If you stop in at MBC from time to time, you might get the impression that the local RE market is softening, and prices gently stepping down. Maybe it's some bias on the part of the author, maybe it's some of the commenters, or maybe it's the data.
But we must remind ourselves, there's a parallel universe out there. In it there live thinking, breathing people. And in that parallel universe, prices are apparently as strong as ever, maybe trending up.
Sure, it sounds silly here, but how else can we explain the pricing decisions of 3 new listings? We'll describe them here (with links to listing pics & details via Redfin) and ask you to vote in our poll for which one is the most out of whack.
- 217 35th Pl. is a small home (3br/2ba, 975 sq. ft.) on a 2/3rds-size lot (1650 sq. ft.) at the corner of 2 alleys (Bayview and 35th Pl.). It's nice enough to "[l]ive in now, build later." For the privilege, the sellers would like $1.5m. They paid $990k about 2 years ago in March 2006 (may have been a private sale).
1015 Boundary Pl. offers 3br/3ba and 2400 sq. ft., also on an alley. (What else can we call Boundary?) The listing touts the home's "one-of-a-kind style," but all we see is the 1950s. (The interior is updated.)
Keep in mind that down the hill, 811 Boundary – 2004 construction with 1,000 more square feet – went into escrow recently while listed at $2.099m. (Property Shark tells us it has sold for $2.025m, but the MLS doesn't show that yet.) But to move on up to 1015 Boundary, you'll need $2.480m.
1705 Pacific is a very nicely remodeled home (4br/4ba, 2650 sq. ft.) whose location near Pacific School is either perfect or a strike. It depends. Though we can't deny the home's family-friendly appeal, its layout is peculiar (downstairs master off the living room). The exterior, while spiffed up, is a mishmash, design-wise.
Compare this to the terrific and well-located home at 738 26th, slightly larger, which just sold for $1.770m ($610/PSF). That would put 1705 Pacific at $1.6m before adjusting for location. Instead, it starts at $1.875m.Each of these homes, to our eyes, seems to start at least 15% and hundreds of thousands of dollars too high. We just can't figure out which one is off by the most. Please vote in the poll – which seller is most delusional? Poll closes Sunday night at 7pm.
And yes, we know that putting this opinion and poll out there invites a sort of rebuttal from the parallel universe. Sometimes MBC features properties we think are overpriced and they go quickly anyway. So we've added an option to the poll – if you think MBC was wrong to pick these homes as crazily priced, you can say MBC's the most delusional of all.
75 comments:
You should add 619 9th Street to this poll $4,195,000.... yikes!
You forgot to add an "all of the above" as they all are. Come on 50% more in 2 years for the first one. Gimme a break, and I at times agree with Huggy.
Great story MBW. It will be very interesting to see what happens to these homes.
Geez, MBW. Here I thought you were trying to promote civility and eschew name-calling on this blog. A poll calling home owners delusional seems a tad judgmental, don't you think? Ambitious, maybe, but delusional seems a bit harsh given the soapbox you just got off of in the other thread.
Yes, all these homes are probably way overpriced. The Boundary seems particularly off since the one down the street was ten times better even considering the similar location.
1:30pm Did you read the whole story before commenting? Didn't MBW include himself in the delusional pole?
Is a "delusional pole" anything like a May pole? A Festivus pole? LOL!
Yes, I know he included himself (half-jokingly, I might add). I just thought it seemed a bit hypocritical in light of his recent statements to Huggy.
Agreed. All ARE delusional...MBC is the only sane one around! Many are aware the market is turning and are trying to get out as quickly as possible without losing their swim shorts!! Inventory is expanding as I type. The problem is people who really need to sell should start pricing BELOW market expectations. This may sound harsh but, at least they'll get that albatross off their necks. If they wait too long, they may have to sell lower then they ever thought they would have to.
Smart sellers will price to sell and will end up better then those living in LA LA Land...
MBW - please add huggy to the pole.
Damn - wait a minute - my comment just made him relevant....
It is funny though. When he can’t attack someone on their view point, he goes for meaningless attacks and dribbles all over himself.
Just watch…
All are delusional- agree with 12:05 on the first one, Boundary What? and finally 1705 Pacific- We looked at that in 2003, granted it looks remodeled from then, but it was purchased for only $1,060k and I seriously doubt $200k was put into it. Let's say they did that means close to 50% appreciation for a house on Pacific since 2003 (doesn't add up). The buyer that ends up paying anywhere near that will wish he hadn't.
