Thursday, January 1, 2009

Santa Monica Meltdowns

912 6th Street #4, 90403
2+2, 954 sqft, Sold for $579K on 8/5/08, $606/sqft

912 6th Street #2, 90403
2+2, 857 sqft, Sold for $610K 0n 7/17/08, $711/sqft


Same building, Larger unit, Sold for $105/sqft (-14.8%) off, in less than 3 weeks.


Here is one more,

1111 10th Street #103, 90403
2+3, 1584 sqft, Sold for $1,050K on 10/22/08, $602/sqft

1111 10th Street #101, 90403
2+3, 1586 sqft, Sold for $1,200K on 5/23/08, $756/sqft


Almost identical unit, sold for $150,000 (-12.5%) less in 5 months. Annual Rate of Decline (ARD) = -29.8%

3 comments:

Anonymous said...

Hello

I own a really small modest home in the 90402. I would like to see prices in the 90402 fall dramatically so that i can buy a larger home here.

The large newer homes still seem to be priced above 4 million in my neighborhood and i would really like to see them priced lower before i buy one.

If anyone knows of larger newer homes in the 90402 going in to foreclosure please post here

i am not interested in anything at a slight discount to market i want to see big discount to market

latesummer2009 said...

Due to many requests, I have created a new blog for those interested in 90402.

It is linked in my Favorite RE/ECONOMIC Blogs section on the right, under "The 90402".

Or you can type in the URL at:

http://santamonicameltdownthe90402.blogspot.com

Lot values under $2,000,000 and dropping....

latesummer2009 said...

The latest from Melissa Data for January (YOY)

90402
Total Sales Volume $10,952,000 (-61.1%)
Average Sales Price $2,738,000 (+36.2%)