Speaking of Relisting....

Address: 316 25th - 90402

Details: 5 bed/5.5 bath 5,560 sq ft house, 8,700 sq ft lot, 1998 construction

Description: Sophisticated english manor with 5bd, 5.5ba, hwd flrs & exquisite details thruout. Living room w/fp, fdr with china cabinets & coffered ceilings. Kit w/granite counters, limestone flrs, breakfast rm, wine & viking fridge. 6th bd turned into wine cellar. Mstr suite w/hi ceilings, fp, balcony, sep office & 2 walk-ins. Wired for sound. Family room w/fireplace opens to landscaped backyard w/pl & spa. Detached 2-car garage.

Previous Purchase: 10/4/02 - $2,475,455 (80% financing)

Old Listing History: 2/6/08 - $4,695,000
Reduced: 2/28/08 - to $4,395,000
Reduced: 3/24/08 - to $4,195,000

New Listing History: 4/23/08 - $3,995,000

Several posts ago when we did a post about the sudden disappearance of the new condos on 20th and Idaho, Lap2 said the following:

"Probably will do a re-list game, PHS are notorious for that."

We aren't here to single out specific real estate agents or groups of agents (PHS is a group), but we thought it was just too timely that this overpriced house in 90402 which we had been watching for a while decided to play the re-list game at this very moment...and they didn't even wait much (if any) time between the pulling of the original listing and the re-list.

Anyways, this house is very nice and is relatively new construction (1998). This owner is sitting on a nice gain but trying to get $4.7M for this at first was CRAZY. Thanks goes to lap2 for providing listing info.

There are still a bunch of other houses around the $4M price point in 90402 so its not like there isn't still competition for this listing. Here is what I recently said on Westside Bubble about the situation:

"Time to realize that most "used" properties and even some of the new properties need to be under $4M to have a shot at selling. Yea, I'm talking to you, 316 25th and 311 11th and 734 22nd...etc Come on agents, knock some sense into your sellers. 5% or 6% of $3.5M is still a big payday. You should be trying to drive transactions, and lower prices is the way to get it done."

The last thing I want to say is just how ridiculous some of the comments both here and on Westside Bubble have been lately about the "high end" and about "when" prices here will suffer. The weakness is here. This house here is really nice and it would have easily sold well over $4M a year or two ago...These cycles take time and a lot of the high end locations have people with fat gains who aren't (yet) in distressed situations.

Here is a great quote to leave you with from Westside Bubble:

"For what its worth, I have lived north of Montana for many years and I see my neighbors suffering from real fear and astonishment at the falling real estate prices. The best way to describe it is that time in life when one of your cherished beliefs is found to be untrue. It is fundamentally unsettling and surprising. You still want to believe but you know it is untrue. Well off, owners generally are not forced to sell, but they are generally smart but realize that the bubble is over. Many who bought before 1990 do not care because it was all paper profit. Most who bought recently will really suffer... ...There is no magic to living North of Montana. It has never been immune from anything. It simply was the area in Santa Monica where speculators built the most new large houses. Do not even bother with the foolishness from the real estate agents and promoters. They simply want your money."

Oh and one last thing...for our most inquisitive readers. First person to figure out why the following image is here gets a gold star.

Overpriced View ** Now With Updated Info** **Update 3 - Also For Rent**

We last featured this house in February (841 Franklin) when we found out that the sellers were refusing to lower the price down to market value and were thus going to try to rent the thing out for $9,000/month.

Well our update comes today because we stumbled across it again on Craigslist. And since everyone was talking about rents, it seemed appropriate to feature this.

Old Asking Rent: $9,000/month

New Asking Rent: $8,000/month

The Craigslist ad was from Saturday the 26th...but today we checked the MLS and the house is actually listed as "looking for backup". We'll believe it when we see it.

$100K Comp Killer ** Update 2 **

1315 Franklin #C was the very first property (post #1) to be featured on this blog. We did an update on it shortly after first featuring it after the bank made its first price cut.

It finally sold - here is the entire history of this small (851 sq ft) 2 bed/1 bath condo:

10/20/05 - $400,000 (100% financed)
8/2/07 - $528,548 (US Bank series foreclosure amount)
8/14/07 - Listed for sale as foreclosure for $520,000
11/6/07 - Reduced to $494,000

3/26/08 - SOLD for $457,000

Of course we will still argue that this person overpaid based on where we are in the cycle and based on the fact that they didn't even get a price equal to or lower than the 10/25/05 price of $400K...and then there is the fact that this is an old 851 sq ft unit in 90404...over $450K for that?!