I am a big fan of your blog, MBW, but one addition would generate even more of my interest, as well as that of many others I am sure -- townhomes. I understand that many of them have very similar floor plans, so there may not be much to comment on in that regard, but the location/view/pricing of these townhouses varies greatly. Would love your analysis, and other readers' opinions too, as to the best and worst values on the market, and the condition of the market for MB townhouses west of Sepulveda. Thanks.
Agreed. Info on townhouses would be great. Are townhouse prices being affected as much as SFR prices seem to be? And will the townhouse prices continue to fall? Thanks in advance.
3:07 & 3:29 - Go Away.
3:40
I cannot imagine that anyone would consider your comment constructive or helpful in any way. What would prompt such uncalled-for rudeness is beyond me. If you don't want to discuss townhouses, simply state your opinion and leave it at that. Oh, and consider attending the workshop at the middle school on bullying.
Yikes, 3:40, "go away" ?!? On a nice day like this?!?
I'm not eager or really able to expand to THs any time soon, sorry. Doing that or taking on E MB or N Hermosa are all good ideas, but they add time I don't have.
OK, I admit, I took a little lunch break over at Martha's. Could've been expanding the spreadsheets but it was too dreamy out for work. (Unless you had a lunch meeting – best of both worlds if only you could eat outside.)
Still looking for opportunities to bash each other? Can't we all just get along? (Hmmm...seems like I've heard that phrase before...) Peace, brothers and sisters!
Polish people are not dilusional!
3:50PM - Thank you for the constructive comments and adding to this blog.
Can anyone comment on the price
of 721 36th street? The owners
have lived there for a little over
a year and want to add around $175K
to the asking price.
The home on 35th Place seems the most overpriced on a percentage basis. The best thing you can say about the place is that it has 4 garage spots! I'm not sure that even the most repugnant bachelor could live there long before tearing the "home" down.
4:16- They should be lucky to get $2.2M. We all know that homes in that area are down at least 5%. Chalk up a 36th Street adress on the wrong side of the street (alley separating Rosecrans). If bedroom is upstairs and in the backyard, then you will no doubt hear Rosecrans traffic. Really surprised at that price and if anyone bites on that.
Harsh, 4:25. harsh...
Oh, so many delusional choices!!!
Which to choose as the most insane?
Let me take the dog for a walk around the neighborhood and see if there are any others I would add to that list! The list I think will be shorter if I add the non-delusional houses for sale.
They (aka EVERY current listing, mls or not) are delusional. Get a load of the Opens this weekend...more than I have seen in quite some time...at least the last couple of years.
The tide has turned...a rush is on. Oh go ahead you die hard bulls and try and deny it...please please please blast me, I love it. Fact is you've got way too many places for sale right now and way to few QUALIFIED buyers in the market. But go ahead and take your ignorant shots at me...your defensiveness only confirms your weak hand in the market.
MBW - you really should start reporting on the whole (MB) city...I'd gladly pay a subscription fee for all the facts. When you add East MB, Liberty Village, etc. Hey, we all share the same zip.
There will be OVER 100 open houses in Manhattan Beach this weekend.
Let's see if Huggy can calculate how many of those Opens are his?
What is 0/100?
I am sure he will debate that number into the ground as well.
PRAPAGANDA ALERT!!!!
The COTC think you can get ZERO out of anything!
11:02, while we all may share the same "zip", unfortunately you and a few others can't seem to keep it zipped.
7:42am said
"11:02, while we all may share the same "zip", unfortunately you and a few others can't seem to keep it zipped."
Classic! I thought the same thing. Then I realized. He/she is from EMB or Liberty Village. Now I understand his/her frustration about RE. They might have well bought in Gardena. If I lived there, I'd be jealous too.
Wow! 35th Pl. gets my vote. My first apartment out of college was bigger and nicer. Hope they are reading and come to there sense soon.
Oops. I didn't proof read. I meant their senses soon. Clearly I need more coffee!!
How can I have more votes that 1705 Pacific? :)
Too bad it's not posted as open this weekend.
mbw,
Perhaps because the owner(s) of Pacific are more attractive? Beauty has to score at least SOME points, right?
