The new MB Market Update spreadsheets are available: download the 4/15/08 update by clicking here, or at any time by using the link at the upper-right corner of the main MBC page. Information in this update closed April 15.
We now split up the discussions of our 3 areas west of Sepulveda into separate articles. You can download the complete spreadsheet now or at any time. Articles on the Sand Section and Tree Section will follow.
Total SFR inventory west of Sepulveda was at 96 on April 15, -1 from the end of March. How's that?, you may ask. Inventory dropping?
In this 2-week period, we saw 11 new listings and 9 sales (new escrows), so we would be +2 on inventory, but cancellations make up the difference (2 in the Trees, 1 in the Sand). That's a rough balance overall in this period, not a continuation of the trend of the first many weeks of 2008. (See "Inventory Swelling.") That said, several new homes hit the market after our spreadsheet closed Tuesday; more on that this week.
Those of you who were finding the Sand Section spreadsheets increasingly difficult to read due to rising inventory there (yes, we read all emails) will be relieved to see that we've added a third page to the Sand report. Just as we do with the Tree Section, we have one sheet with homes priced below $2m and one with those priced above $2m – the bulk of Sand Section SFRs. For now, sales in the Sand Section are reflected on a single sheet.
Let's take a look at activity in the first half of April in one region, the Hill Section.
Hill Section
There were 15 active SFRs on April 15.
Two new listings came on in this period:
930 John (pictured), offering 5br/6ba and 5400 sq. ft. and starting at $4.995m. It's what you expect in a grand Hill Section home, except for the views – not ocean, but city, since the home faces north and west.
- 943 9th, a 7500 sq. ft. lot that may well have been underpriced at $1.6m, for it was gone in 3 days. (See "Action on 9th.")
There were 3 sales (new escrows), an unusual turn of events in a low-inventory, low-turnover area (see "Hills En Fuego"). One sale was the lot at 943 9th and the others were:
916 9th (pictured), often referenced here as a favorite. It offers 5br/5ba, 4550 sq. ft. and one terrific great room/back yard combo, so complete and spacious as to mock Tree Section pretenders on narrower, shallower lots. (For more, see our review in "A Modest +50% in the Hills.") This one began last year at $3.275m and was last at $2.895m (-$380k/-12%).
- 811 Boundary, often referenced here because it had been for sale for 9 months. Boundary began last June at $2.599m and was last at $2.099m. The sellers paid a bit less than $1.8m in Sept. 2004.
There were 3 price cuts, including:
815 2nd (pictured), a new home that began at $4.795m in February, has now cut $300k to $4.495m; and
- 612 11th, the dated home on the "flag lot" purchased last May for $1.275m, offered anew this year for $1.599m.Now $200k has been chopped and it's at $1.399m, still +$124k/+10% over last year (see our review at "Flag It As Overpriced.")
Finally, an unremarkable home in a challenged location at 1019 11th, which had a recent, flat pricing history, sold for a bit less than its July 2005 price. Here's the recent sale history:- July 2004: $1.150m
- July 2005: $1.165m
- Apr. 2008: $1.110m
20 comments:
There appears to be a few homes that are on the market with signs but I don't see them on MLS. For example, there is a home on Marine and one on Poinsettia (new construction). I think inventory is understated by two homes.
There is also a new construction on Pacific ( I believe a Steve Legare construction) that had a for sale sign and a for rental sign at one point. Now the new home has no signs.
I saw the LA Times report on Median Price stats for March. Manhattan Beach finally showed a lower median. I can't remember the last time that happened. I think it's been a few years since we have seen a decrease. I guess we might see it go up again with some new expensive homes pending.
Regarding median sales, one thing to consider with homes in the Beach Cities is remodelling. Often homes are renovated or remodelled before they are put up for sale. Therefore, just because a house sells for more than it did before does not automatically mean housing prices are up. In fact, the new sale price might even represent a loss. Just something to keep in mind.
2 out of 4 new construction homes on Fisher are probably spec homes that are not on the market yet.
2212 Alma is also on the market (with a sign and open houses) and I couldn't find it on the MLS. Is it not listed so that it doesn't accumulate DOM?
