Lots of Sales and Foreclosure Action in November and December

90402 has been busy these last couple months. It appears that properties are moving when priced right, or they are headed towards foreclosure. According to Google Maps, they're 35 foreclosure properties located in the flats. You can access Google Maps to the right in my RE Tools links. Meanwhile, here is what has sold recently since the last update. If anyone has information about any of these sales, please share it. Particularily 358 20th Street, as it appears to have gone out awfully low.

734 12th St
$975K, 11/12/09, 1+1
720 sqft, YB 1926, 4796 sqft lot
$1,354/sqft

358 20th St
$1,200K, 12/08/09, 6+4
3602 sqft, YB 1928, 8940 sqft lot
$333/sqft ????????

723 11th St
$1,294K, 12/11/09, 3+1
1559 sqft, YB 1923, 7496 sqft lot
$830/sqft

444 9th St
$1,585K, 12/22/09, 3+1
1557 sqft, YB 1924, 7500 sqft lot
$1,018/sqft,
Tudor style, move-in condition

626 11th St
$1,600K, 11/17/09, 3+2
1939 sqft, YB 1926, 7500 sqft lot
$825/sqft

408 20th St
$1,815K, 12/22/09, 2+den+2
2321 sqft, YB 1950, 8940 sqft lot
$782/sqft

339 Adelaide St
$1,885K, 11/19/09, 3+2.5
1996 sqft, YB 1950, 7296 sqft lot
$944/sqft
Ocean/Canyon Views

1303 Georgina Ave
$2,109K, 12/15/09, 4+3
2977 sqft, YB 1924, 9500 sqft lot
$750/sqft
Country English style

721 19th St
$2/149K, 11/20/09, 5+3
2418 sqft, YB 1925, 8940 sqft lot
$888/sqft

410 23rd St
$2,415K, 11/10/09, 4+4
2695 sqft, YB ?, 8880 sqft lot
$896/sqft

533 18th St
$3,115K, 12/15/09, 4+5
5194 sqft, YB 1989, 8940 sqft lot
$600/sqft

215 21st Pl
$3,200K, 12/11/09, 4+4
4598 sqft, YB 1998, 7600 sqft lot
$696/sqft

428 21st Pl
$3,250K, 11/11/09, 5+4.5
4878 sqft, YB 1998, 9000 sqft lot
$666/sqft

634 21st Pl
$3,450K, 11/10/09, 4+5
4800 sqft, YB 2001, 8940 sqft lot
$719/sqft


It should be interesting to see what happens when the foreclosures come to market...

Lot Values Approaching 50% Off

A little over 2 years ago, 7500 sqft lots were 2.2M and 8900 sqft lots were at 2.4M. What a difference a real estate bust can make. Now we have smaller lots selling as low as 1.4M (-36%) and the larger lots at 1.6M.(-33%). A huge 7778 sqft house built in 1990 on an 8940 sqft lot, recently closed 4 months ago for $3.2M. This has to lower lot values even more. A conservative estimate is:

7778 sqft x $225/sqft = $1,750,000 (House Value)
8940 sqft x $162/sqft = $1,145,000 (Lot Value)
House Value + Lot Value = $3,200,000

(Click on Picture to Enlarge)
This house located at 701 17th Street is situated on a corner lot, which demands a higher lot value . Thats puts our regular 8900 sqft lots around 1.4M and the smaller 7500 sqft lots at 1.2M. With another $100K - 200K drop and we will be at 50% off 2007 peak prices.

90402 Sales During the Last 6 Months

There has been some renewed interest for "The 90402" Let's post recent sales here, and open it up for discussion. Needless to say, the area is trending down and prices are off approximately 25% since 2007.

Here are the lastest sales that closed escrow from May through November, listed from lowest to highest price.


