Pacific Palisades Meltdowns
This thread is dedicated to posting actual losses on residential real estate in the area of Pacific Palisades during the latest declining market. According to the LA Times 3/18/07, February Sales Activity measuring Year over Year, SFR Median Prices declined 20.0% on a Total of 24 sales. Here are the first meltdowns in Pacific Palisades :
10640 Sunset Blvd. #304
Pacific Palisades CA 90272
CONDO 2+3 1438 sq ft
Sold 8/3/06 $897.5K
Sold 3/9/07 $779K (-13.2%) in 7 months
17432 Revello Dr.
Pacific Palisades CA 90272
SFR 3+3 1936 sq ft, 7090 sq ft lot
Sold 8/24/05 $1480K
Sold 2/26/07 $1350K (-8.8%)
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10 comments:
Perhaps, many feel Pacific Palisades will escape the downturn in real estate this summer. Personally, I think it will take a big hit, as it enjoyed some of the greatest appreciation during the boom.
Just a house and a condo have melted down, so far. Asking prices are still high and there appears to be a standoff between buyers and sellers. What do think will happen in Pacific Palisades, come summer?
A Couple more Condo Meltdowns :
15515 W. Sunset Blv. #104 LA 90272
CONDO 1+2, 1118 sq ft, $598K, SOLD 5/9/06, $535/sq ft
15515 W. Sunset Blv. #105 LA 90272
CONDO 2+2, 1175 sq ft, $550K, SOLD 3/7/07, $468/sq ft (-12.6%)
860 Haverford #101 LA 90272
CONDO, 2+2, 1492 sq ft, $940K, SOLD 1/12/07, $630/sq ft
860 Haverford #305 LA 90272
CONDO, 2+2, 1631 sq ft, $902K, SOLD 3/9/07, $553/sq ft (-12.3%)in 2 months..
HUMONGOUS MELTDOWN :
911 Iliff, LA 90272
SFR, 3+2, 1591 sq ft, $1595K, SOLD 8/10/06, 6500 sq ft LOT
1591/6500 = .24 (HF) House Factor
.24 x $1595K = $382.8K (HV) House Value
$382.8K/1591 = $240.6 (HV/SQFT) House Value per Square Foot
1.0 - .24 = .76 (LF) Land Factor
.76 x $1595K = $1212.2K (LV) Land Value
$1212.2K/6500 = $186.5 (LV/SQFT) Land Value per Square Foot
240.6(HV/SQFT) + 186.5(LV/SQFT) = 427.1(HPM) House Price Multiplier
930 Iliff, LA 90272
SFR, 3+2. 1962 sq ft, $1330K, SOLD 10/23/06, 13000 sq ft (Double) LOT
1962/13000 = .15 (HF)
.15 x $1330K = $199.5K (HV)
$199.5K/1962 = $101.7 (HV/SQFT)
1.0 - .15 = .85 (LF)
.85 x $1330K = $1130.5K (LV)
$1130K/13000 = $87.0 (LV/SQFT)
101.7(HV/SQFT) + 87.0(LV/SQFT) = 188.7(HPM)House Price Multiplier
188.7(HPM)/427.1(HPM) = .442 (-55.8%)
ANOTHER MELTDOWN:
15919 MIAMI WAY, LA 90272
SFR, 2+1, 1161 sq ft, $1400K, SOLD 10/06/06, 6186 sq ft LOT
1161/6186 = .188 (HF)
.188 x $1400K = $262.8K (HV)
$262.8K/1161 = $226.3 (HV/SQFT)
1.0 - .188 = .812 (LF)
.812 x $1400K = $1136.8K (LV)
$1136.8K/6186 = $183.8 (LV/SQFT)
226.3(HV/SQFT) + 183.6(LV/SQFT) = 410.1(HPM) House Price Multiplier
15925 MIAMI WAY, LA 90272
SFR, 4+3, 2176 sq ft, $1394K, SOLD 11/22/06, 6839 sq ft LOT
2176/6839 + .318 (HF)
.318 x $1394K = $443.5K (HV)
$443.5K/2176 = $203.8 (HV/SQFT)
1.0 - .318 = .682 (LF)
.682 x $1394K = $950.7K (LV)
$950K/6839 = $139.0 (LV/SQFT)
203.8(HV/SQFT) + 139.0(LV/SQFT) = 342.8(HPM) House Price Multiplier
342.8(HPM)/410.1(HPM) = .836 (-16.4%)
According to the LA Times (4/22/07), Condo median sales prices took another hit. When measured YOY (Year over Year), they dropped (-5.4%) on only 7 sales.
This is silly, especially the Haverford info. I have seen both condo's and the #101 unit is incredibly nice with a great view. #305 is very worn looking with carpet throughout and looks over the alley. Also, #101 has a huge kitchen and hardwood floors throughout. Very Very different. Your info is random and doesn't help
#305 also seems a bit larger and on the 3rd floor compared to the first floor. Generally, that is a more desirable location, but not always. View is hard to take into account unless you have seen it though. Perhaps, you own property in the Palisades?
Market is due to take a big hit come November. Foreclosures will start popping up in many locations throughout LA as ARMS and Credit Crunch BEGINS to take it's toll.
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