Archive for October, 2007
October 29, 2007
As we head in to this buyer’s market, one thing that will trend upward is the number of days a property stays on the market before selling. This is a valuable statistic to track and compare when you are deciding on an offer price for any property. The longer a seller has been trying to sell, the more they may be willing to negotiate on the value.
Redfin has great search options for available homes including a selection bar in the pop-up menu for anything from new listings to listings with over 180 days on Redfin. Also on any full print out listing from Redfin the On Redfin number gives you a quick glance at this stat.
While this number sounds easy to calculate, it becomes tricky because the different local listing boards may have differing ways they allow listing agents to modify the Days on Market value. Some may allow an agent to “re-list” a property and thereby reset the count, the board may consider the day count reset if the owner changes listing agents or the listing agent may cancel the listing for a short period and then bring it back on as new.
It can quickly head in to ethically gray areas so most boards frown on agents using any method to give the wrong impression of market time. Many have added extra information on consecutive days marketed and history searches which bring up years of past activity. In the south bay area the board has strict policies on pushing accurate DOM counts and the numbers are easy for your Redfin agent to verify.
When you are approaching the offer phase for a property, talk to your Redfin agent and they can provide you the extra background information to know just how long the seller has been waiting.
October 28, 2007
There are two condos in Playa Del Rey that sold just last month. They are both two-bedroom, three-bath homes. The Redlands property was just listed on August 21st. The Manitoba property dropped the price $10,000 from $595,000 on August 28th. It looks like the sellers got the price about right to sell. Stats are below.
8025 Redlands St., #26/2bd, 3bth/1,206 sq. ft./Listed $509,000/Sold $503,500
8128 Manitoba St., #105/2bd, 3bth/1,338 sq. ft./Listed $585,000/Sold $552,000
October 28, 2007
Ok. So the joy is more about me finding that little nugget to write about than anything else, but the blue icons that tell me something has sold recently in the area are fast becoming scarce. In case you’re looking for more info on this well planned out little architectural community (suited for hip Gen X-ers and anyone else who can appreciate the all-inclusive, walking distance living and modern, high-end finishes.), look at the Villosa property below.
13031 Villosa Pl., #402A/2bd, 3bth/2,020 sq. ft./Sold $889,000
There are a few other 2-bedroom, three-bath homes now selling in the area.
5625 Crescent Park West, #114/$755,000
13044 Pacific Promenade, #421/1,810 sq. ft./$799,000
October 27, 2007
All of you house-hunters might be interested in this list of what has dropped in price lately. It looks like there are finally some properties that have been reduced more than $10,000 a piece. Check out the 8% reduction on the 13173 Pacific Promenade address or the 9% reduction on the Gonzaga one, for example. Okay. So they’re not huge drops, but much better than the common 2% price reductions we’ve been seeing.
Buyers, can you say, “Bring it on down?”
Playa Del Rey
7779 Veragua Dr./4bd, 3.5bth/$4,195,000 to $3,950,000
Playa Vista
13173 Pacific Promenade, #207/2bd, 3bth/$713,900 to $663,900
13020 Pacific Promenade, #108/2bd, 2bth/$699,000 to $689,900
Westchester
8218 Belford Ave./3bd, 2bth/$749,000 to $719,000
8420 Gonzaga Ave./3bd, 2bth/$819,000 to $749,000
7922 Flight Ave./2bd, 1.5bth/$859,000 to $850,000
8326 Creighton Ave./4bd, 1.75bth/$825,000 to $795,000
October 27, 2007
Manhattan Beach
8 San Miguel - 3bd/2.5bth/1903sqft/$1,299,000 - Sunday 1-4PM
309 32nd St - 3bd/3.5bth/2510sqft/$2,295,000 - Sunday 1-4PM
Hermosa Beach
731 4TH STREET #B - 4bd/2.5bth/2814sqft/$1,280,000 - Sunday 1-5PM
Redondo Beach
1609 Flagler #B - 3bd/2.5bth/1853sqft/$815,000 - Sunday 1-4PM
1635 Stanford Ave - 3bd/2bth/1478sqft/$779,000 - Sunday 1-4PM
Palos Verdes Estates
1608 Via Barcelona - 4bd/3.5bth/4360sqft/$2,885,000 - Sunday 1-4PM
Rolling Hills Estates
4616 ROLLANDO DRIVE - 3bd/3bth/2828sqft/$1,499,000 - Sunday 1-4PM
Rancho Palos Verdes
3130 Crownview Drive - 4bd/3.5bth/3659sqft/$1,795,000 - Sunday 1-4PM
26565 Mazur - 3bd/2bth/1550sqft/$989,000 - Sunday 2-4PM
Long Beach
2140 North Ohio AVE #1 - 2bd/2bth/1300sqft/$569,000 - Sunday 1-4PM
85 Angelo Walk - 2bd/2bth/1402sqft/$949,000 - Sunday 1-4PM
October 27, 2007
This week’s daily updates from Redfin, which include both new and updated listings, have been light on the new listings and heavy on the updates. And the updates have been dominated by price reductions.
That’s undoubtedly due to the combination of the traditionally slower-selling fourth quarter, plus the general malaise of the market. But if you happen to be ready to buy now, you should find plenty of sellers willing to negotiate.
