on this blog. It is in the official "NAR handbook for real estate shills and used house salesmean". To be for shaming a prospective clients wife enough to make sure that they buy the dream house that they cannot afford. I appears on the page right after "buy now or be priced out forever" and before "they're not making any more real estate".
8:44 - The fact that you aren't familiar with the ARS market tells me a few things...
1) You don't have much money and as you admit, are not very financially sophisticated. Why do I think that? While you are now better off bc of it as it relates to ars, typically those with at least 100k in cash were the buyers of auction rates (that amound is a very generalized comment).
2) You are probably one of many MB homeowners who put 20% down in an Alt-A loan over the past few years, have seen the market correct a little, and starting to get nervous about the reset coming up, the refi that you can't qualify for, and are slowly drifting toward negative equity, on the hopes that things will turn around quickly bc you are in complete denial that you can ever lose money in RE. Yeah, I know, you only lose if you sell. I heard that one a few times.
3) You may want to take back that leased Range Rover and convertible Mercedes. You'll save some money to pay the mortgage.
4) You should be fine on that $50k in money market you hold. Your firm has SIPC insurance.
8:44
I think that UBS has to mark its auction rate securities to market because of GAAP accounting rules. If you are an individual it is not a problem unless you have to sell the ARS to raise cash. The problem is that many stockbrokers sold the ARS as an equivalent to money markets. Here is one broker's current statement on the ARS:
"Due to recent market conditions, certain Auction Rate Securities are experiencing no or limited liquidity. Therefore, the price(s) for any Auction Rate Securities shown on ClientServ may not reflect the price(s) you would receive upon a sale at auction or in a secondary market transaction. There can be no assurance that a successful auction will occur or that a secondary market exists or will develop for a particular security. The prices of any Auction Rate Securities on ClientServ are derived from various sources, and may differ from prices provided to Morgan Stanley by outside pricing services and/or from Morgan Stanley's own internal bookkeeping valuations. Please contact your Financial Advisor for more information about current conditions in the Auction Rate Securities market."
It could affect the real estate market in the following way. Say you saved $200,000 for a MB starter home costing $1m. You were going to buy this spring so you turned your securities into cash at the top of the market last October. You are looking very smart. You stockbroker calls and tells you he can get another 50 basis points over your money market account through the ARS. Good deal you say. Now it is spring and you want to move this summer and you cannot convert your ARS into cash for the down payment. You have a problem.
I own some of these and lucky for me I do not need the liquidity. I was raising cash because I wanted a new car but I can hold off on that, borrow or raise cash from other sources.
Meanwhile illiquidity means opportunity. One of the most successful investors, David Swenson of the Yale Endowment, uses this technique quite often. These California tax exempt ARS are paying 6 to 12 percent interest. Most MB residents holding well-diversified investment portfolios probably have 5 to 10% invested in tax-exempt bonds. It might be a good speculation to swap that portfolio of bonds and invest in the ARS. It is complicated deal and I do not have time to flesh out the entire idea. I do not work as an investment advisor so please do your own research before taking any action. Treat it as an idea coming out of a brainstorm. There may be an obvious flaw in my thinking that I do not see as of now.
bundy: That was one of the dumbest posts I have ever seen. This is coming from a guy that doesn't have the jack to buy a house in our great city!
Remember, bundy: Those who rent in glass houses shouldn't throw stones!
Second that 11:03 on Bud Bundy. Like he knows how much money 8:44 has. There are plenty of financial independent people that that do not know about ARS. In fact, the people with the most money, may not even be involved in the investment decision process and feel they can trust their advisor. I guess Bundy is not one of those.
The fact that Bundy feels the need to rail on 8:44 is in itself a sense of insecurity.
MBW - this blog is becoming a bunch of heckling hyenas. I know how you feel anonymity is important, but it is bringing down your blog.
Wow, these comments have really just become about 4 people calling each other morons. Fun fun.
Nick et al, I am disappointed in the moron-fest as well. Definitely considering requiring sign-in, more seriously than ever. I don't want to diminish anyone's ability to post except when it comes to trading insults with no real point behind it.
Maybe a poll on the subject?
I'm ready to identify myself when you are.
MBW- What's that going to accomplish? A bunch of people with a number of different sign-ons. Maybe if you weren't so biased- 523 Marine.
3:10, there was a story that noted that 523 Marine sold for a flat price. It incidentally noted that the seller probably lost money, in the bigger picture. Not sure how that was biased; it was an observation of a commodity sold in a marketplace.
MBW-
Also, assuming there was a mortgage on the home, you have to consider 18 months' worth of mortgage payments, much of which would have gone to interest. Tax deduction or no, much of that money is simply gone.
The above isn't biased? How is paying a mortgage wasted money, assuming renting a similar house would be close to $4,000.
