Saturday, March 24, 2007

Rancho Park/West LA 90064 Meltdowns

This thread is dedicated to posting real estate actual losses on residential real estate in the area of RanchoPark/West LA 90064, during the latest declining market. According to the LA Times 3/18/07, February Sales Activity, Median SFR Sales Prices declined 33.7% on a Total of 18 Sales.

Here is the first Rancho Park/West LA 90064 meltdowns

2527 S. Bundy Dr.
SFR 2+1 1015 sq ft, 4520 sq ft lot
Sold 7/5/06 $715K
Sold 3/2/07 $637K (- 11%) in 8 months..

13 comments:

cassiopeia said...

Hi, latesummer, this is not really a meltdown (yet), but I was ranting about an ugly McMansion over at Ben's blog and it occured to me I should check it out on Zillow. I had seen the open house, then the open houses stopped and a For Lease sign appeared. That made me think that maybe the house hadn't sold, but, oddly enough, it did sell.

2203 Overland, zip 90064 (right on the corner of Olympic)

Sold 1/23/07 for a whooping 2,350,000M
Before that, it was a little 1100 sq ft thing that sold in 2004 for $646,000 (still expensive)

Now, can someone tell me how a person would buy such an elephant of a house and put it up for lease a month later? It doesn't make any sense.

latesummer2008 said...

Cassiopea, I remember when that horrible thing was being built and I wondered about its location. Sale sounds a bit suspicous to me also. However, there are a lot of stupid people out there with money. Could be a mistake on Zillow, since a For Lease sign has gone up after the open houses.

Glad to see someone has started using these "Area Meltdowns" I hope others start adding to it. Should'nt be to difficult in the near future with the first big wave of ARMs resetting in April.

cassiopeia said...

Should'nt be to difficult in the near future with the first big wave of ARMs resetting in April.

No, it will just take time. The Westside has not registered the slowdown yet. Asking prices are still through the roof and sellers haven't panicked yet.

cassiopeia said...

Another just listed jewel in my neighborhood. Not melting down yet.

10388 Keswick Ave., LA, 90064

Totally redone Spanish. Nice, in a McMansionish sort of way (I'm beginning to really hate granite), 3130 sqft. Tiny, tiny yard, but the lots are small in that area.

Asking price: $1,895,000

CAN SOMEONE GIVE ME WHATEVER THESE PEOPLE ARE SMOKING???

Previous sales:
6/20/05 $930,000
11/26/03 $678,000

latesummer2008 said...

Listings don't mean squat in this type of market. Sounds like they dumped alot of money in it at the wrong time and are in denial about the market. Not having seen it, I can't really comment, but sounds high for the area. They'll probably end up chasing the market down and eventually give it back to the bank. Seen it happen the last time around. Keep your eye on the solds...

cassiopeia said...

Yes, they did put a lot of money in it. And you are right, they overdid it for the area, which is mostly older mid-sized unpretentious homes. The closest comp I could find was on the next block and sold recently for 1.6M. It's true, there are still a lot of people with money to sink into overpriced property.

latesummer2008 said...

Get ready for the TsunARMi... Adjustable Rate Mortgages are just starting to reset in April. Coming to a neighborhood near you!!

latesummer2008 said...

So far, just one entry level house on Bundy close to the 10 freeway has shown a meltdown. But, the median sales price did take a wallop! Do we still have a standoff between buyers and sellers? What will eventually happen in Rancho Park/90064, once summer rolls around?

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

SUPER MELTDOWN

2247 Manning LA 90064
SFR, 2+1, 1637 sq ft, SOLD 1/23/07 for $1365K, 6075 sq ft LOT

1637/6075 = .269 (HF) House Factor
1.0 - .269 = .731 (LF) Land Factor

.269 x $1365K = $367.2K (HV) House Value
$367.2/1637 = $224.3/sq ft (HV/SQFT) House Value per Square Foot

.731 x $1365K = $997.8K (LV) Land Value
$997.8K/6075 = $164.2/sq ft (LV/SQFT) Land Value per Square Foot

224.3 + 164.2 = 388.5 (HPM) House Price Multiplier



2206 Manning LA 90064
SFR, 3+2, 1975 sq ft, SOLD 3/2/07 for $920K, 6750 sq ft LOT

1975/6750 = .293 (HF)
.293 x $920K = $269.6K (HV)
$269.6K/1975 = $136.5/sq ft (HV/SQFT)

1.0 - .293 = .707 (LF)
.707 x $920K = $650.4K (LV)
$650.4K/6750 = $96.4/sq ft (LV/SQFT)


136.5 + 96.4 = 232.9 (HPM) House Price Multiplier

(HPM/HPM) 232.9/388.5 = .599 (-40.1%) !!!

latesummer2008 said...

According to the LA Times (4/22/07), median sales prices of SFRs dropped (-8.8%) last month on 22 sales, when measures YOY (Year over Year).

latesummer2008 said...

Couple more sales of interest:

2718 S. Barrington LA 90064
4+2 1318 sq ft, $740K, SOLD 9/27/05, 5500 sq ft LOT

2718 S. Barrington LA 90064
4+2, 1318 sq ft, $670.2K, SOLD 3/28/07, 5500 sq ft LOT (-10%)



2700 Coolidge LA 90064
4+1, 1597 sq ft, $699K, SOLD 2/8/07, 5940 sq ft LOT

1597/5940 = .269 x $699K = $187.9K/1597 = $117.7/Hse sq ft

.731 x $699K = $511.1K/5940 = $86.0/Lot sq ft

117.7 + 86.0 = 203.7 (HPM) House Price Multiplier

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