BEL AIR MELTDOWNS
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Desert Allegory
By Mort Rabinowitz
The Wedding Couple
By Mort Rabinowitz
Female Nude #2
By Mort Rabinowitz
Abstract #1
Mort Rabinowitz
8 comments:
1950 Linda Flora Dr., LA 90077
2+3, 1894 sq ft, SOLD on 6/26/06 for $1650K, 7710 sqft LOT
1894 / 7710 = .246 (HF) Housing Factor
.246 x $1650K = $405.9K (HV) Housing Value
$405.9 / 1894 = $214.3 / sqft (P/SQFToH)
1.0 - .246 = .754 (LF) Land Factor
.754 x $1650K = $1244.1K (LV) Land Value
$1244.1K / 7710 = $161.4 / sqft (P/SQFToL)
214.3 + 161.4 = 375.7 (HPM) House Price Multiplier
1940 Linda Flora Dr., LA 90077
5+5.5, 4700 sqft, SOLD on 2/9/07 for $2150K, 10658 sqft LOT
4700 / 10658 = .440 (HF)
.440 x $2150K = $946K (HV)
$9461K / 4700 = $201.3 / sqft (P/SQFToH)
1.0 - .440 = .560 (LF)
.560 x $2150K = $1204K (LV)
$1204K / 10658 = 113.0 / sqft (P/SQFToL)
201.3 + 113.0 = 314.3 (HPM) House Price Multiplier
314.7 / 375.7 = .838 (RBX) Rabindex (-16.2%) in 7.5 months
Any other observations out there about Bel Air ?
LA 90077 number of house sales and median price dropped:
11 sales, $2495K (March 2007)
to
13 sales, $1400K (April 2007)
1400 / 2495 = .561 (RBX) Rabindex (-43.9%) in a month
Last month, according to Melissa Data, the number of sales and average selling prices were:
5/06 12 sales @ $1850K
5/07 8 sales @ $1297K
Sales - 33.3%
Price -29.9%
According to the LA Times Southland Home Prices:
LA/Bel Air 90077
19 sales, $1260K median price -6.7% (YOY)
Bel Air is looking soft again. After checking Melissa Data today, we have:
2007
7 Sales (through July 29)
$1101K Average Selling Price
2006
8 Sales
$1481K Average Selling Price
$1101K / $1481K = .743
25.7% drop on Average Selling Price over last year....
Why?
Bel Air seems to have taken a nice hit during the month of November, according to DataQuick. In the City and County Chart for California, the Bel Air median prices, measured year over year (YOY) are:
$2660K (2006)
$1600K (2007) on 8 sales
-1060K or (-40%)
This recent sale was found on Zillow today:
2800 Bottlebrush Dr. 90077
Built 1977, 4Br + 3Ba, 2769 sqft, 4848 sqft lot
SOLD 01/11/08 for $1417.5K ($511/sqft)
compared to:
2804 Bottlebrush Dr. 90077
Built 1977, 4Br + 3Ba, 2860 sqft, 4848 sqft lot
SOLD 11/20/07 for $1625K ($568/sqft)
almost identical houses dropping in price by 10% (511/568 = .90) in just over 7 weeks time!! Quick way to lose 200K..
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