You forgot to add the townhouse on Grandview (2400 block). It's nice, but it's a townhome, 2 on a lot, directly across the street (maybe 20 steps) from Grandview School. Zero yard. Noisy, busy corner. Almost $2m. Seriously? Really? Who on EARTH would spend that for a SHARED lot across from a busy school?
10:41 - No doubt you're right.
8:23, you couldn't be more wrong. I thank my lucky stars that I live in East MB. It's way more like the "old" MB than the west side. It's your type of arrogance and condescension that is ruining our town. I feel so lucky not to live beside you and your ilk.
~Beach trash and proud of it!
To get beach trash that far inland must have required either a tsunami or hurricane.
Sure, Boundary Place isn't for everyone, but 1015 has ocean views (it's way higher on the hill) and a cute pool. 811 was at the foot of the hill, no views, and a postage-stamp-size back patio. So a higher price than 811 may not be completely out of line, e.g., 500K+ for an ocean view. That said, its listing price does seem a bit ambitious. Maybe all these 'delusional' sellers are simply figuring that they will have to come down significantly so they might as well start the bidding high?
Agree with you 5.16 1107AM.
I like reading this blog but have to laught at how the west Sepulveda people look down at people on the other side. I think it is for this reason that when growing up in MB (west of Sepulveda) all my friends were from the east side of town. Just nicer people and families to hang around. Also, myself and those kids were at the beach more and surfed much more (and better)than the soccer mom shuttled kids in the hill section. It seems like nothing has changed today. Downtown MB resembles nothing of a beach town, and most people I see around our family's hill section home haven't touched the sand or water in years, they just like the idea of it.
re: Boundary, I'll give you that ocean views are a difference, but so is the smaller size (<1000 sq. ft.) and older age (essentially new construction at the bottom of the hill). Boundary is looking good to win this competition...
Just saw this added to the listing – a lovingly narrated, cheery video tour:
http://www.1015boundarypl.com/
Does anyone know what 2310 John Street sold for? I saw it had a Pending status and then was taken off MLS.
Mb-
The proper terminology is "testing the market," or "aggressive pricing."The other side of the spectrum would be "priced to sell," "motivated seller," or some mention of a free vehicle.
Delusional is just so negative. How dare you!
1:12- I grew up on the west side, too. I can totally relate. I just have to laugh at all the posers who think they're beach people. These newbies just don't get it. It's not the money that makes you a true MB person, it's the attitude (the laid back "who cares how much money you make" attitude, not the snotty pretentious kind). Those people will never really belong here, and you can spot them a mile away (12:06, for example).
Poseurs, that is.
This crappy east of sep. attitude has got to go man. Seriously, wtf?? I have friends on both sides of "the track." W/o a doubt, the west side locals (in my circle) are way more pretentious than my EMB friends....they are my friends but I have to give them a hard time for some of the little "class stabs" they take. It's embarasing hanging out with them sometimes.
btw - have many of you checked EMB prices lately. Not what I'd call "cheap."
what about the new listing at 1816 Agnes, it says it's a 1818 sq ft house, which means $976 PSF, kind of expensive even for martyrs area, don't you think?
MBW is running a business and I say that with enormous respect. He does an excellent job. This is a very professionally run website. If you doubt what I'm saying, check out realestalker.com. Small-time weirdness with a HUGE audience.
I don't know MBW, but here is my point, finally (oh, I know I'm rambling and I'm going to get a beat down):
He says it in his manifesto "SFRs west of Sepulveda." Friends east of Sep., lobby as you will, but don't get angry about the context of these debates as the rules have been clearly established.
I'm with 1:11. Boundry place up the Hill beats the cookie cutter med. at the bottom hands down. At least some significant segment of potential buyers are looking for an ideal combination of indoor/outdoor living space that feels good. The many many McMan's that max indoor sqft. with small patio jutting into their neighbor McMan's are non-starters for some of us. Boundry is still overpriced, but the house down the hill isn't a good comp IMHO.
EXCUUUUUUUUUUUUUUUUUUUUUSE ME!!!!
1816 AGNES.... NEW LISTING... IS AT $975/SF..... 1941 YB, 1818 sf
$1,775,000. PUT IT AT TOP OF THE LIST!
12:06 here. Lived here for 35 years. Walked home early today to hit the waves. Not bad but Sano last Saturday was better. I just refused to compromise. Always lived on the beach because this is Manhattan Beach . . . not Manhattan Lawndale.
