January 31, 2008
What’s This Waterview Home Worth?
No. Sales have not come to a grinding halt in Playa del Rey. In this little oceanside community that is sandwiched between the Pacific Ocean to the west, Westchester to the east, Marina del Rey to the north, and LAX to the south, homes are still moving. At current count, I spotted 18 single-family homes on the Redfin map listed for sale. Redfin shows that 11 single-family homes have sold in the last three months.
No doubt, a few have been sitting for a while. (For instance, 236 Waterview St. has been on the market for over 140 days.)
On October 1, 2007, 333 Waterview St. was listed for $979,900. On November 10, 2007, the sellers dropped the four-bedroom, two-bath property down to $939,900 (less than 4% reduction). But that was just enough to finally induce someone to make the purchase. The four-bedroom, two-bath home sold for $900,000 on December 31, 07. Can we say Happy New Year?
Now let’s compare. The 236 Waterview home has less sleeping quarters - just two-bedrooms and two-baths. But it’s just around the bend, giving it a peek-a-boo view of the lovely ocean sunsets. It’s also got a pretty rich looking interior, with deep-colored (and shiny) hardwood floors. Plus, there are high-end finishes you’d find in one of the Playa Vista home interiors. (Think Pottery Barn or Restoration Hardware.) It’s currently going for $1,299,000. Anyone want to guess what reduction it would take to sell this place? C’mon. Take your best stab at it. (I’m betting an 8%-10% drop would bring in some reasonable offers for a sale.)
There aren’t really any other comparable homes selling in the area. Nearby, 135 Waterview is selling for $2,450,000. It’s a four-bedroom, five-bath home pegged as an investment opportunity.
The Cash Machine is Broken | Redfin Los Angeles Sweet Digs said:
[…] What’s This Waterview Home Worth? […]
February 1, 2008 7:40 AM
k0328b said:
I still think this part of LA has yet to feel the crunch. Lower income areas, yes. The reality is the house are way over estimated, and exceed their actual worht. Why are people not dropping the prices? A few may be able to get loans now to buy this outrageously priced housing area, but the number is going decline, and the givernmet can’t keep bailing out people. If more people bought homes they could afford, well this bubble would ahve never happened. (IMO)
February 1, 2008 10:24 AM
Christina Chan said:
Without a doubt, many Westside areas are still very high and unaffordable. The properties I cover around the LAX area are coming down. But no one is coming down fast - more of a slow quicksand. And - believe it or not, people are still buying.
People are likely not dropping prices for a few reasons-
1. They bought more recently - perhaps 2-3 years ago and don’t want to sell their homes at a loss.
2. They can afford not to sell in a hurry.
3. They stubbornly believe that dropping the price drastically will lower the value of the homes in the neighborhood.
Does anyone else want to offer an opinion or comment?
February 1, 2008 2:35 PM
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