Saturday, March 24, 2007

Mar Vista Meltdowns

This thread is dedicated to posting actual losses on residential real estate in the area of Mar Vista during the latest declining market. According to the LA Times 3/18/07, Feburary Sales Activity, measured Year Over Year declines in Median SFR Sales Prices of 8.3%, resulting from a Total of 29 Sales. Here are the first of many Mar Vista meltdowns:

Condo Wars ??

5000 Centinela Ave.
Mar Vista, CA 90066
CONDO # 334 1+1 778 sq ft Sold 1/26/07 $405K
CONDO # 308 1+1 778 sq ft Sold 2/1/07 $355K
CONDO # 225 1+1 778 sq ft Sold 2/1/07 $325K (-20.0%) in 5 days...

10 comments:

latesummer2008 said...

Suprisingly, I did see a property go into escrow right away on the corner of Mountain View and Charnock in Mar Vista Hill. Asking price was $995K. 2 story house, cleaned up nice on a decent, but average size lot. Apparently, clean houses in prime areas are selling. Everything else is dead. Seems to me, buyers can pick and choose now.

latesummer2008 said...

Get ready for the TsunARMi.. Adjustable Rate Mortgages begin resetting in April and are headed this way !! Headed to a neighborhood near you...

latesummer2008 said...

So far, just a little condo war at the Gateway building by the Marina del Rey Freeway. Asking prices still seem a bit high and sellers appear to be staging a standoff against buyers. What will happen in Mar Vista, once summer comes?

Westside Bubble said...

Seems a lot more activity (new and sold listings) in Palms-Mar Vista than Santa Monica. Will we see a slow down with tightening credit?

latesummer2008 said...

Absolutely, as credit gets tighter, so will qualifying for higher amounts. if you look at Bel Air and Marina del Rey last month, they were almost dead in the water. I suspect slaes activity will slow dramatically, as first time buyers are squeezed out due to exotic lending drying up.

latesummer2008 said...
This comment has been removed by the author.
latesummer2008 said...

HPM (House Price Multiplier) for :

3467 Grand View Blvd, LA 90066
SFR, 3+1, 1080 sq ft, SOLD 3/4/07
$1,475,000, 12,048 sq ft LOT (View)

1080/12048 = .09 (HF) House Factor
1.0 - .09 = .91 (LF) Land Factor

$1,475,000 x .09 = $132,750 (HV) House Value
$132,750/1080 = $122.9/sq ft (HV/SQFT)

$1,475,000 x .91 = $1,342,250 (LV) Land Value
$1,342,250/12048 = $111.4/sq ft (LV/SQFT)


122.9 + 111.4 = 234.3 (HPM)
House Price Multiplier

latesummer2008 said...

HPM (House Multiplier) for :

4129 McConnell Blvd, LA 90066
2+1, 941 sq ft, SOLD 2/13/07, $644,500, 4960 sq ft LOT (Borders Commercial Parking Lot)

941/4960 = .19 (HF)
1.0 - .19 = .81 (LF)

$644,500 x .19 = $122,450 (HV)
$122,450/941 = $130.0/sq ft (HV/SQFT)

$644,500 x .81 = $522,050 (LV)
$522,050/4960 = 105.3/sq ft (LV/SQFT)

130.0 + 105.3 = 235.3 (HPM)
House Price Multiplier

latesummer2008 said...

According to the LA Times (4/22/07) Condo median sales prices took another big hit last month. (-15.3%) when measured YOY (Year over Year)

latesummer2008 said...

Another Mar Vista Meltdown :

12629 Caswell Ave #13 LA 90066
CONDO 2+1, 954 sq ft, SOLD for $469K
on 12/6/06, $492/sq ft

12629 Caswell Ave #6 LA 90066
CONDO 2+1, 954 sq ft, SOLD for $381K
on 3/7/07, $399/sq ft

$381K/$469K = .812 (-18.8%)in 3 months!