More thoughts from Karl “I’m here to fix your cable” Hungus:
-MBC said Please vote in the poll – which seller is most delusional?
There is something uniquely delusional about MBC asking his cult following, arguably the most delusional of all, which homeseller is delusional. Kind of like polling the patients at a psychiatric hospital on who they think is the most insane outside the ward. I mean, how would they know? To the insane person, every sane person appears insane. Witness the following comments:
-5/15 at 2:08 said All ARE delusional...MBC is the only sane one around,
-apennysaved said The list I think will be shorter if I add the non-delusional houses for sale and
-5/15 at 11:02 said They (aka EVERY current listing, mls or not) are delusional
I rest my case.
-Anon 2:03 said (regarding MBW calling the subject homesellers delusional) I just thought it seemed a bit hypocritical in light of his recent statements to Huggy.
‘Nuff said.
-5/15 at 11:02 also said Oh go ahead you die hard bulls and try and deny it...please please please blast me, I love it. Fact is you've got way too many places for sale right now and way to (sic) few QUALIFIED buyers in the market. But go ahead and take your ignorant shots at me...your defensiveness only confirms your weak hand in the market.
I’m guessing you don’t really know the meaning of defensive; you might try re-reading your comment for an illustration. Then go to a dictionary and look up the term “projection.” Hey, I’m just trying to help, 11:02.
Personally, I think 75% of the people in this town are delusional. I may be one of them. LOL
Huggs - Put your money where your mouth is. You point out to all of us all day long about how clueless we are, so give it a shot. Let's see how clueless (or brilliant) you are? Give us your opinion on what these homes will sell for and we can all track the results.
By the way, you told me a few weeks ago that you'd get back to me regarding what you thought 30th street was worth. If you can't remember, I commented that if 32nd sold for $3mm ($666 per foot) then 30th should probably sell for about $360k less than currently priced. By the way, I've heard 32nd sold in the 2.8mm range so I submit 30th should be at least $400-450k below current list. You then commented that you thought 30th was overpriced, but didn't come back with a number. So, I ask again, if you were to buy 30th St., what would you pay for it? Tell us all how overpriced you believe it is.
Here's a challenge that could be fun. How about me, you, MBW, Waiting to Buy, and Arenda pick the final selling prices for 6 different homes. Who can come closest to the final selling prices? It may take a long time for the final results bc some sellers are so stubborn that it could be a year (or longer) before they finally sell. I'd actually like to see another bull in the challenge but it's kind of hard to include a particular Anon (I think they may be afraid to be associated with their comments bc they have obviously been wrong for the past 6 months). Two each in the Sand, Hill and Tree section. I'd even be willing to put up a token $100 if you are in the top 3. I'd also be willing to let you pick the homes, but the others may not think that's fair. Are you up for it?
Mookie, I like your idea because it’s similar to episode #17 of The Man Grappler titled
“A Price Above Reason.” Karl Hungus’ character “The Swede” drives his TransAm down to El Segundo to evict some low-life renters who are sniffing airplane glue and running an illegal macramé knitting ring, but when Hungy gets there he is horrified to find that his Marine buddy from Nam’s daughter is one of the renters. Hungy has to act fast to secure the girl’s freedom so he challenges the renter’s doped up leader to a game of blindfolded jarts. Well, I don’t have to tell how it ends. They just don’t make them like that anymore.
Mookie, be warned about challenging Hungy to any kind of a contest, especially one involving jarts.
11:17 - disturbed cult member or creative talent? You make the call.
Btw, 11:17, is the Man Grappler out on DVD? Back then, all they gave me was a betamax copy and that's long since disappeared. You're right about not making them like they used to.
It will be interesting to see if a low life renter who has been in MB for 9 months, who doesn't know all the streets in MB, who went to Polk High and scored 4 touchdowns in the city championship, can be more accurate than a self proclaimed expert in MB RE.
Hungy, despite a sizable "cult" following of The Man Grappler, Warner Home video has refused to release the series on DVD and Blu-ray because of the excessive violent content and the strident, anti-renter sentiment.
I want in on the challenge. BTW, anyone go through 619 9th today?
If the facade and pool were not so charming, it would be a total tearddown.
Sorry Huggy. My money is with Mookie. All he'll have to do is use his advance technical analysis on the chart. Once he pinpoints a resistence level, he'll submit that as his price. You see, using technical analysis on real estate is so advanced, only the truly gifted can do it.