858 12th St #1
$765K, 10/1/09, 2+2
1486 sqft, YB 1982
$514/sqft

1010 California Ave #3
$779K, 7/30/09, 2+2
1426 sqft, YB 1988
$546/sqft

822 19th St Apt C
$915K, 7/27/09, 2+3
1786 sqft, YB 1974
$512/sqft

2814 Washington Ave
$1,146K, 7/24/09, 2+1
1093 sqft, YB 1938, 6627 sqft lot
$1,048/sqft

825 26th St
$1,245K, 9/8/09, 3+1
1549 sqft, YB 1930, 8000 sqft lot
$803/sqft

954 26th St
$1,300K, 7/31/09, 3+2
1563 sqft, YB 1932, 8350 sqft lot
$831/sqft

2112 Washington Ave
$1,375K, 8/25/09, 3+2
910 sqft, YB 1941, 4148 sqft lot
$1,510/sqft

454 9th St
$1,402K, 6/18/09, 4+2
2575 sqft, YB 1924, 7500 sqft lot
$544/sqft

714 Euclid St
$1,600K, 9/2/09, 3+2
2178 sqft, YB 1927, 7500 sqft lot
$734/sqft

320 9th St
$1,600K, 5/20/09, 3+2
1733 sqft, YB 1924, 7500 sqft lot
$923/sqft

620 22nd St
$1,625K, 8/19/09, 3+2
1741 sqft, YB 1922, 7550 sqft lot
$933/sqft

747 23rd St
$1,645K, 9/28/09, 3+2
1216 sqft,YB 1938, 8700 sqft lot
$1,352/sqft

636 16th St
$1,700K, 8/21/09, 2+2
1322 sqft, YB 1952, 7500 sqft lot
$1,285/sqft

716 18th St
$1,780K, 5/29/09, 3+2
1697 sqft, YB 1924, 8940 sqft lot
$1,048/sqft

409 21st St
$1,800K, 8/27/09, 2+2
2018 sqft, YB 1950, 8940 sqft lot
$891/sqft

340 21st Pl
$1,810K, 9/29/09, 3+1
1728 sqft, YB 1923, 9000 sqft lot
$1,047/sqft

231 18th St
$1,968K, 9/23/09, 2+1
1829 sqft, YB 1935, 8940 sqft lot
$1,076/sqft

449 Euclid St
$2,000K, 6/9/09, 3+2.5
2968 sqft, YB 1923, 7500 sqft lot
$673/sqft

2009 Montana Ave
$2,010K, 10/28/09, 5+6.5
4380 sqft, YB 2009, 3838 sqft lot
$453/sqft

321 19th St
$2,028K, 8/6/09, 2+2
2041 sqft, YB 1923, 8940 sqft lot
$993/sqft

403 22nd St
$2,050K, 5/15/09, 3+2.5
2523 sqft, YB 1949, 9815 sqft lot
$812/sqft

350 21st St
$2,080K, 6/17/09, 4+3
3342 sqft, YB 1927, 8950 sqft lot
$622/sqft

858 25th St
$2,150K, 5/28/09, 3+3
2637 sqft, YB 1928, 8000 sqft lot
$818/sqft

633 11th St
$2,160K, 8/13/09, 5+4.5
4000 sqft, YB 1922, 7500 sqft lot
$540/sqft

2222 Washington Ave
$2,236K, 10/13/09, 4+3
1276 sqft (?), YB 2009, 5060 sqft lot
$1,752/sqft

457 24th St
$2,250K, 7/21/09, 5+4.5
3769 sqft, YB 1935, 8699 sqft lot
$596/sqft

634 12th St
$2,309K, 6/9/09, 3+2.5
2500 sqft, YB 1924, 7500 sqft lot
$923/sqft

634 23rd St
$2,400K, 7/8/09, 3+2.5
2546 sqft, YB 1928, 8800 sqft lot
$942/sqft

405 9th St
$2,500K, 10/6/09, 4+3.5
2993 sqft, YB 1932, 7500 sqft lot
$835/sqft

715 23rd St
$2,550K, 10/20/09, 5+5.5
???? sqft, YB 1933, ???? sqft lot
????/sqft

215 24th St
$2650K, 9/30/09, 4+3.5
3060 sqft, YB 1926, 8700 sqft lot
$868/sqft

433 25th St
$2,800K, 9/15/09, 5+4
3423 sqft, YB 1938, 8700 sqft lot
$817/sqft

523 14th St
$3,000K, 8/7/09, 5+5.5
4283 sqft, YB 2001, 7500 sqft lot
$700/sqft

632 16th St
$3,048K, 5/5/09, 4+4.5
4000 sqft, YB 2000, 7500 sqft lot
$868/sqft

632 11th St
$3,150K, 9/28/09, 5+6
4060 sqft, YB 1995, 7500 sqft lot
$775/sqft

701 17th St
$3,200K, 7/23/09, 6+7
7778 sqft, YB 1990, 8940 sqft lot
$411/sqft


Which house was the best buy and why? Also, if anyone has the missing information on 715th 23rd St ( House sqft & Lot sqft) that would be greatly appreciated.