But the positives here are that the banks will be forced to wake up and start accepting lower bids as well as reducing listing prices if they continually find that they are pricing way too high (as they clearly were in this case). Shrinking balance sheets and "de-leveraging" are all the rage on Wall Street right now...

New Construction - 20th and Idaho *Update 1*

We recently featured these new construction townhouses on this blog (located at 20th and Idaho).

We have gotten word that the for sale sign has been removed - and we have checked the MLS and there do not appear to be any units listed for sale.

So did these sell really quickly right after we did a post on them?...

...or does someone not like it when blogs feature their specs and when all the readers keep saying how overpriced these are?

Maybe these all sold in a flurry of activity - but we don't think that is too likely. We are betting on seeing these back on market at some point with "new" (read: lower) prices (as they should be).

90401 - The Forgotten Zip Code

Address: 1544 7th (8 units for sale - all 1 bedroom) - 90401 (photos above from unit #7)

Website (showing a 2 bedroom unit which may or may not still be on market)

Details: 1 bedroom units - 850 sq ft to 1,250 sq ft - new construction

Description (unit #7): Just reduced!! Experience ultimate Urban living in the heart of Downtown SM! BRAND NEW condos w/wide open living space,high-end finishes,rich bamboo & Travertine floors, spacious cook's kitchen w/granite counters, stainless appliances, custom cabinets. Lg, beautifully tiled bathrms w/designer sink & nickel satin finished fixtures. Lg patio, walk-in closets, w/d hook-up, secured entry,gated pkg. Minutes to bch, 3rd St. Prom., Pier & ALL the shopping & dining you could wish for.

Listing History: Apparently these units have been on and off the market (playing the relist game over and over) for a long time...as in over a year. I am seeing these 8 units which are all 1 bedroom currently asking from $599,000 to $849,000. Needless to say, these are WAYYYYY overpriced.

90401 is the forgotten zip code on this blog since we haven't featured it before. But this situation is interesting. This developer has to be hurting big time right now with all these units sitting and sitting...If anyone has any more info on these units or if anyone has toured them, please let us know what you think and what you know in the comments section.

Also, we found out that these units were built by "Cedar Signature Homes" (click link for details). When I Googled the company, there were some complains and lien type things...what is going on here? - And have any of these units actually been sold?

Even The Pros Were Speculating In 90405

Address: 2511 25th - 90405

Details: 3 bed/2 bath, 1,500 sq ft house, 7,600 sq ft lot

Description: Just reduced! Charming 3 bedrooms + 2 bathrooms craftsman quality remodel, inviting front porch entrance leads to a beautiful warm, cozy family room, and well designed kitchen w/ dining area. Attention to detail includes crown molding, custom cabinetry, recessed lighting, and shimmering wood floors. French doors off the dining area lead to an amazing backyard with lots of fruit trees. Floor plan flows to a private master suite w/master bath w/large closets. 2 car garage with bonus room/office.

Previous Purchase: 7/11/07 - $1,000,000

Listing History: 3/31/08 - $1,599,000
Reduced: 04/19/08 - to $1,499,000

Looking at the public records, it appears that the agent selling this house is also the owner. No disclosure in the description, but we have come to expect that.

The square footage issue has been cleared up thanks to info provided in the comments section. The square footage was boosted from 955 to 1,500 during the "quality remodel". Still, I find it hard to believe anyone wants to pay $1.5M for this place. I don't care how much granite and stainless steel you have...

Our second question here has to be the following: Was this purchase made with the intention of doing a cosmetic flip like this or is this a semi bail from what was initially going to be a full tear down, spec house building operation?

I just don't see how anyone is going to be able to justify paying $500k over what it sold for less than a year ago when the upgrades here appear to be cosmetic (although nicely done). For a couple hundred grand you could do them yourself and save several hundred thousand dollars.

Or you could just go exactly one block over and look at:
2520 26th - 90405

This house is listed as having a larger lot (almost 1,000 sq ft bigger at 8,500 sq ft). It has 2 beds and 1.5 baths and is asking $999K. If anything, this shows that lot values have weakened a bit since the house on 25th was basically purchased for lot value but it was a smaller lot. And who knows if this place actually gets a bid at $999K...

Anyways, markets don't bottom until speculators get washed out. The speculators are still around and are hoping you will reward their hard granite and steel flip jobs with several hundred grand of profit. Meanwhile you can have the pride and joy of knowing you now have a depreciating asset on your hands that you bought at the peak of one of the largest bubbles in real estate history. Good luck.