I'm sticking with you Huggy !!!!
Anonymous 3:10:
Dude you need to get over it. Your close to obsession. We know Mookies an idiot everytime he says anything and your joke is getting old. I'm worried you may be one of those stalkers.
As for the Mooks challenge, Huggy, my money is also on you. Teach those piss ants a thing or two and shut them up forever. I will front you the 100 bucks.
4:56 p.m.
Right on bro, right on.
4:56pm/mookie:
Nope. Nice try. Wow. Posting as an anonymous, are you? Sorry. The comment was too much to not ride.
Mookster:
I'm going to pass on the pricing challenge, not because I don't believe that there are homes out there that are overpriced - there certainly are and, in a slow market like we have now, that number only goes up. We in the business as well as you and anyone else with an interest in the current market talk about home values all the time but those conversations generally take place in private. This is a public blog and therefore, I am reluctant to lend the gravitas of the revered Huggy name to a discussion of how overpriced a particular property may be (even though I’ve crept up to and even crossed that line once or twice in the past).
My view has been and continues to be that it is the seller, not the agent, who drives the pricing decision and sellers can sometimes be blind to market realities, which makes the agent’s job difficult. However, what I've found is that neither I nor anyone else on this blog (and certainly not the collective "wisdom" of the COTC in their pricing polls) is the final arbiter of market value; that's determined by what a willing buyer and willing seller agree on. And, as I’ve learned many times in the past, what I think a home should sell for and what it actually sells for can be quite different. I don’t want to make the jobs of my friends and colleagues in this business any more difficult than it already is by opining in public that their clients are, in effect, out to lunch; I may think that about a particular home but someone else who has looked at that home may see things to like that didn’t appeal to me. I wouldn’t want to influence in any way that person by posting a negative opinion that they might read here (besides, MBW and the cult have that territory covered).
Of course, we could just focus on homes that I like and think are well-priced. Problem is then I’m bolstering the competition for my own listing (and, for obvious reasons, I’m not going to discuss the latter).
So, for the foregoing reasons, I’m going to try to refrain from giving my opinions on the values of individual homes. Doesn’t mean I won’t continue to criticize the COTC because what I see happening all too often is their inherent, knee-jerk bias towards all list prices results in some ridiculous polling results.
I still remember 3200 Alma which went into escrow almost immediately after hitting the market with multiple offers - a fact that was published on this blog – yet something like 75% of the COTC still priced it a good $100k below list (it sold for $10k over list) before MBW discontinued the poll (no doubt saving the cult from further embarrassment).
Oh, almost forgot. 452 32nd sold for $2,750,000. And 428 27th (a Mrs MBC pick) sold for $2,712,500. Hope that info is helpful.
Huggy - As the one and only Ricky Bobby said, "With all due respect, I didn't know you had your ba**s removed."
Come on Huggs, while you try and paint that post with Huggy logic, I can't believe you are going to hide behind the curtain on this. Do you really believe your commenting about a specific home about how overpriced it is will truly influence the final selling price? Do you really think that when any of us renters get off our butts and put a bid in for a house that part of our offer will say, "Huggy commented on MBC that this house is only worth 2.5mm so that is what I'm offering." If you really believe that, you have an ego that is way overinflated. I just don't think you have that kind of influence on MB RE prices. I have to believe that you also think that there are certain homes that are listed that are underpriced, why don't you also share that logic with us. If this was two years ago I know you'd be telling all of us that we are stupid (well, you do this in 2008 too) and that a current listing will sell for $200-500k above the list.
Give us all a break with your continuous COTC comments. While I definitely don't doubt your RE acumen, there is absolutely nothing that I can remember you posting that demonstrates that you have a superior handle of MB pricing. The COTC have written about the coming lower pricing in MB and the idiocy of sellers hopes of fantasy land list prices. It's happening. What type of accurate pricing metrics have you added to this blog?
Let me go out on a tiny limb on this... If 32nd street sold for $2.75mm that equates to $611 per foot. Brand new house. You just posted that 27th sold for $2.71mm, or $657 per foot, brand new house. Then we have 30th, which is a 5 year old house currently listed at $2.739mm, or $761 per foot. I think everyone on this blog will argue that 27th is significantly better that 30th and I'm willing to call 32nd a push vs. 30th. 5 year old vs. brand spanking new. Dated carpet and kitchen vs. brand new hard wood floors and kitchen. One of the homes is 500 feet larger, the other is 900 feet. Better views for the new homes. Taking the average sq. footage of the new homes of $634 and multiplying by the sq footage of 30th gives a price of $2.28mm. That house is $500k overpriced, pure and simple. I know that and you know that.
