A Look at July's L.A. County Foreclosures

Just when I was wondering what to write about today, Brian Scully, VP of Marketing for my favorite real-estate data site (besides Redfin, of course), Property Shark, sent a gift: a list of foreclosure resales for the month of July in Los Angeles County.

Note that these are foreclosure resales, meaning that they were sold to individuals by banks, lenders, or portfolio companies that buy REOs in bulk. Property Shark recorded 1,753 such sales in July in L.A. County. DataQuick reported that there were 6,592 home sales in L.A. County last month, so foreclosure resales represented 26.6% of total sales. (For those who have wondered, DataQuick does not include purchases by banks, lenders, and institutional investors in its monthly sales numbers.)

The median sales price of these foreclosure resales is $295,000 — considerably less than DataQuick’s July median of $400,000. That’s mainly because there are more foreclosures in the outlying areas; foreclosures increase in number and decrease in price the farther you get from the most desirable parts of L.A. In fact, 370 foreclosure resales were recorded in ZIPs whose first two numbers were 93, which includes Palmdale and Lancaster and surrounds.

But what about those Westside areas where many of us would love to live? Here are some noteworthy high-end foreclosure resales on the list.foreclosure2.jpg

Hancock Park area
533 S. St. Andrews Place, #308, 90020
Sold for $352,000 on 7/31/08
2BR/2B/1,112 square feet
History:  Purchased in April 2006 for $450,000; foreclosed upon in October 2007.

Westwood
10633 Kinnard Ave., #16, 90024
Sold for $450,000 on 7/29/08
1BR/2B/1,304 square feet
History:  Sold for $600,000 in July 2005; bought by lender in March 2008

10535 Wilshire Blvd., #1011, 90024
Sold for $625,000 on 7/11/08
3BR/2B/1,352 square feet
History:  Sold for $784,000 in February ’07; foreclosed upon one year later

Beverly Grove
501 N. Stanley Ave., 90036
Sold for $810,000 on 7/24/08
3BR/2B/1,906 square feet
History:  Bought by the bank in February for $828,750

West Fairfax
1657 Point View St., 90035
Sold for $659,000 on 7/08/08
3BR/2B/1,356 square feet
History: Purchased for $890,000 in January 2007; bought by lender in March 2008

1562 Hi Point St., 90035
Sold for $641,000 on 7/31/08

3BR/3B/1,822 square feet
History: Bought in May 2004 for $725; foreclosed upon in March

Cheviot Hills
2834 Greenfield Ave., 90064
Sold for $745,000 on 7/21/08
3BR/2B/1,728 square feet
History:  Sold for $1 million in October 2006; bought by lender for $848K in January 2008

Hollywood Hills
2431 San Marco Dr., 90068
Sold for $841,500 on 7/29/08
3BR/3B/2,255 square feet
History:  Foreclosed upon in January for $932K and change

West Hollywood
8787 Shoreham Dr., #208, 90069
Sold for $370,000 on 7/11/08
0B/1B/537 square feet
History:  Purchased for $535,000 in January 2007; foreclosed upon in February

Hermosa Beach
2411 Prospect Ave., #0304, 90254
Sold for $530,909 on 7/25/08
2BR/2B/865 square feet
History:  Sold for $505,000 in September 2005; bought by lender in March

Manhattan Beach
1704 N. Meadows Ave., 90266
Sold for $880,000 on 7/25/08

3BR/3B/1,948 square feet

Rancho Palos Verdes
21 Mela Lane, 90275
Sold for $955,000 on 7/16/08

2BR/3B/2,836 square feet
History:  Purchased for $725,000 in January 2002; foreclosed upon in December for $1,113,300

2032 Dorado Dr., 90275
Sold for $590,000 on 7/2/08

5BR/2B/2,198 square feet

5987 Peacock Ridge Rd., #206, 90275
Sold for $560,000 on 7/24/08
2BR/3B/2,100 square feet

3565 Starline Dr., 90275
Sold for $856,000 on 7/3/08
3BR/3B/2,160 square feet
History:  Foreclosed upon for $969K in November

Santa Monica
2025 N. 4th St., #206A, 90405
Sold for $430,000 on 7/31/08
1BR/1B/615 square feet
History: Purchased in August 2006 for $535,000; foreclosed upon in January for $414,000

2025 4th St., #102A, 90405
Sold for $400,000 on 7/8/08
1BR/1B/699 square feet
History: Purchased for $480,000 in March 2005

Recent Redfin posts:
Five Steps to Home Shopping by Schools
Fire-Season Facts, Or Lesson 3 for L.A. Homebuyers:  Clearing Hillsides is Not Optional
Angelino Heights:  Beauty in the Beastly Neighborhood

  • RED

    So, with rare exception, the banks have been selling the homes for less than the last previous sale. Encouraging, though that could support the anecdotal reports of banks holding on to foreclosed properties rather than putting them back on the market.

    RED