Archive for November, 2007
November 27, 2007
How does living in a Spanish colonial home amidst courtyards and a musical splashing fountain sound to you? Because that’s the description of the Villa d’Este home that sold recently in Playa Vista. Take a look at what it sold for.
5935 Playa Vista Dr., #409/2bd, 3bth/1,669 sq. ft./LP $699,000/SP $676,000
Just down the street, there’s a slightly smaller property that’s been on the market for over 3 months.
7101 Playa Vista Dr., #110/2bd, 2.5bth/1,400 sq. ft./$699,000
November 27, 2007
Today’s Los Angeles Times includes this story on potential homebuyers waiting on the sidelines to see how far prices will drop.
No one knows how severe the slump will be, but economists and real estate experts interviewed by The Times, and who were willing to make predictions, said prices could fall 15% to 25% before turning back up. Most said values would continue falling through at least next year, and some thought the market wouldn’t reverse course until 2010.
But some experts added that outlying areas, such as Riverside County, would suffer greater price drops than more affluent areas.
Areas such as the Central Valley and the Inland Empire will be the hardest hit, [UC Berkeley professor Kenneth Rosen] said, because these attracted a higher percentage of new buyers with shaky credit, and many of them are now defaulting on their loans. He believes values in these communities could fall by 15%. But “in areas where there is very little new housing, where it’s hard to build and a lot of wealthy people live, there will be little decline or maybe none at all.”
Not everyone agrees.
[O]thers call this wishful thinking, saying low prices eventually work their way to even the most affluent areas. “Every place takes the hit in the long run,” said Christopher Thornberg of Beacon Economics, a consulting firm in L.A.
Who’s right? Only time will tell.
November 26, 2007
I was recently appraising a 1200sq.ft single story, 2-bedroom / 2- bathroom home in Valencia. The homeowner asked me if her home would be hard to sell because it has only 2 bedrooms and 2 bathrooms. My response to her was; There is a product to suit everyone’s needs.
While this type of house has a limited pool of buyers, because most consumers want at least 3 bedrooms, this home has it’s own market. The single urban professional, the young married couple and the empty nesters that are looking to downsize will find this type of home appealing.
This type of home was constructed largely in the 1950’s, 60’s and 70’s. Nowadays, builders will not produce this type of product because they know it has a limited marketability. Builders hear from buyers everyday, that they want more room. The Lennar Corporation, the dominant builder in the Santa Clarita Valley, has been building 2 bedroom condos, but the condo market is a different animal. People who buy a condo are buying into the lifestyle. They want to be able to leave their home when going to work and rest assured that the exterior maintenance ( eg: the pool, spa, common grounds) are being taken care of by a management company. The legal description of condo ownership is, the ownership of airspace between the walls. Owning a house, is owning the land and it’s attachments (meaning the house and garage).
You can always add a 3rd bedroom to a 2-bedroom house. The issue that most homeowners ask themselves, would it be cheaper and easier to just move into a 3-bedroom home? Every city and county has their own rules regarding room additions. You have to consider permits. If you convert your garage into a room, Los Angeles County has a rule that you must have a carport in lieu of a garage. Then you get into the issue of setbacks. The carport must be set back from the curb by a minimum number of feet. The same goes with with building a room addition in the backyard. There is a minimum set back from the sides and back lot-line. Also, if you live in a PUD (Planned Unit Development), you must get permission from the HOA before you start building.
There is no question that a 2-bedroom/2-bathroom home is the most affordable. I ran a market analysis on the MLS for Valencia and here are the figures I found:
15 Active Listings= $508,000 Average Listing Price
17 Solds in the last year=$510,000 Average Sold Price
November 26, 2007
Here’s a look at some new single family home listings in Pasadena this past week.
N Raymond is the odd house out, offering great ‘bang for the buck’ at $291 a precious square feet. This Tudor is in fact a re-list, and was previous on the market just months ago with a listing price as high as $768,888.
The remaining listings- including a pair of early century bungalows- are quite a bit more petite but not far off in price, skyrocketing your $/sq.ft. The price of ‘charm‘ perhaps?
708 N Catalina AVE
$509,000
Beds: 2 / Baths: 1
SQ.FT.: 816
$/SQ.FT.: $624
375 Barthe
$599,900
Beds: 2 / Baths: 1
SQ.FT.: 1,064
$/SQ.FT.: $564
1138 N Raymond
$650,000
Beds: 3 / Baths: 3
SQ.FT.: 2,235
$/SQ.FT.: $291
1430 Whitefield RD
$569,000
Beds: 2 / Baths: 1
SQ.FT.: 960
$/SQ.FT.: $593
Photo: pasadena-looking-north, by mangosteen queen
November 26, 2007
If you’re singing, “I want more for my money!” AND you’re looking for a beach community property, take a look at this post. Though certainly no bargain-basement purchases, these single-family homes yield more space than their nearby neighbors. (The average price of single-family homes is currently over $500 a square foot in the Playa Del Rey area.)