New Lot Value Set in Gillette Regent Square

We have a recent sale in GRS at 210 21st Street. It just closed on 4/14/09 for a price of $1,700,000. It is located on one of the best streets NOM. Even though it's location is 2 houses from San Vicente, the large house next door acts as a good buffer. The house was listed originally listed at $2,249,000 back in November of 2008. Apparently they felt they could fetch peak pricing when these 8940 ft lots were in the $2,200,000 - $2,300,000 range. That's a drop of about 25% in less than 2 years. Pretty much in line with what is being reported these days, in regards to this level of the market. High end properties in Los Angeles are down 20-30%, whereas low end properties are down over 50%. With most of the sales concentrated in the lower end tier, the higher end tier is basically stuck. Very few, if any sales happening, and with sellers unrealistic about their asking prices, buyers are now holding all the cards. Most buyers are waiting for the higher end tier to catch up to the 50% off mark, before making a purchase. If this were to happen, GRS lots should settle between $1,100,000 - $ 1,200,000, with the smaller NOM 7500 ft lots going between $800,000 - $900,000.

Here are the details on our latest sale in GRS:

(Click on photos to enlarge)
210 21st Street
Built in 1950
3+3, 2175 sq ft
8940 sq ft Lot
Sold 4/14/09 for $1,700,000





Great Street!





How low do you think these lots go ??

Listing Prices Dropping as Sales Slow to a Crawl

Listing Prices in 90402 are creeping down, as very little inventory is moving now. We now have a listing at 720 17th Street for $1649K. That puts lots starting at around $1.5 Million now. According to Melissa Data, 5 homes have sold in the month of March so far, at an average selling price of $1452K. Has the recession finally caught up to 90402?

Our latest reader poll said:

The amount of people underwater on their mortgage is:

0-10% (10%)
11-20% (20%)
21-30% (50%)
31-40% (20%)

How will this affect selling prices, come this summer?

Santa Monica SFR Sales Almost Dead in the Water

A total of 5 houses sold in all of Santa Monica during the month of February, according to Dataquick. This has to be a record low for the city. 4 of those were in 90402, although only 2 appear on Zillow. The other 3 zipcodes had a grand total of 1 sale. What does this say about the spring selling season? Most buyers are now entrenched on the sidelines watching for deep discounts, even in 90402. Some of the sellers will be in distress, once Alt-A and Option Arms begin resetting here. Once this happens, listings are bound to increase. Or, is everybody in 90402 able to wait it out?

Here is the breakdown of all SFR sales in Santa Monica last month.

90403 (0)
90404 (0)
90405 (1)
90402 (4)

What is interesting to note is the feeder markets for 90402 had only 1 sale. That makes it that much harder to make sales in 90402, as the move-up market is almost gone.

Commercial Vacancies on Montana Avenue

Take a drive down Montana lately, and you will be astounded at all of the "For Lease" signs. It seems there are 2 or three on every block. With the world of credit drying up and consumers clamping down, who can stay in business on this street? Some businesses that have been here for years, are now folding up shop. My guess is, the financial fiasco has hurt many NOM households and the shopping sprees are all but gone. Everyone is scaling back as job loss, and recession take their toll.

I guess no matter how bad it gets, there will always be Peets and Wild Oats.

2 Sales, Corner the Market in February

NOM had only 2 sales in the month of February. Both of them happened to be on corner lots. 2 entirely different properties though. The first one, was a beautiful French Normandy remodelled in 2006. It went fairly close to it's asking price (93%). The other, Spanish Style built in 1989, took an enormous hit on it's original asking price (66%). Needless to say, very little is moving in the area and more listings have started piling up.

Here are the 2 sales for the month:

(Click on photos to enlarge)

473 16th Street, 2006 Remodel
4+4.5, 5246 sqft, Lot 8900 sqft
Sold on 2/11/09 for $3,720,000
French Normandy Style




557 12th Street, YB 1989
6+5.5, 4183 sqft, Lot 7500 sqft
Sold on 2/12/09 for $2,786,000
Spanish Style




A finished 6+5.5, 4200 sqft home on a corner lot, under 2.8 million. Makes you wonder how much the lots are worth now...