Spring's getting summery already, so please pace yourself and carry plenty of water if you venture out to opens this weekend. We need you back here as readers.
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 any highlighted address below for more pics & details via Redfin.
Hill Section
We all know that the Hill Section is home to some of MB's priciest homes.
However, there are no new listings this week to feature for an open, so instead we're going with the cheapest property for sale west of Sepulveda – a condo at 640 MBB, #3, now seeking $599,500 for 2br/2ba and 850 sq. ft. Yep, it's technically the Hill Section. It's a quiet rear unit (listing) being pitched as a vacation property. Open Sat. & Sun. 1-4pm.
Sand Section
317 5th is Mrs. MBC's pick of the week. What, no Tree Section? No Cape Cod? Nope, this one's a high-style contemporary on a South End walkstreet (corner on Crest), with 4br/5ba and 4150 sq. ft. The décor features period details from the home's early-1990s vintage, but that's OK, she'd just hire a great designer. Starts at $3.2m. Open Sun. 1-4pm.
We wonder if the price at 5th might undercut a newer, similarly sized modern at 316 10th (also on Crest), which has been gathering cobwebs at $3.999m for 7+ months. Not open this weekend, or at all in recent memory.
224 31st took a leap this week and chopped $200k – its first price cut after 7 months on the market. It's now offered at $4.795m, and open for the first time since we began this weekly feature. Open Sun. 2-5pm.
Much further up the block, near the edge of the plateau over Sand Dune, is 473 31st, a stylish new showpiece offering 4br/5ba and 4125 sq. ft. This one started last November and just took a $100k cut to $3.149m, so they celebrate by being open Sun. 1-4pm.
While you're up on the plateau, you might go drop in on neighboring 445 30th, a sweet, updated Spanish, also open Sun., 1-4pm.
Tree Section
Wake the neighbors! There's a true "starter home" in MB for less than $900k – 3301 N. Valley. It's small (technically 3br plus 1 ba, 1050 sq. ft.) and the location is a compromise, but there it is – a sweet, updated home that just might work for someone for $875k. Open Sat. & Sun. 2-4pm.
Another new and aggressively priced listing is just a few doors down at 3011 N. Valley (note: there are more pics now than when the listing started). This bona fide charmer is also fairly large (4br/4ba, 3250 sq. ft.). Purchased 2 years ago for $1.9m (see "A Loss at 2 Yrs?"), now offered at $1.849m. Open Sat. & Sun. 1-4pm.
Friday, April 11, 2008
Weekend Opens (4/12-4/13)
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39 comments:
Whoa, unless there is something terribly wrong with it (and it sounds like other than decorating, there isn't), 317 5th may undercut several other homes currently available on and around south end walkstreets! Very interesting.
For those of you talking about suing your agents:
After only two hours of deliberation yesterday, the jury unanimously vindicated a buyer's agent accused by his clients of failing to disclose that two other homes in the neighborhood sold for less than what they paid. As a trial court case, this decision in Ummel v. Little is binding on the parties to the case, but has no binding authority for other cases. Moreover, the buyers may file an appeal (which could make the decision binding on others).
This case involved a couple who bought a home in a coastal Carlsbad community in 2005 for $1.2 million. They regretted their purchase when they discovered that two other homes sold for about $150,000 less than theirs. They sued their real estate agent for negligent misrepresentation and breach of fiduciary duty. Their lawsuit grabbed national attention, given the recent downturn in the real estate market.
At the trial, the agent's attorney argued that there were valid reasons these two other properties sold for less. One home, for example, had a lap pool which was unappealing to many buyers, and the sellers wanted to rent back the home for two years.
I live in the area of the 5th st house. It's a wow house. My prediction is that it won't last a week at this price. The other south end walkstreet listings are just overreaching.
I live in the area of 5th. This is a great wow house in a very good location. I think it is priced to go fast. The only negative in my view is that because of the reverse floor plan it doesn't connect well with the walkstreet. However, I bet it doesn't last more than 2 weeks at this price. I also think this will be a bellweather. If it doesn't go fast I will begin to believe that the south end is starting to fall in line with the rest of the economy.
Legal Desk- So help me understand your point here? The article actually mentioned that the Ummels never even asked for comps. What if they would have? Would it have mattered. If I bought a house, I would have liked to have known that 2 houses on the same street sold for substantially less.