Now, why is that so hard for you to say? Do you honestly believe that if you come out on this site and post a comment like this that your influence will sway the outcome. Logic will sway this outcome, not Huggy.
As hard you like to argue against this blog, many of us are simply trying to apply logic to what has been a very illogical market. Some of us do it with numbers, others do it with abusive posts. The bottom line is logic is returning. Fight it all you want, but that's what happens during all types of bubbles. Take it a different way, if you are as influential as you think you are, if sellers listen to you and they apply some of your expertise, you'll make more sales, inventory will be reduced, and MB will get back into bull market territory much sooner than us bears think. But give us all a break until you're willing to take your pleated skirt off and put your money where your mouth is. Forget the money/challenge - Just tell us how much you think a given home should sell for.
Huggy knows that his identity is public, and any comments he makes will get shared with local agents (or will be a conflict of interest). That's why no pricing challenge
Mookie,
If you respect Huggy's opinion so much, why don't you retain him as your agent. I'm sure he'll be happy to represent you.
Regards
Wow, mookster, spoken like a true fallen high school athlete, replete with challenges to one's manhood and everything. Sounding awfully insecure there, bud.
Look, you've got a realtor who should be able to advise you and you've done the analysis as well. Do you feel so needy and insecure that you need Huggy's seal of approval?
10:35's comment is interesting. Fact is the COTC think they know who I am but they are wrong because, quite frankly, they are clueless. Nonetheless, the fact that one of your COTC loons may eventually learn who I am is also a factor that tempers my willingness to be critical of others' listings.
Besides, aren't you forgetting I'm Karl "The German Pornstar" Hungus? But don't worry, I won't stoop to your level and suggest that we compare 'packages' (although, as we used to say on my high school team, "game over.").
Hungy, this dust-up with Mookie is eerily reminiscent of episode #11 of The Man Grappler entitled “Below the Below.” As you’ll recall, The Swede was summoned to Westchester to kick a renter out of his mother’s basement. It was on this seminal episode that Karl Hugus’ character first uttered his iconic line “Ding Dong, Deadbeat” as he rang the doorbell, but The Swede got a lot more than he bargained for when a down-on-his-luck, former high school baseball star named “Walter McVey” answered the door. “Walter,” a sad, broken man whose only worldly possessions were his tarnished baseball trophies was played with élan by guest star, Jim Nabors. Before kicking “Walter” out, The Swede allowed him to sing a rousing version of “To Dream the Impossible Dream.” And let me tell you there wasn’t a dry eye in the house.
You know, 7:16, I may be biased but I thought The Man Grappler raised television to a higher art form.
Of course, like all good things that must eventually come to an end, when viewership started to wane, the producers jumped the shark by introducing a new character – a ne’er-do-well ophthalmologist named Dr. Anon7 played by a young, pre-Bundy Ed O’Neill (and derisively referred to by The Swede as ‘eyeglass boy’) – who served as The Swede’s nemesis in the final few shows. You may recall that season’s final episode entitled “Sight Without Vision”, where eyeglass boy clogged The Swede’s fax line by faxing over and over his bank statements detailing his net worth in a vain attempt to engage The Swede in a game of financial one-upsmanship and, in the process, caused The Swede’s fax paper bill to increase exponentially. Remember the episode’s climactic confrontation atop a pair of giant neon eyeglasses above Dr Anon7’s office where The Swede topples eyeglass boy into a vat of expired contact lens cleaning solution? Classic, IMHO. Even better was the show’s epilogue which concluded with The Swede looking into the camera and offering this quote from Mark Twain while sipping cognac in his den,
“There is no sadder sight than a young pessimist.”
Words to live by, Chicken Littles.
Keep 'em coming, 7:16. Always enjoy your trips down memory lane.
Your pal, Karl.
27th street was a brand new house? No it wasn't. Yes, it sold for 2.7mm, but it wasn't brand new, mookie. In my opinion the layout was less than stellar, and that was reflected in the price.
