Victory

I could post a bunch of updated graphs/analysis/etc, but surely you've seen enough and it's more than obvious that things keep getting better. The housing market bottomed long ago and everything looks good as fundamentals continue to improve. I can't recommend Calculated Risk enough as a great source for updated graphs and data on all things housing.

This blog is over five years old and I really see no point in maintaining it at this point. The battle is over. I'll keep checking e-mail once in a while but this is the last blog post. Adios.

Culver City Update -- (and correcting the bears again)

Address: 4230 Revere Place - 90232

Details: 2 bed/2bath 910 sq ft house on a 6,752 sq ft lot

Description: This is a gem of a property, move in condition and sweet starter home, perfect for future development. Close to the Arts District and Farmer's Market. Located on a quiet charming cul-de-sac. Newer kitchen, huge garage, workshop. Fruit tree orchard in the back. This home will not last long on the market. One of the 3 bedrooms has no closet, therefore we are calling this a 2 bd.

Listing History: 1/30/13 - $749,000

Previous Purchase: Here's where the bears get it wrong. Dr. Housing Bubble just did a post about this house and is talking about flipping as he shows the house as being sold in 2007 for $230k. Of course this seems way too low as the sale before that was in 1993 for $220k. So rather than stick my head in the sand to try and make up a story I want to tell, I checked Property Shark. The 2007 "sale" shows the buyer and seller as having the same last name (although different first names). So when you see a way below market value transaction and then see related buyers and sellers then you know its not a real arms length transaction. So anyways...bears, please do a little research before spouting off. This is not a 3x markup over the 2007 price.

Anyways, recent comps on small two bedrooms in this area have been $700-$750k although for stuff in the 1,100 sq ft range. This property is smaller but looks nicer inside. Very little inventory in the area so we'll see how this one goes.

What Does Short Sale Fraud Look Like? *Update 4*

I last featured 933 25th back in April 2012.

This zombie bubble relic has been off and on the market as a regular and then short sale for years. New construction that never got lived in.

The short sale listings were always asking a suspiciously low amount of  money.

The last short sale listing asking $2.7mm apparently went through.

SOLD: 12/21/12 - $2,700,000

This is too cheap and I would bet there was some major fishy action behind the scenes here. There was a fishy short sale that went through recently in my neighborhood recently as well. While these examples are frustrating to see, I guess it's just part of the healing process of the market. The last of the crappy mortgages are being written off, the final zombies are being cleared.

$35 Million

Address: 1525 San Vicente - 90402

Details: 7 bed/13 bath 22,794 sq ft house on a 58,806 sq ft lot

Description: The Ultimate Family Estate. Trophy East Coast Traditional on prime 1.3 acre flat lot. 200ft of frontage on the Riviera Country Club. Over 22,700sqft newly built. Long private driveway leads to a grand arrival motor court with parking for 30 cars. Glamorous 2 story entry hall with sweeping limestone staircase. All public rooms offer 12 ft ceilings and french doors that open to flat grassy yard and then to the golf course beyond. Sophisticated library with fireplace, dining room comfortably seats 25, immense gourmet kitchen with calacatta gold marble counters & separate catering kitchen. Family room and breakfast room adjoin the kitchen and open on to the pool and spa. 2,500sqft master suite offers panoramic golf course views, dual marble baths and lavish closets. 4 additional bedrooms suites are perfect for a large family. Other amenities include an indoor half basketball court, gym, spa facilities, screening room and a 15 car garage. Shown only to pre-qualified Buyers.

Current Listing: 1/18/13 - $34,995,000

I don't know what the record is for the highest price paid for a Santa Monica property, but if anyone pays anything near asking I have to imagine this will be up there at or near the top of the list. This location is really sweet and the lot is massive. The house (if you want to call it that) is obviously obscene but whatever...you can't take it with you. The square footage of the master suite alone dwarfs my whole house; pretty wild.