7960 W. 79th St./4bd, 3bth/2,390 sq. ft./$418 per sq. ft./$999,900
7609 W. 83rd St./4bd, 3bth/2,689 sq. ft./$439 per sq. ft./$1,180,000
November 26, 2007
Affordable rental housing is being fast tracked for the San Fernando corridor redevelopment district in Glendale. The Housing Authority has recently voted to advance to a developer to secure the 37,530-square-foot property at 3673 San Fernando Rd. for the $37-million Glendale City Lights project, with the following in the works:
- 68 units; 8 two-bed and 60 three-bedroom units
- Ranging from 750 to 1,010 square feet
- Community room and courtyard
- 185 car subterranean parking
- Near Cerritos Park, Elementary School, and public transit hub
- Rents ranging $400 to $900
- Lottery process for qualified tenants
The project emphasizes the city’s continued focus on “pedestrian-friendly smart growth” and fostering a middle class, as City Lights “will serve households with income ranging from 30% to 60% of the area median income for at least 55 years, according to city staff reports.” Glendale City Lights is expected to be completed roughly two years after its groundbreaking this coming February.
Source: Glendale News Press
November 26, 2007
What’s the magic number? Apparently for these two condos, it’s $10,000 - give or take. That seems to be a popular number for price reductions in the LAX area. These two condos are both ideal for someone looking for a bachelor or bachelorette pad.
7110 La Tijera Blvd., #G101 90045/1bd, 1bth/$339,900 to $329,000
8701 Falmouth Ave., #204 90293/1bd, 1bth/845 sq. ft./$459,000 to 449,000
November 24, 2007
Torrance
4808 Pacific Coast Hwy - 3bd/2.5bth/1629sqft/$700,000 - Saturday 1-4PM
Redondo Beach
2414 Hill Ln - 4bd/4bth/3600sqft/$1,389,500 - Saturday 1-5PM
Manhattan Beach
2801 Alma Avenue - 3bd/3.5bth/2000sqft/$2,149,000 - Saturday 2-4PM
1144 Elm - 5bd/4.5bth/3291sqft/$1,995,000 - Saturday 1-4PM
1747 2nd Street - 3bd/2bth/1442sqft/$1,299,999 - Sunday 1-4PM
Palos Verdes Peninsula
4324 Cartesian Circle - 5bd/4bth/3384sqft/$1,849,000 - Sunday 1-5PM
Rancho Palos Verdes
6128 Arrowroot - 3bd/2bth/2240sqft/$1,415,000 - Saturday 1-4PM
6508 Sandy Point Court - 3bd/3bth/2447sqft/$1,279,000 - Sunday 1-4PM
November 24, 2007
Sample the flavor of a few different Pasadenian neighborhoods as this open house tour whisks you through San Rafael, Madison Heights, and Garfield Heights. All listings open tomorrow, Sunday, November 25, 1:00 PM to 4:00 PM.
PASADENA
1105 N Garfield AVE (price drop! Was: $1,099,000)
$1,049,000
Beds: 3 / Baths: 2.5
SQ.FT.: 2,300
934 S Euclid AVE
$800,000
Beds: 3 / Baths: 1.75
SQ.FT.: 1,515
1307 Eastlyn PL
$749,000
Beds: 3 / Baths: 1.75
SQ.FT.: 1,358
290 Redwood DR (price drop! Was: $749,000)
$699,000
Beds: 3 / Baths: 1.5
SQ.FT.: -
ARCADIA
1614 Melanie “EXTRA TOILET IN GARAGE”
$840,000
Beds: 3 / Baths: 2.25
SQ.FT.: 2,223
500 San Luis Rey
$718,000
Beds: 3 / Baths: 1
SQ.FT.: -
November 24, 2007
This square footage deal just sold last month. And it sold right around its asking price of $725,000. The home sat on the market for just 25 days. Not bad in this sluggish market. Here are the stats:
8837 Kittyhawk Ave./2bd, 2bth/1,741 sq. ft./$720,000
But wait! There are still more properties to be had on Kittyhawk Ave. Take a look at the 8743 property. It was sold just in August and now it’s back on the market as a foreclosure.
8743 Kittyhawk/3bd, 1bth/1,111 sq. ft./$589,900
8917 Kittyhawk/3bd, 2bth/1,899 sq. ft./$629,000
8957 Kittyhawk/4bd, 2.5bth/1,893 sq. ft./$895,000
Incidentally, if you want to know more about the USS Kitty Hawk, since we’re talking about a street name that’s just about the same, check out this site.