Our Northern Neighbor

Address: 13735 W Sunset Blvd - 90272

Details: 6 bed/6.5 bath 5,450 sq ft house on an 18,000 sq ft lot

Description: Price firm. Back on market; buyer did not qualify for loan. Gorgeous, elegant mediterranean totally and stylishly updated in perfect condition. Central hall, dramatic entry, 6 br/ 6.5 ba, formal living room, family room, den, large gourmet kitchen, working office w/ built-ins, formal dining room, gym w/ steam shower, powder room, maids room, 2 master suites, huge master closet, private beautiful yard with pool, spa, sauna, and cabana, huge covered patio, gated with circular drive. Move right in.

Purchase History:
10/28/04 - $3,250,000
4/26/06 - $3,950,000

Listing History: 1/29/07 - $5,295,000
Reduced: 04/18/07 - to $4,790,000
Reduced: 07/26/07 - to $4,595,000
Reduced: 11/30/07 - to $4,400,000
Reduced: 01/04/08 - to $4,250,000
Reduced: ???????? - to $3,995,000

"Price firm" - Doesn't look like it does it? I guess with 447 days on market, you start to get to the "bargaining" or "acceptance" point don't you?

"Back on market; Buyer did not qualify for loan" - Not surprising. At least they skipped the line where they talk about the buyer failing to perform...the porno lines really don't do it for me.

We have received some reader requests to go out of our traditional "Santa Monica only" area and spend some time on 90272 (Pacific Palisades). I am not an expert on the area and I do not know it that well. Westside Bubble has covered properties in Pacific Palisades and some of our readers who live there obviously will know the area much better as well.

That being said, here we have a case of a 2006 (and I believe what will ultimately be at least a 2005) rollback. It is a very nice house - but it has a location problem. Sunset is busy. This follows the general patterns that we have been seeing in Santa Monica. Location problems, odd properties, extra small lots or square footage, etc will all show stress first. This property here has been on the market for a massive 447 days and it clearly needs a lower price tag to get a sale. Too bad they were arrogant and greedy when they first listed. "Firm price"...give me a break - the only thing firm in this market is the resolve of patient buyers to wait for lower, more sustainable prices.

Swimming Naked (on the 10 freeway)

Address: 2234 Delaware - 90404

Details: Triplex on a 5,250 sq ft lot. Bank owned

Description: Bank owned!!! Classic 3 unit apartment building in prime santa monica. This property does need work and has some city violations. New buyer will be responsible for this. These units are being sold as-is with no warranties implied or expressed. A very good opportunity for investor or owner user. All offers on car forms with proof of funds, pre approval letter, fico scores. Sellert to select all services.

Price History:
12/8/05 - $860,000
6/23/06 - $1,190,000 (sucker/fraudster? buys at top)
5/9/07 - $942,821 (lender buy back - also the amount of "unpaid debt")

Listing History: 4/18/08 - $769,900

The amount of "unpaid debt" that I am seeing here is listed as the $942,821 amount. If this was the only debt then that means this guy is actually taking a loss here in addition to the lender taking their loss. The lender is going to take a hit of at least $200K here.

The word "terrible" doesn't even begin to describe this location. It is literally on the freeway. I doubt that much rent can be generated from these 3 units as a result of this location. And good luck dealing with the city in regards to the "violations" here (not to mention the additional work that this building needs).

This could be "A very good opportunity for investor or owner user" if the price was at least several hundred grand less. The tide has gone out and the speculators, banks, and lenders are showing us just how naked they were during the upswing of the bubble.

BOMB on Montana

Address: 754 23rd - 90402

Details: 4 bed/3.5 bath, 3,300 sq ft house, 8,900 sq ft lot

Description: Wow! Large 2-story tudor on large corner lot in great area just north of montana and priced to sell. Clean move-in condition with large formal entry, the home with its large living room and open cathedral ceiling, large formal dining room and spacious family room is ideal for large gatherings and perfect for entertaining. 4th bedroom downstairs has its own bath. Private landscaped yard has porch and covered patio. There are beautiful hardwood floors, new carpeting, new roof, 2 w/b f/p and more.

BOMB: Back-On-Market-Baby!!

Edit: Per DWR and Westside Bubble, this property was first listed 2 years ago. Westside Bubble gives the details as:

"Yes, I have it listed 6/06 for $2,695K, reduced to $2,595K 12/06, off the market 3/06 (but no sale recorded). Then listed again 9/27/06 for $2,395K."

