Monday, March 5, 2012

Santa Monica February Sales and Evaluations

According to Redfin, for the month of February there were 14 sales in Santa Monica. Let's take a look at each and every one of them. Some may believe or not believe that now is a good time to buy. That is an individual decision based on many different factors for each buyer. From an appraisal point of view, I will attempt to evaluate how good of a purchase each sale was, based on their comparable year pricing. The following grading scale will be used:

Excellent = A
Very Good = B
Average = C
Below Average = D
Far Below Average = F


1244 1/2 Stanford 90405
2+1, 804 sqft, $647/sqft
YB 1936, 2896 sqft Lot
SOLD on 3/9/06 for $550,000
SOLD on 2/23/12 for $520,000
Grade D (2005 pricing)

1642 Centinela Ave 90405
3+2, 1376 sqft, $433/sqft
YB 1949, 6384 sqft Lot
SOLD on 8/13/99 for $365,000
SOLD on 2/2/12 for $580,000
Grade B (2002 pricing)

1037 Hill St 90405
3+1, 1286 sqft, $467/sqft
YB 1940, 3000 sqft Lot
SOLD on12/5/06 for $775,000
SOLD on 2/10/12 for $600,000
Grade C (2003 pricing)

1834 19th St 90404
3+1, 1301 sqft, $485/sqft
YB 1923, 7998 sqft Lot
SOLD on 2/10/12 for $615,000
Grade C (2004 pricing)

1509 Pearl St 90405
4+2, 1479 sqft, $490/sqft
YB 1939, 6873 sqft Lot
SOLD on 12/28/07 for $1,043,000
SOLD on 2/14/12 for $725,000
Grade B (2002 pricing)

3017 Highland Ave 90405
2+1.5, 1007 sqft, $792/sqft
YB 1961, 2470 sqft Lot
SOLD on 2/11/00 for $400,000
SOLD on 12/11/06 for $897,000
SOLD on 2/ /12 for $798,000
Grade D (2005 pricing)

2509 Cloverfield Ave 90405
3+2, 1786 sqft, $571/sqft
YB 1937, 6250 sqft Lot
SOLD on 7/1/11 for $755,000
SOLD on 2/10/12 for $1,020,000
Grade D (2008 pricing)

2127 Marine St 90405
3+2.5, 2321 sqft, $517/sqft
YB 1949, 7000 sqft Lot
SOLD on 12/15/00 for $1,045,000
SOLD on 9/29/11 for $1,200,000
SOLD on 2/14/12 for $1,200,000
Grade B (2002 pricing)

2533 6th St 90405
4+4.5, 3668 sqft, $395/sqft
YB 1990, 2901 sqft Lot
SOLD on 1/12/98 for $715,000
SOLD on 2/24/12 for $1,450,000
Grade C (2003 pricing)

225 12th St 90402
2+2, 1568 sqft, $1,179/sqft
YB 1923, 7500 sqft
SOLD on 2/9/12 for $1,848,000
Grade C (2004 pricing)

733 20th St 90402
3+2, 1704 sqft, 1,144/sqft
YB 1927, 8940 sqft Lot
SOLD on 3/18/11 for $1,850,000
SOLD on 2/16/12 for $1,950,000
Grade C (2004 pricing)

1105 Georgina 90402
4+4.5, 2921 sqft, $1063/sqft
YB 1931, 14,375 sqft Lot
SOLD on 2/10/12 for $3,105,000
Grade D (2006 pricing)

127 Hollister Ave 90405
3+4, 2791 sqft, $1,147/sqft
YB 1905, 2675 sqft Lot
SOLD on 2/24/12 for $3,200,000
Grade D (2006 pricing)

1335 Palisades Bch Rd 90402
5+4.5, 3363 sqft, $1,732/sqft
YB 2008, 2496 sqft Lot
SOLD on 9/17/09 for $5,500,000
SOLD on 2/15/12 for $5,850,000
Grade D (2007 pricing)


Overall, Santa Monica garnishes a grade of C- on the quality of it's sales for the month of February. Average prices appear to be in the 2004 range according to these 14 sales. If you have more information about any of these houses, please chime in.

6 comments:

Anonymous said...

Very helpful post -- I like they way you put a year on it.

Curious to see which way the market goes from here. There's lot of talk that we're turning the corner. But there's still so much debt out there, so many people underwater with their mortgages.

Anonymous said...

"SOLD on 8/13/99 for $365,000
SOLD on 2/2/12 for $580,000
Grade B (2002 pricing)"

Between 1999 and 2002 prices were up at most 20%. This is more like a 2004 or even 2005 price.

latesummer2009 said...

"Between 1999 and 2002 prices were up at most 20%. This is more like a 2004 or even 2005 price."

Since this is your claim, please elaborate on this statement and where your evidence comes from.

Anonymous said...

Is it worth taking into account any remodeling done after the previous sale? I'm no expert, but just curious how much that might weigh into the value of the property. (Obviously for properties with no remodeling, this would not apply)

greengroovymom said...

Um, I don't get this. How does a house that sold for 350K MORE in 2.5 years get a D?

I know what you are trying to do...but doesn't make sense to me if you are a real buyer wanting to buy now.

Am I missing something?

latesummer2009 said...

Green - Palisades Beach Road was built brand new and sold for $5,500,000 in 2009. For someone to pay $350,000 more for a house that sold new 2.5 years ago is not a very good buy. Especially, when average prices in Santa Monica are selling at 2004 prices. Sure somebody bought it, but it doesn't mean it was a good purchase.