32nd street is 32nd street. Obviously, you haven't lived here long enough to know what that means.
Keep up the technical analysis of home pricing thought. Very insightful...
Huggy
I don't often, but that last one was pretty harsh. Be nice, ok?
The 27th Street house wasn't new. It was rebuilt by Matt Morris, I believe, in 2003 or 2004. Nonetheless, the finishes and attention to detail were top quality. Other than the 1/2 bath on the first floor, which was a bit odd, and the small playroom on the middle level, I don't think the layout merited a huge price discount; however, there were no ocean views. Whomever got it for $2.7 got a great deal. It will definitely be the go-to comp for buyers of similarly situated homes.
10:14 - Thanks for pointing out that 27th wasn't new. You too 6:22.
10:14 - I don't disagree at all with your comments. Personally, I disliked 27th for a number of reasons, not worth getting into. So wasn't surprised to see it sell 150k+ below list. As for 32nd, again, not surprised it sold $250k below list as it was plain and according to you and others, 32nd is a draw back.
However, what you are inferring in your post is that while both of those properties deserve discounts and on average, sold for $634 per foot, you believe 30th is a premium property in comparison and should sell at a higher per sq foot price. Now, I will give u the benefit of the doubt. However, if you are saying 30th deserves a premium of even $1 per foot to those two comps I'm going to accuse you of either being the owner, a relative of the owner, the broker, or a delusional flunky of Huggs. Since even Huggy realizes that house is significantly overpriced, you must be the owner. I'm simply saying that at best, it should trade at $634 per foot, which reduces value to 2.2mm. You on the otherhand imply that it deserves a premium. Maybe you would be willing to tie your handle to a potential sale price for 30th? Anon said what?
As for the draw back of living on 32nd... Can somebody please explain to me the negative of 32nd vs. living on other streets on the plateau, in this case, 30th. I realize that 32nd feeds directly to Sand Dune Park, but since it isn't a through street there is not added car traffic. This is according to a friend who lives on 32nd. Is the foot traffic a draw back? If that is the case, then I guess Strand and Walk Street homes would also deserve a discount based simply on the foot traffic phenomenon. Or do you discriminate against 32nd street? Seriously, since you've been here for so long and are the 32nd street expert, can you explain to me? Thanks.
mookie:
10:14pm here. I guess you must not be reading my 10:14pm post. Where, in those two paragraphs and a stab, did I ever mention 30th Street?
Here is my post again:
"27th street was a brand new house? No it wasn't. Yes, it sold for 2.7mm, but it wasn't brand new, mookie. In my opinion the layout was less than stellar, and that was reflected in the price.
32nd street is 32nd street. Obviously, you haven't lived here long enough to know what that means.
Keep up the technical analysis of home pricing thought [sic]. Very insightful..."
Again, where is the mention of 30th Street (whether overpriced or not)? Although not a Huggy "flunky", I will use one of his lines: "Read for comprehension."
That said, here is my opinion of 30th Street:
I like it. I am not a fan of cookie cutter homes around here that maximize profit at the expense of "uniqueness". This one is different. Look at the sq footage. Not your typical 4400 home on a 30x90. That deck offers open space that can be enjoyed by a family, a couple, or even you! Seriously, though. I really feel that alone makes this house appealing. Now how the hell do you factor that into a ppsf? This is EXACTLY why I don't think ppsf is relevant unless you are buying a house in a development where everything is the same (cough, cough...tree section...cough, cough). You have to agree that there are so many factors to think about around here. Location, layout, street, etc. I am 100% convinced that the same house on 32nd vs 30th would command a different ppsf (or 35th vs 27th, etc).
Do I think it is overpriced? I guess that is all relative. To me, no, it is not. I would pay a premium for that open space, because I would use that deck day after day after day. I'm not in the market, though, so take that with a grain of salt.
As for 32nd Street, I just don't like it. The foot traffic is annoying (yes, I live fairly close by and always see the traffic). As for comparing it to the strand, everything is give and take. You give up the privacy on the strand (as you do on 32nd Street), but you get oceanfront property (not on 32nd Street). I really can't believe I had to even explain that, to be honest. I thought everyone could figure that out.
That said, I am not the owner. I am not an agent. I am not in the market to buy or sell. As for my handle, how about "grandview"?
GrandView- Mookie will never get it. How can anyone that refers to his HS days which is when Mookie peaked.
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