Featured on Westside Bubble in October 2007 when it was listed at $2,395,000

BOMB Listing History: 4/17/08 - $2,279,000

This house is on Montana so it carries a location discount - However, it is a larger lot and it is a 2 story house with 4 bedrooms.

New Construction - 20th and Idaho

Address: 2011 Idaho, 2001 Idaho - 90403

Details: New construction, all the bells and whistles, 3 bed/2.5 bath, 2,000 sq ft (give or take), $470/month HOA fees

Description (#2011): Stunning contemporary 2nd floor flat unit w/3bd, 2.5ba, apx 2,141 sq ft w/pvt open balconies. This high-end unit boasts spacious lr, dining area & kit by boffi w/caesar stone counters, sub-zero & miele appliances. Ceiling mounted speakers in the living rm, kitchen & master bd. Features marvin alum-clad windows, premium quality, hand-built doors thruout w/wrought iron english hardware & distressed maple hardwood floors. Pvt laundry room & direct pvt access 2-car garage.

Listing History: 2/22/08 - $1.795M (#2011) and $1.739M (#2001)

The zip realty page shows 6 units total in this new complex which is located on the corner of Idaho and 20th. These two units (#2001 and #2011) appear to be the only ones on the market right now. I remember these units being talked about here in the comments section previously but I can't remember if anyone knew what the status was on the other 4 units. Anyways, these look like nice, high end units but as I have said before, I hate the location. 20th street sucks (in my opinion), and for this amount of money you could go buy a single family house in the same neighborhood and not have to pay almost $500 bucks/month on HOA fees. You would also be able to avoid living on a busy street. Maybe I just don't get the appeal of paying this much money for a product like this. God bless those willing to step up and make bids...

And thanks to the reader who alerted us to this ad on Craigslist. Looks like we have some more info on the status of at least one of the other units here...

$6999 / 3br - NEW, CUSTOM ARCHITECTURAL, 2,200SF TOWN HOME FOR LEASE (Santa Monica) - 2007 Idaho Ave

The ad says "flexible lease", "pet ok", and "available immediately"...so did someone buy this and are they trying to rent it out or is this the developer trying to avoid flooding the market with too much inventory at once?

And can someone shed some light on whether this is the same developer as the one for 923 20th #D?

Loose Ends

Westside Bubble featured 219 23rd a little while back and we have gotten word from a previously credible source that it has sold recently. Photo credit goes to Westside Bubble here I believe...Anyways, it is the 4th house down from San Vicente so it probably shouldn't carry much of a location discount. 8,000 sq ft lot.

Originally priced at $2.395M
Price cut down to $2.195M
Sold (this last week) for $1.88M

I have been busy lately, but thanks to those of you sending e-mails; I will try to get some more content up later this week.

Spent 2 hours driving from downtown LA to SM this evening...I guess there was a big accident on the 10 west and they had it closed down to like 1 lane or something on the westbound side near the 405. Got off around Rancho Park because I was tired of crawling although I regretted not having the opportunity to do some major rubbernecking (I mean, for 2 hours worth of bumper to bumper, I felt entitled).

Also while on the way home listening to 93.1 (Jack FM), they said something like "so is your backyard really worth sitting in all this traffic?" - Thought that was funny/sad.

We have also heard that 866 Stanford fell out of escrow (and this seems correct as I see it showing up on Zip Realty again).

Lastly, thanks to those who voted in what will likely be the first of many polls. It looks like people overwhelmingly want to just "let it be". Sounds good.

Foreclosure Epicenter of Santa Monica

Address: 2025 4th #102A - 90405

Details: 1 bed/1 bath, 699 sq ft, $425/month HOA for next 12 months due to special assessment, Foreclosure

Description: Ocean views from this ground-level condo with a large balcony. Great ocean park location. Lots of closet space. Pool and spa. Close to main street shops, dining and nightlife. Per hoa mgmt, hoa dues are $325 + $100 per month for next 12 months from special assessment (current total $425/mo). Buyer/buyer's agent to verify all information. Free appraisal & credit report if buyer finances through countrywide. Lender owned-please contact la1 for seller's purchase addendum before writing offer!

