Tuesday, May 1, 2007

MAR VISTA MELTDOWNS

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9 comments:

latesummer2008 said...

3340 Colonial, LA 90066
2+1, 1168 sqft, SOLD on 10/5/06 for $1020K, 6400 sqft LOT

1168 / 6400 = .182 (HF) Housing Factor
.182 x $1020K = $185K (HV) Housing Value
$185K / 1168 = $158.9 / sqft (P/SQFToH)

1.0 - .182 = .818 (LF) Land Factor
.818 x $1020K = $834.4K (LV) Land Value
$834.4K / 6400 = $130.4 / sqft (P/SQFToL)

158.9 + 130.4 = 289.3 (HPM) House Price Multiplier


3346 Colonial, LA 90066
2+1, 1160 sqft, SOLD on 11/6/06 for $740K, 6490 sqft LOT

1160 / 6490 = .179 (HF)
.179 x $740K = $132.4K (HV)
$132.4K / 1160 = $114.2 / sqft (P/SQFToH)

1.0 - .179 = .821 (LF)
.821 x $740K = $607.6K (LV)
$607.6K / 6490 = $93.6 / sqft (P/SQFToL)

114.2 + 93.6 = 207.8 (HPM) House Price Multiplier


207.8 / 289.8 = .718 (RBX) Rabindex (-28.2%) in 1 month..

latesummer2008 said...

Any other observations about Mar Vista out there ?

Anonymous said...

Those two houses look almost identical, but you have to consider that probably the first one was in much better shape than the second one. What's funny is that probably the second buyer thought he was getting a deal and his/her crap box would sell for 1.5 in two years. Oh, well.

latesummer2008 said...

Thats a HUGE drop on Colonial. I doubt the improvements on the fist house is worth $280,000 more than the second house.

Probably, makes borrowing a cup of sugar from your neighbor a little tense....

Anonymous said...

makes borrowing a cup of sugar from your neighbor a little tense....

I don't think the guys who bought the second house will even try to do that. They will gloat until the first house sells for even less than they paid, and it will be their turn to suffer. Oh, well, just another day in the LA bubble.
cassiopeia.

latesummer2008 said...

TOWNHOUSE meltdown just in:

4850 McConnell Ave. LA 90066
3+3, 1608 sqft, SOLD on 3/13/07 for $680K, $422 / sqft

4826 McConnell Ave. LA 90066
3+3, 1858 sqft,SOLD on 3/28/07 for $655K, $357 / sqft


357 / 422 = .846 (RBX) Rabindex (-15.4%) in just 2 weeks !

latesummer2008 said...

Last month, according to Melissa Data, the number of sales and average selling prices were:

5/06 49 sales @ $782K

5/07 34 sales @ $824K


Sales -31.7%

Price +5.3%

latesummer2008 said...

Mar Vista took a big hit according toin November, according to Melissa Data. measuring year over year (YOY), total sales volume (TSV) was cut in over half! Mar Vista dropped:


90066

$29,600K on 37 sales @ $800K (2006)
$14,400K on 18 sales @ 800K (2007)
-$15,200K (-51%)

latesummer2008 said...

Just turned this sale up on Zillow today:

3426 Colonial 90066
Built 1946, 3Br + 2Ba, 1808 sqft, 6578 sqft lot
SOLD 02/04/08 for $747.5K ($413/sqft)

compared to:

12518 Everglade 90066
Built 1946, 4Br + 2Ba, 2076 sqft, 5700 sqft lot
SOLD 09/21/07 for $1195K ($575/sqft)


Is Everglade really worth $447.5K more than Colonial?

Or, have we begun rolling back prices to 2004 or even 2003.....