OK this is TV New (ABC) and on Yahoo front page - but that does mean many people see it setting perceptions. But I do find the chart of today vs range over 160 yrs vs Japan similarities. Why buy now?
http://cosmos.bcst.yahoo.com/up/player/popup/?cl=7333181
10:38- Good video, but they didn't focus too much on the period from 1989-1996, where it took only 6-7 years to break-even. Not sure why buy now? Interest rates are much lower now than at least in the 70's (6-8% for the 10 year). Granted the 10 year was in the 50s and early 60s was comparable to now.
So, would you buy if you thought you could break-even in 7 years and not have a mortgage increase? Only you can make that decision.
Manhattan Beach is OK, but I think that it is too close to bad neighborhoods.
I hate think what might happen if LA ever has riots again. Just read about the shooting on Rosecrans, I realize that if you your job keeps you in LA, then MB isn't a bad place to live. But otherwise, way overpriced for the quality of life compared to other places.
I left MB after living there for 50 years. SoCal has become too crowded. I couldn't believe how bad traffic has become. Being stuck in traffic at 10 PM at night on the 405, coming back from Mammoth.
Yeah..if I had my way I would be between here and san diego, maybe carlsbad, encinitas, del mar.
the 5th house is on the wrong side of highland
i predict it will sit and sit
ther market is MUCH better west of highland than it is on the east side of highland
i don't know if anyone agrees, but i see east of highland on the walk streets down 10% year on year and west of highland flat
Someone needs to offer $981k for 34 Monterey Court. I'm sure the owner would go for it.
and thoughts like that, mbrenter, will keep you on the sidelines forever.
went to many opens this weekend - completely dead...maybe the weather was too good? Maybe not.
8:29 and 8:36 are obviously owners or agents. Sorry Mrs. MBW - one of your few "picks of the week" I have to disagree with. 3.2 for the corner of crest? No representation to a "beach community" design, awkward, etc. I guess just not my cup o' tea.
8:06 (obviously a renter), who are you kidding about your cup o' tea? That home is listed at 3,200,000, not 320,000. You misplaced the decimal point in your affordability calculation. You should be perusing blogs like Gardena Confidential.
Went to 4 open houses. Serious lack of traffic at each. The babysitters were obviously trolling for buyers, but you'd have better luck trolling for Steelhead Salmon in Northern California.
6:45am said:
"Went to 4 open houses. Serious lack of traffic at each. The babysitters were obviously trolling for buyers, but you'd have better luck trolling for Steelhead Salmon in Northern California."
I don't understand your post. Traffic was slow, but you were out looking. What do you care if traffic was slow? If you are buying, isn't that better for you? Less competition, right? It sounds like those babysitters were busy answering the door for you.
Seriously, if you have a point, make it. If you are trying to make a point, at least don't contradict yourself.
7:46, Sorry to confuse you. I am interested in gauging the market in anticipation of making another purchase and walking open homes is one tool that is easy to use. As far as competing buyers, I don't think that's an issue right now and for the foreseeable future, at least.
7:46, you have to understand, this blog is all about empowering the bitter renters...excuse me, can't use that term anymore,...I mean the land-poor by giving them a group-therapy forum to bash realtors and homesellers. They love to post how the RE market is crashing but, in all likelihood, 7:58p and 6:45a (probably the same person) didn't even go to an open house. Why would they bother - they can't afford this neighborhood. But it makes 'em feel good to say that they did. Pathetic.
8:01, gauging the market? Who are you kidding besides yourself?
8:03am - Most of that is what I was thinking. Why would someone interested in buying make a comment about low traffic? Personally? When I was looking to move, I couldn't stand traffic. I wanted to view the house by myself. I guess if I saw little traffic this weekend (I wasn't out viewing homes), I would have said to myself, I NEED TO LIVE HERE! WHAT A BEAUTIFUL WEEKEND!
8:25, If you do not understand the "low traffic" comment, so be it. The bottom line to me is that the market seems week and getting weaker.
"The bottom line to me is that the market seems week and getting weaker."
Much like your comments.