Previous Purchase: 5/24/05 - $480,000 (100% financing by Countrywide)

Bank Buyback: 1/25/08 - $425,817

Listing History: 3/10/08 - $424,900
Reduced: 04/04/08 - to $415,000

2025, 2035 and 2045 appear to be three multi unit buildings all semi-connected(?) and all similar size. We have featured several other foreclosures and short sales that were either in these buildings or nearby. This is our first from 2025 4th, but judging by how much distress and 100% financing we have found in this area, we are calling it the epicenter of foreclosures.

2045 4th
another at 2045 4th
2002 4th
2911 4th
2233 4th
And there are several more units nearby that are on the market which haven't yet been featured here.

Additionally, when we mentioned these buildings on this blog before we got the following comment:

"The building has termites and the owners are going to be accesed (read: assessed) big time early next year. I rent in the building and know the Pres of the HOA.

Lets give some kudos to this commenter because it appears that the "special assessment" has now taken place which they alerted us to. Bravo.

This unit and the other 1 bedroom units in these buildings in this area are totally screwed. After all the foreclosures work their way through the system and we are several more years down the line, I have no problem seeing a unit like this eventually selling for a value which would have a 2 at the beginning. What a mess.

And isn't it ironic that Countrywide was the original bonehead lender doing 100% financing and now they are trying to entice you to choose them as the lender on this?!

Comments Poll

I had been thinking about this for a while now. I have always expressed that I think the "anonymous" posting isn't ideal; although I will say that it seems to encourage more discussion.

Manhattan Beach Confidential did a poll a while ago and it appears that they have not changed anything and you can still post anonymously. I didn't want to put a long post up about how I feel on the subject but I would recommend checking out the post on Manhattan Beach Confidential because I share many of the same feelings.

I put a poll up because I think it will be interesting to see what people think. I will also be featuring more polls in the future on specific properties if this is a hit. Obviously, your participation (or lack thereof) will be our indicator of success.

For now, if we were to move to some type of sign in requirement it would likely be the "open ID" format. Click the link for details.

What do you think?

Crystal Ball Foreclosure on Idaho

Address: 1105 Idaho #209 - 90403

Details: 1 bed/1 bath condo, 714 sq ft, upgraded, foreclosure, $125 HOA

Description: Reo...Bank foreclosure.Top floor private condo which has been totally remodeled.Kitchen has new maple cabinets,granite countertops and stainless steel appliances.Step down living room with newer spanish tile.Bathroom has granite floors and bathtub.Two balconies for a tree top view..Close to all shopping,schools and all transportation

We previously featured this condo back in September 2007 when it was first on the market as a short sale attempt.

Old Listing History: 5/14/07 - $535,000

This didn't even appear to be much of a short sale since the purchase price wasn't that much higher...

Purchase Price: 10/3/05 - $559,000 (of course, 100% financed)

So here we had yet another $0 down situation on a condo. When we featured the short sale attempt, we also knew that a notice of default had been filed. Our crystal ball told us that no idiot would step up and pay over $500K for a 1 bedroom apartment/condo with a little granite and stainless steel.

Then in March 2008, we discovered that the notice of default flowered into a full on foreclosure...but the property wasn't listed on the market yet. Our crystal ball told us it would be on the market soon and for a hefty discount if the lender was smart.



Well, our crystal ball was correct and here we have the property on the market once again, this time as a true foreclosure.

Listing History: 4/5/08 - $394,900

So this represents a 30% rollback FROM THE 2005 SALES PRICE....wow.

This should once again show our readers that a lot of the asking prices (i.e. the short sale attempt asking price in 2007 for this property) are total BS and should be ignored as sellers have continued to be delusional as well as so highly leveraged and underwater that they literally can't lower prices even if they want to. It is imperative to do your homework.

Additionally, I think this draws a line in the sand and shows that even in 90403, it is going to be virtually impossible to get more than $500K for a 1 bedroom (unless you are on Ocean Ave or something like that).

Right now I see 6 additional 1 bedroom condos in 90403 on the market which are asking more than this listing...and they are all asking almost $100K or more than this unit...this is what foreclosures do. They force prices down. All those other 1 bedrooms out there are officially on notice now as they need to lower prices dramatically to even get in the same ballpark as this listing.

Stealth Foreclosure on 20th

Address: 1217 20th Street #103 - 90404

Details: 2 bed/2 bath 1,021 sq ft condo, $250/month HOA

Description: Priced to sell. Seller motivated. Property is 2 bedroom, 2 bath condominuim with a fireplace located in the living room, and central air. Buyers are to verify entire condition and all information on this property on their own and must satisfy themselves as to all aspects of this property. Property is being sold as is. Seller will not be completing any repairs. Information deemed reliable but not guaranteed. Buyer to verify all.