I went to 341 10th today. I was stunned at all the kids' stuff (dollhouses, basketball hoops, castles, etc.) on the walk street and no one was playing with them. Is that legal? It makes a very nice street look very junky.
6:55- That's why people move to a walk street. It's like a backyard. Can't believe you are complaining about that.
7:11
I can see the advantage of living on a sloping walkstreet.
If a kid (or anyone else) gets hurt playing on one of those toys, who is liable? The city or the homeowner?
I would like a walkstreet for the lack of car traffic going down the front of my house, not toys all over. I thought the street just looked very junky.
6:55 and 8:13- Should move to (won't name any places), where you can have non-working vehicles in the front yard then.
Maybe Mookie and Bundy can be your neighbors.
8:13pm - Who is liable if a kid is hurt playing on a toy? Are you kidding me? You must be from west LA. We don't need your litigious personality down here. If a kid gets hurt on a toy, there is no liability. You wipe his knee off, give him a band aid, and tell him to have fun. Why must there always be blame? Please, continue your search north of Montana for our sake.
Liability? I am going to cry.
Signed,
The residents of walk streets.
Last week's story on opens mentioned 672 19th – anyone else seen it and/or have feedback? Please post here rather than on last week's story. I won't skew your reax by hinting where I'm at, yet.
Walkstreets are perfect for raising kids. The flats in the southend are packed with kids. Just talked to someone today who lives on 9th. He said 50 kids under 13. 7th has at least 25-30. The reason I lived on a walkstreet was so my kids could play and not cross a street. We left the toys out on the street, but tried to put them against the fence. Some people are responsible, some are less so. However, if you live on the street you either learn to live with it, or like one of my older neighbors, freak out (even though she raised her kid on the walkstreet too, with all of his toys). Usually, once a year there's the build up of tension between the haves (ie. have kids) and some of the have nots. It boils over, the city threatens to take all the toys, and then everyone backs off and lives in peace . . . for about a year and then it heats up all over again. Did this for 12 years, my kids went to college, and I moved west. I never regreted living on the walkstreet. It was a good time. But in my view if you are really anal about the toys, liability etc. you should consider living in PV or West LA.
8:43
I am a VERY long-term MB resident -over 40 years, probably longer than most on this blog. I just haven't seen that much crap on a walk street before. I can see if the kids are playing with the stuff - but no one was out. I am still wondering what the liability would be as it is my tax dollars that would have to go to a settlement. But, if you aren't worried, I guess I shouldn't be either as I know now that nothing will happen even if an out-of-towner should trip over a basketball stand. I am so relieved. Just an old worry-wart here. Mea culpa.
Of course you are right to be concerned about the junk in the streets -
i can tell you that in many of the walk streets south of the pier and west of highland there is open warfare between the people with kids and the people without kids - the people with kids like to have this junk in the streets (i am not faulting them - kids have to play) and the people without kids recognize that it makes the street looks bad.
Talk to your friends that live on these streets - this fighting is a detriment -
on balance the walkstreets west of highland and south of the pier are still very nice places to live and plenty of people with and without kids are happy to pay 5 million plus to move in, but this is one small detriment to living there
9:38 here. I have news for you. There are very few toys on the south end walkstreets west of Highland. Why? Because the streets are all on hills except for about 4 houses in the 200 block of 2nd. The toy problem exists on 10th thru 4th, between Valley and Crest (the alley east of Highland). 40 year resident, I'm a 30 year resident and the battle has been continuous since I've been here, and probably was going on 30 years before that. But, I'll say it again, I really enjoyed living on the flat walk street, with or without the toys.
I am the parent of a small child, yet cannot stand the junk on many of the walkstreets. I just don't get it....much of the the stuff is cheap faded plastic that frankly looks like it has been abandoned. We are currently looking for a house and seem to gravitate towards some of the nicer non-walkstreets that are, IMO, prettier and cleaner-looking than many of the walkstreets I've seen. To say the least, I am personally not willing to pay the extra "walkstreet" premium that many seem to think these homes deserve.
Not wanting to flog a dead horse here as the old cliche goes, but would it be so difficult for the parents or children to bring the things inside the fence at day's end, then bring it out again when the kids are ready to play?
I live on a non-walkstreet, sand section lot and raised three children here. It would never have occurred to me to leave their things out, even on my driveway - it just trashes the neighborhood and I wanted to be sensitive to my neighbors who did not have children and who may not have appreciated the crap out. Even now in my neighborhood, there are many small children as the neighborhood transitions once again. I don't see one toy that isn't within the confines of a yard unless the child is playing with it. As far as I know, and I have lived here for many, many years, it has not even been an issue. We all have respect for one another and our very close neighborhood.
Does any of this stuff get stolen? If so, do the police have to take a report and spend resources having to try to find it?
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