Y'see, folks, Anon 5:50 is the quintessential clueless cult member that slavishly follows this blog.
First, 2212 Alma is on the MLS. In fact, it's been on the market for 48 days; original list price $2,249,000.
Now, I understand how the COTC has brain-washed themselves into thinking that reliance on this blog or other on-line sites will get them more accurate info than asking an experienced local realtor who has the accurate info at his/her fingertips. What's really troubling is 5:50's last sentence:
Is it not listed so that it doesn't accumulate DOM?
Congratulations, MBC. You've so deluded your cult following about DOM that they've started coming up with the most obtuse explanations for their inability to find current listing info.
5:50, let me see if I can spell it out for you so that you can understand - no one would avoid listing a home on the MLS just so they could tell a prospective buyer that the home hasn't been on the market very long. You see, that would be a counter-productive strategy to sell your home as you've reduced your market exposure by something like 80+%. Perhaps you'll save on commissions if you've got a really desirable home or a strong real estate market, but avoid accumulating DOM? Only in the land of the COTC...
Huggy - why is it that if someone makes an uninformed observation you immediately hold them out as an example of your beloved COTC? Sure, there are irrational bears on this blog. But not all of us are.
Are you the representative for all of the irrational bulls here? While I realize you're not an unmitigated bull (or even a bull for that matter), using your M.O. I will, going forward, hold you responsible for every ridiculously bullish statement on MBC.
Uninformed observation, huh. Isn't that the whole point? The number of uninformed observations from the COTC on this blog could rival Britannica in its encyclopedic scope.
"I will, going forward, hold you responsible for every ridiculously bullish statement on MBC." Oooh, can't wait.
You've been warned Huggy, "Waiting to buy" is going to "hold you responsible..." It's always amusing to read the threats of someone who doesn't pay property taxes.
As much as there is a COTC, there is a Cult of the Huggy (COTH). However, most of the members of that cult aren't half as smart as the original, so their arguments just come off as petty complaints about renters and Case Shiller.
It's always amusing to read the threats of someone who doesn't pay property taxes.
Huggy, you must be so proud. A little cub crawled out from the Bear's Den.
On a more interesting topic, MB Watcher - how about a pricing poll on 815 2nd? I thought the list price was a bit silly, and even after the most recent cut, think it's still too high.
What do you think?
MBW, we'd love to see a pricing poll on 815 2nd, just so "Waiting to buy" is assured that he can't afford it.
What more do you need? One of the Dogmatic Disciples of Huggy -- DDoH (or Doh! if you prefer) approves.
Bring on the pricing poll!
I've been through 815 2nd Street and if this were a market where you don't negotiate, I'd say it's a bit high. But since most homes aren't selling at exactly asking prices, I think it's in the ballpark for a reasonable buyer. The price drop was smart and is still the best price for new construction in the Hills --- and not all have the ocean views that has. Pros: It's brand new. It's got good ocean views --- doesn't that account for a premium anymore? It's got better finishes than almost any new construction you see out there. It's unique (because everything out there seems to be a Tomara French Mediterranean) yet classic --- Cape Cod. The "basement" is no basement at all --- like many other houses -- because it's built on a hill and gets west facing light through normal windows. It is wired with 4 or six security cameras (the plasmas in the house were on during an open house). Close to town and close to the beach (not high up on the hill). The wine cellar is the biggest I've seen. Cons: Smaller than most rooms in big houses today. Small back hard. Probably best for empty nesters.
Does anybody have any insight into the builder Gary Lane?
We just took an informal poll and the numers are in: From now on the handle for "Waiting to Buy" has been changed to "Can't Afford to Buy".
Gary Lane is a decent architect whose plans are used by many in the town. He's not cutting edge or really high-end a la John Stark or KAA but pretty good nonetheless.
Hey 9:36 thanks for the thorough break-down of 815 2nd. Very insightful. Did you happen to go through 221 34th?
What a coincidence, we also just took an informal poll and the results are in: people who can't type are losers!
WAITING TO BUY and JR -- Thank You! You nailed that jerk. Keep up the good work and keep renting! We love building equity on your back.
Thanks, Angry! I always knew you were fighting the good fight!
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