I love when people comment about low or no traffic at open houses. You're only there for 5 minutes. How the hell do you know how many people stroll through in a 2-4 hour window? And why exactly does it matter? Fewer than 5% of homes sell through open houses. Most of the traffic is neighbors and looky-loos. Open houses are nowhere near being an indicator for market strength or weakness, so don't sit there and claim that you know anything. You walked into a couple homes and nobody else was there. That's great. Thanks for sharing. I am sure each of those agents couldn't wait for you to leave so that they could spend a little more quality time with the next person who stopped by.
Now, now 9:13a, let's remember this blog has little to do with traffic at open houses, quality of life here in MB or any of the other red herrings that are typically tossed around in the name of "serious debate." It's principle raison d'etre is therapy for the 7:58p, 6:45a, 8:01a's of the world - the land-poor - who feel dispossessed and frustrated by their meager lives. Don't you know it's bad form for you to try and come between MB's cult following and their therapy?
Hey 9:10/9:13 (same person), Open houses can be a great tool for a potential buyer, especially a buyer without a sales agent leading them around. The fact that there is little to zero foot traffic is also an indicator and if you can't see it...oh well.
So 9:36, you were at numerous open houses and you stayed at each one for the full 3 hours. How did you manage that?
I've been holding open houses for many years and have found that the better the weather the lower the traffic.
Makes sense Kaye, however traffic in Open Homes, according to local realtors has been abyssmal. Not to mention, following your theory regarding weather, with summer on it's way and the weather improving from good to great, I guess nobody should expect any improvement in traffic.
I'm a local Realtor, and my traffic so far in 2008 has been far better than 2007. I would describe it as VERY good in fact.
Yeah..sure...then you woke up
9:35 -- if you really feel like this blog is for the cult, why do you still bother coming here and posting inane comments every day?
11:22, I assume you meant 9:31. To answer your question, it's called deprogramming.
Anyway, is the therapy working? Dr. MBC's blog 'couch' is open 24/7 so knock yourself out. Maybe you can entertain us with some fiction about how you were at an open house this weekend and not even the realtor showed up.
Anon 11:31,
I can actually attest to attending an open house where an agent was no where to be found. I was at 644 33rd when it first came on the market. I was probably there for about 20min. to 1/2 hour.
I don't think the MB market is anywhere near crashing but it has slowed down quite a bit. There's no denying it when looking at unit sales YOY.
I know what you will say "But there are 7 tree section homes priced at 2.7 Million and more in escrow." Blah Blah Blah Blah.
Meanwhile, many other homes are just sitting.
1pm - the same thing happened to me with that house on blanche and 29th (?) and with that new one on 26th street!!! i wasn't even sure if i should walk in! i couldnt believe that i got two houses with no agent. i even checked the closets!
as for your yoy comment, i disagree partially. i really think part of the drop is because of the quality of the inventory out there.
The decrease in sales volume is taking its toll on the less experienced agents and forcing them from the business. For agents with multiple listings, we have to try to find someone to cover the open houses or just leave them open. Some days, it's better to just open them up and let people look.
1:44 - very simple and very frank, thanks.
well we all know the future of residential real estate is going to squeeze the realtor(tm)out of the transaction so the unattended open house is the next logical step...
no sign in sheets...annoying questions...or flyers with those obnoxious head shots...we're talking 100% self service here.
Blake Roberts just wrote on the Open House issue – see the story link in the rightmost column on the MBC front page, under Blake's heading (it's a feed from his blog)
mbwatcher, Interesting take on open houses from a couple of real estate sales people. However, it's still from the sales commission side and therefore subject to the usual biases. From the seller/buyer side, thoughts on open houses can appear quite different. When the percentage of open houses begins to approach or surpass 50% of all listings, I believe it is possible that one of three things may be happening.
1. There is an excess of vacant properties for sale, either as new re-construction or the owner is gone for whatever reason.
2. There are a lot of motivated sellers. Anyone that has had their home listed for sale and been asked to hold an open house will probably agree what a pain in the rear it is and would likely rather not do it at all. To have their homes open 2, 3, or even 4 weekends a month tells me something.
3. All of the above along with sales peoples desire to farm for commissions...er...connect with the local people.
The more I read about how much more efficient the residential real estate sales systems are in other countries, the more frustrated I get with our antiquated system with it's bloated commissions.
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