Culver City Meltdowns
This blog is designed to document the current real estate decline in Culver City. Here is the first Culver City Meltdown:
6425 Green Valley Circle # 200, Culver City 90230
CONDO 2+2, 1347 sq ft, 447K, SOLD 8/4/06, $332/sq ft
6425 Green Valley Circle # 104, Culver City 90230
CONDO 2+2, 1347 sq ft, $429K, SOLD 9/1/05, $318/sq ft
6425 Green Valley Circle # 104, Culver City, 90230
CONDO 2+2, 1347 sq ft, $382K, SOLD 3/28/07, $283/sq ft (-14.8%)
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Here is a house that has had 2 sales in the last 19 months, that dropped 15%
9430 Lucerne Culver City, CA 90232
3+1, 1131 Sq Ft, SOLD on 9/19/05 for $850,000, 5001 Sq Ft LOT.
1131/5001 = .226 (HF)House Factor
1.0 - .226 = .774 (LF) Land Factor
226 x $850,000 = $192,100 (HV) House Value
$192,230/1131 = $170.0/sq ft (HV/SQFT) House Value per Square Foot
.774 x $850,000 = $657,900 (LV) Land Value
$657,900/5001 = $131.5/sq ft (LV/SQFT) Land Value per Square Foot
170.0 + 131.5 = 301.5 (HPM) House Price Multiplier
9430 Lucerne Culver City, CA 90232
3+1, 1131 Sq Ft, SOLD on 2/9/07 for $722,000, 5001 sq ft
.226 x $722,000 = $163,170 (HV)
$163,170/1131 = $144.3/sq ft (HV/SQFT)
.774 x $722,000 = $558,830 (LV)
$558,830/5001 = $111.7/sq ft (LV/SQFT)
$144.3 + 111.7 = 256.0 (HPM)
256/301.5 = (-15.0%)
9430 Lucerne is now owned by the BANK. It is an REO and is listed for sale at $745,900. It will be interesting to see IF, WHEN and HOW MUCH it sells for. Remember it sold for $722K over 2 months ago.
According to the LA Times (4/22/07),Condo median sales price dropped another 5% last month when measured YOY (Year over Year). Condo market seems to be getting hit worse than SFRs, right now.
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