BEVERLYWOOD 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:
9426 Oakmore Rd. LA 90035
SFR 3+2, 2251 sq ft, SOLD 6/30/06, $1445K,7110 sq ft LOT
(HSQFT) 2251/7110 (LSQFT)= .32(HF) Housing Factor
.32(HF) x $1445K(SP)= $462.4K(HV) Housing Value
$462.4K(HV)/2251(HSQFT)= $205.4/sq ft (P/SQFToH)
1.0 - .32(HF) = .68(LF) Land Factor
.68(LF) x 1445K(SP) = $982.6K(LV) Land Value
$982.6K(LV)/7110(LSQFT) = $138.2(P/SQFToL)
205.4(P/SQFToH) + 138.2(P/SQFToL) = 343.6(HPM)House Price Multiplier
HPM for 9418 Oakmore Rd. LA, 90035
SFR 3+2, 2203 sq ft, SOLD 12/14/06, $1280K, 7160 sq ft LOT
2203/7160 = .31(HF)
.31 x $1280K = $396.8(HV)
$396.8K/2203 = $180.1/sq ft(P/SQFToH)
1.0 - .31 = .69(LF)
.69 x 1280K = $883.2K(LV)
$883.2K/7160 = $123.4/sq ft(P/SQFToL)
180.1 +123.4 = 303.5(HPM)
(HPM)303.5/343.6(HPM)= .883(RBX)Rabindex -11.7% in 5.5 months
Annualized :
12 months/5.5months = 2.18 x -11.7% = -25.5%
Ny other observations out there in Beverlywood ?
According to Melissa Data, last month , the # of Sales and Average Selling Prices were:
5/06 22 sales @ $1304K
5/07 13 sales @ $769K
Sales -40.1%
Price -41.1%
According to the LA Times Southland Home Prices (6/24/07):
LA 90035
10 sales, $932K median price (YOY)
Perhaps, a better way to gague the market is by looking at $/sqft
April $616 / sqft
May $518 / sqft
518 / 616 = .841 (RBX) Rabindex -15.9%
Looks like November wasn't very kind to Beverlywood, according to Melissa Data. Measuring year over year (YOY), we see that the area dropped considerably in total sales volume (TSV).
90035
$15,642K on 18 sales @ $869K (2006)
$7,548K on 12 sales @ $629K (2007)
-$8,094K (-52%)
Over half........
Found this sale on Zillow today:
9412 Kramerwood Pl. 90034
Built 1947, 3Br + 2Ba, 1418 sqft, 5764 sqft lot
SOLD 1/11/08 for $589K ($415/sqft)
comparing it to:
9436 Hargis 90034
Built 1948, 3Br + 2Ba, 1680 sqft, 6200 sqft lot
SOLD 10/17/07 fo $899K ($535/sqft)
415/535 = 77.5 (-22.5%) in less than 3 months..
Hargis is a slightly bigger house and bigger lot. But is it worth 50% more? (899/589 = 1.53)
Perhaps, we have rolled back pricing to early 2004 or even late 2003.
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