A few examples:
Beverly Hills
200 N. Swall Drive, #PH
Was: $1,499,000 Now: $1,399,000
2BR/2B
West Hollywood
1131 Alta Loma Road, #312
Was: $649,000 Now: $595,000
1BR/1.5B
1037 N. Laurel Ave., #4
Was: $1,195,000 Now: $1,099,000
2BR/2B
Hollywood
8930 St. Ives Drive, Los Angeles
Was: $3,495,000 Now: $2,995,000
4 BR/3.5B
2190 Beech Knoll Road, Los Angeles
Was: $1,099,000 Now: $999,900
3BR/2B
October 26, 2007
The “celebrity” in question in this listing is– according to Real Estalker– LA Dodger, Rafael Furcal. His townhouse in the 2005-built, 11-unit “Venezia Village”, which takes the Mediterranean revival theme to perhaps its most excessive extreme has been on the market for two months. And while I don’t know that Mr. Furcal’s unit will be open this weekend (though it very well might), there is another unit in the lavish complex that definitely is.
From the same builders, another luxury townhouse just down the street and of the same pricey mold is open this Sunday as well. Name of the place? ……“Firenze Village”! If the faux-Italian villa thing just isn’t floating your boat, a few other properties are open this Sunday, 10/28 as well for you Pasadena townhouse / condominium hunters:
448 OAKLAND AVE #2 “Venezia Village”
$1,100,000
Beds: 3 / Baths: 4
MLS#: A07093313
2:00 PM to 5:00 PM
478 SOUTH OAKLAND AVE., #2 “Firenze Village”
$949,000
Beds: 3 / Baths: 4
MLS# 22095376
2:00 PM to 5:00 PM
776 SOUTH ORANGE GROVE BLVD., #1
$879,000
Beds: 2 / Baths: 3
MLS# 22099923
2:00 PM to 5:00 PM
111 S DELACEY AVE #207 “Seller Pays 6 mo. HOA’s!”
839,000
Beds: 2 / Baths: 2
MLS#: 07-215177
2:00 PM to 5:00 PM
October 26, 2007
3150 Laurel Canyon Blvd
Studio City
$1.295.000
3 bed rooms, 2 bath
Masterbed room with walk-in closet
Woodfloors throughout
Office & solarium merges to the outside
Open floorplan
Swimmer’s pool
Private
MLS# 07-225705
7409 Leescott Ave
Van Nuys West
$520,000
2 Bedrooms 1.5 Baths
Bonus Room(BR # 3)
Pool Separate office/studio
Hardwood Floors
Eat in Kitchen
MLS# F1727532
9419 Valjean Avenue
North Hills
$499,000
Modern 1950’s San Fernando Valley Home
1,792 sq.ft. of Single Level Living Space
3 Bedroom / 2 Bath Bonus Room / Home Office
Central Air
Corner Lot (8,134 sq, ft. Lot Size)
2 Car Garage and RV Parking
MLS# I101047
October 26, 2007
(Drum roll please…) The Open House List!
It’s interesting that they’re offering a $1200 credit on the Manitoba property to the selling agent if it’s in escrow by November 1st. So what incentive is there for the buyer? As for the lot for the W. 85th St. property, at 10,000 square feet in the city, that’s almost as big as the price tag! Also, note that the Westlawn home is making its second appearance on the Open House List, but it’s down $30 grand from its posting on August 30th.
Playa Del Rey
7765 W. 91st. St., #F1100/3bd, 2bth//FSBO/$478,000/Sat & Sun 2pm-5pm
8160 Manitoba, #111/2bd, 2bth/DOM 160+/$479,900/Sat & Sun 2pm-5pm
7708 W. 85th St./5bd, 3.5 bth/Huge lot/$1,799,000/Sun 1pm-4pm
Playa Vista
5625 Crescent Park, #125/2bd, 2bth/End unit/$599,000/Sun 2pm-5pm
Westchester
7916 Westlawn Ave./3bd, 2bth/North Kentwood/$799,000/Sun 1pm-5pm
7924 El Manor Ave./2bd, 2bth/Remodeled/$859,000/Sat 1pm-4pm, Sun 2pm-5pm
7371 W. 81st St./5bd, 4bth/2001 construction/$1,585,000/Sun 1:30pm-4pm
October 26, 2007
A story in today’s Los Angeles Times reports that the number of foreclosures in California set a record for the second straight quarter. More than 24,000 homes went into foreclosure in the state during the third quarter, an increase of almost 40 percent from the previous three-month period.
Los Angeles and Orange counties have fared better than the rest of the state, but that’s changing.
Though the state’s foreclosure rate tops that of the 1990s real estate collapse, Los Angeles and Orange counties have fared better so far. Neither county has slipped to the foreclosure levels of the 1990s, although each saw a sharp increase from the previous quarter…The foreclosure wave had been largely confined to the Inland Empire, but the third-quarter figures show it creeping into Los Angeles and Orange counties.
Experts expect the situation to continue to worsen.
…[F]oreclosures are expected to continue to rise as large numbers of variable-rate mortgages reset to higher rates in the next year, leaving homeowners with higher payments than they can afford. That could flood the real estate market with discounted, bank-owned homes — possibly stalling a recovery for several years, some analysts say.
