Friday, March 23, 2007

Santa Monica Meltdowns

This thread is dedicated to posting actual losses on residential real estate in the City of Santa Monica during the latest declining market. According to the LA Times 3/21/07, February Sales Activity, only 16 SFR Sales took place in the city of Santa Monica . Here are the first meltdowns in Santa Monica :

2464 Ocean Park Blvd.
Santa Monica, CA 90405
SFR 2+1 854 sq ft, 3202 sq ft lot
Sold 6/15/05 $900K
Sold 5/26/06 $762K
Sold 2/16/07 $700K (-22.3%)

2960 Nielson Way # 102
Santa Monica, CA 90405
CONDO 2+2 1229 sq ft
Sold 11/21/06 $840K

2960 Nielson Way #201
Santa Monica, CA 90405
CONDO 2+2 1229 sq ft
Sold 3/9/07 $740K (-12%) in 3.5 months !

1408 Hill St.
Santa Monica, CA 90405
SFR (teardown-lot value) 7050 sq ft lot (no view)
Sold 2/2/07 $896K

12 comments:

Craig said...

I spent a bit of time looking for losses in Santa Monica (via Zillow) but I did not find any yet (around the 26th and Montana area). The pricing is getting much weaker though and I think that the "comps" will be tough to beat when many recently purchased properties go up for sale over the next few years. The more that people pay now, the bigger the losses will be in the near future.

Unknown said...

True. Not alot of short sales yet in Santa Monica. They are hard to find. But they will happen as the credit crunch takes its toll. Also, I think many people simply pulled properties off the market last year in hopes of a rebound this spring. Aint gonna happen. New home sales were very disappointing yesterday, and are a leading indicator of things to come. Just wait until the flood of properties this summer in Santa Monica, and very few sales. Very few sales last month also. I think its going to get hit even harder than most areas as apprciation has been greater. Keep looking each week as the numbers hit Zillow. Possibly more REOs as the high end would rather give it back to the Bank than take a loss.

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

Just 1 marginal house and 1 nice condo have melted down so far, according to Zillow. Asking prices are still high and there appears to be a standoff between buyersand sellers. I see property here every week, and have noticed mostly garbage for sale. Probably speculators, or sellers already upside down, that bought within the last 20 months.
What do think will happen in Santa Monica over the summer?

Unknown said...

REO condo for sale at :

1835 7th St #A, SM, 90401
2+1, 785 sq ft
New kitchen & bath. hardwood floors
Asking Price $479.9K (reduced 18K)

Sales History:
1/11/07 463K
4/3/06 475K
10/31/05 424K

Also:

1835 7th St #D
2+1, 785 sq ft
Sold :
7/28/06 499K

Should be interesting to see what #A eventually sells for....

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

HPM (House Price Multiplier) for :

1755 12th St, SM 90404
SFR, 2+1, 900 sq ft, SOLD 1/17/07 $732,500, 5998 sq ft R-2 LOT
(Close to FWY)

900/5998 = .15 (HF)
1.0 - .15 = .85 (LF)

$732,500 x .15 = $109,875 (House)
$109,875/900 = $122.1/sq ft

$732,500 x .85 = $622,625 (Lot)
$622,625/5998 = $103.8/sq ft


122.1 + 103.8 = 225.9 (HPM)

Unknown said...

HPM (House Price Multiplier) for :

2338 Pier Ave., SM 90405
3+2, (Spanish) 1333 sq ft, SOLD 860K on 3/7/07, 7000 sq ft Lot

1333/7000 = .19 (HF) House Factor
1.0 - .19 = .81 (LF) Land Factor

$860,000 x .19 = $163,400 (HV) House Value
$163,400/1333 = $122.6/sq ft

$860,000 x .81 = $696,600 (LV) Land Value
$696,600/7000 = $99.5/sq ft


122.6 + 99.5 = 223.1 (HPM)
House Price Multiplier

Unknown said...

Santa Monica sales are still SLOW. Condos in particular are taking a big hit. When measured YOY (Year over Year), last month there were:

90401 (-24.7%) on only 3 sales
90402 (-28.4%) on only 3 sales
90403 (-1.5%) on 19 sales
90404 (-10.7%) on 12 sales
90405 (+2.3%) on 17 sales

SFRs are also slow :

90401 0 sales
90402 13 sales
90403 4 sales
90404 1 sale
90405 17 sales

Unknown said...

328 Pacific #2 was Listed just under $1500K a couple months ago.

Townhouse
3+3, 1808 sq ft
3 levels, Very Bright & Exquisite !
Heart of Ocean Park

SOLD on 4/13/07 for $1100K...
Guess they wanted to unload.
73% of asking price (Ouch !!!)

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