Tuesday, May 1, 2007

BEVERLY HILLS MELTDOWNS

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10 comments:

latesummer2008 said...

216 S. Canon Beverly Hills, CA 90212
3+2, 1772 sqft, SOLD for $1828.6K on 4/12/07, 6050 sqft LOT
1772 / 6050 = .29 (HF) Housing Factor
.29 x $1828.6K = $530.3K (HV) Housing Value
$530.3K / 1772 = $299.2 / sqft (P/SQFToH)

1.0 - .29 = .71 (LF) Land Factor
.71 x $1828.6K = $1298.4K (LV) Land Value
$1298.4K / 6050 = $214.6 / sqft (P/SQFToL)

299.2 + 214.6 = 513.8 (HPM) House Price Multiplier



232 S. Canon Beverly Hills, CA 90212
4+2, 2098 sqft, SOLD for $1700K on 4/17/07, 6050 sqft LOT

2098 / 6050 = .346 (HF)
.346 x $1700K = $588.2K (HV)
$588.2K / 2098 = 280.4 / sqft (P/SQFToH)

1.0 - .346 = .654 (LF)
.654 x $1700K = $1111.8K (LV)
$1111.8K / 6050 = $183.8 / sqft (P/SQFToL)

280.4 + 183.8 = 464.2 (HPM) House Price Multiplier


(HPM) 464.2 / 513.8 (HPM) = .903 (RBX) Rabindex (-9.7%) in only 5 days!

latesummer2008 said...

Just came across this CONDO meltdown:

211 S. Spaulding DR. #S00108, BH, CA 90212
2+3, 2237 sqft, SOLD on 12/5/06 for $1330K, $595 / sqft

211 S, Spaulding Dr. #S00103, BH, CA 90212
2+3, 2143 sqft, SOLD on 1/31/07 for $932K, $435 / sq ft

435 / 595 = .731 (RBX) Rabindex (-26.9%) in 2 months!

latesummer2008 said...

Any other observations about Beverly Hills?

latesummer2008 said...

BH 90210 is showing major declines:

37 House Sales, Median Price $4380K (March 2007)
to
20 House Sales, Median Price $2510K (April 2007)

2510 / 4380 = .573 (RBX) Rabindex (-42.7%) in a month


In addition, Home Price per Square Foot dropped from:

$920 / sqft (March 2007)
to
749 / sqft (April 2007)

749 / 920 = .814 (RBX) Rabindex (-18.6%) in a month..

latesummer2008 said...

2 CONDO Meltdowns just in for 90210


9233 Burton Way Unit #204 BH 90210
2+3, 1452 sqft, SOLD on 6/29/06 for $1175K, $809 / sqft

9233 Burton Way Unit #503 BH 90210
2+3, 1710 sqft, SOLD on 5/1/07 for $1209K, $707 / sqft

707 / 809 = .874 (RBX) Rabindex (-12.6%) in 10 months


321 N. Oakhurst Dr. #203 BH 90210
2+2, 1792 sqft, SOLD on 4/27/07 for $835K, $466 / sqft

321 N. Oakhurst Dr, #304 BH 90210
2+2, 1823 sqft, SOLD on 4/27/07 for $720.1K, $395 / sqft

395 / 466 = .848 (RBX) Rabindex (-15.2%) on the same day. Ouch!!!

latesummer2008 said...

According to Melissa Data, last month, the number of sales and average selling prices for 90210 were:

5/06 14 sales @ $2435K

5/07 31 sales @ $1516K


Sales +121.4%

Price -37.3%

latesummer2008 said...

According to the LA Times June 17th Southland Home Sales Report, for the months of January - April of 2007, the zip code 90210

Dropped -53.6% in volume
# of sales 56 - 26.

latesummer2008 said...

According to the LA Times Southland Home Prices (6/24/07):

Beverly Hills 90212

$/sqft dropped from:

April $840 / sqft
to
May $734 / sqft

734 / 840 = .874 (RBX) Rabindex -12.6%

latesummer2008 said...

Beverly Hills median prices in November, measured year over year (YOY), were off quite a bit according to DataQuick:

In the CA City and County Chart:

$2037.5K (2006)
$1525K (2007)
-512.5K (-25%)

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