Previous Purchase: 11/22/05 - $582,000 (100% financed)

Bank Buy Back Foreclosure Amount: 2/12/08 - $506,451

Listing History: 4/4/08 - $459,900

The description for this listing did not say "REO" or "foreclosure" but it obviously indicates distress none the less...and the photos showed that the unit was empty, which is also a sign of foreclosure. Property Shark confirmed it with Deutsche Bk Natl Trust 2006-W1 showing up as the latest buyer.

The buyer of this unit that got foreclosed on bought at the peak of the market and put $0 down...thats crazy because I thought everyone in SM was ultra wealthy and there were no dodgy loans or anything here...

Here is the price history of this unit:

02/12/2008:	$506,451
11/22/2005:	$582,000
08/27/2002:	$355,000

So at the current asking price of $460K, we are likely looking at a 2004 rollback here and we could theoretically be looking at a 2003 rollback depending on where you want to estimate it and where the final sales price takes place. I have absolutely no problem seeing this unit ultimately rolling back past the 2002 price of $355K though. The location is terrible (unless you love Koo Koo Roo) because it is just a stones throw from Wilshire and it is on 20th which is incredibly busy...and it is 90404.

Of course we have some delinquent taxes here to top everything off...no wonder municipalities are getting nervous and the state is slashing its budget...

Installment 1			Installment 2
Tax Amount	$3,497.97		Tax Amount	$3,497.96
Penalty Amount	$349.79		Pen/Cost Amount	$0.00
Total Due	$3,847.76		Total Due	$3,497.96
Paid Amount	$0.00		Paid Amount	$0.00
Balance Due	$3,847.76		Balance Due	$3,497.96
Delinquent If Not Paid By	12/10/2007		Delinquent If Not Paid By	04/10/2008

Lastly, how crappy must the owners of unit #303 be feeling right about now? Their unit is identical to this one in bed/bath and sq ft metrics...and they bought on 6/27/07 for $592,500. Ouch.

I know some on this blog have been calling for less coverage of condos and more coverage of houses...but it would be irresponsible to not cover these types of situations. Good houses in good locations haven't had nearly as much visible distress...but the cracks are showing and it would be remarkable if all the destruction we show on this blog didn't filter though and start showing up more on nicer houses in the near future.

Just In Case You Were Getting Too Bullish On 90403...*Update 1*

We previously featured 2714 Washington - 90403 back in December 2007. This was a house with long term owners who bought in 1984 and then remodeled at some point.

Details: 4,400 sq ft, 6 bed/5 bath house on a 6,664 sq ft lot, pool, poolhouse, rooftop deck

Listing History: 8/13/07 - $2,850,000
Reduced: 09/27/07 - to $2,690,000
Reduced: 10/31/07 - to $2,550,000
Reduced: 11/28/07 - to $2,350,000

Sold: 3/11/08 - $2,134,235

Thanks to lap2 for providing sale price.

In the comments section from the original post, I said the following:

This is an interesting situation because it is not a tear down and an ultra wealthy person isn't going to buy this and rehab it because it is not prime location/lot size. So we need a more "normal" type family to find it attractive and have the means to buy it. Then maybe live in it for a while and save money for a remodel/facelift if one was so inclined.

It looks like I was somewhat correct about this being sort of an "in between" house needing a certain type of buyer (and thus producing somewhat of a depressed sales price)...but I am surprised that this sold for so little, especially when 866 stanford (which appears to have entered escrow) was much smaller and was asking $2,075,000. Also, still on market is 865 Harvard which is tiny and basically a tear down/major remodel needed situation and they are asking $1,995,000.

Also, what is up with the awkward price of $2,134,235? Fighting for every last cent or just not familiar with rounding?

Money Trouble on Priceton? *Updated*

Address: 1128 Princeton #3 - 90403

Details: 3 bed/2.5 bath townhouse, 1,614 sq ft, short sale

Description: Short Sale/Seller's package already sent to lender/motivated seller! Pristine 3 level twnhse. 3 bd + den + loft, 2.5 ba, including enormous master w/vaulted ceilings. Unencumbered Sth exposure! Bright white walls, maple cabinets, blonde wood floors all flooded w/daylight. Expansive patios located off of the liv rm & loft. Attached 2 car garage & 1 deeded guest parking space. Selling office commission subject to short sale lender approval, any reduction shall be shared 50/50.

Previous Purchase: 10/26/99 - $595,000

Listing History: 9/27/07 - $1,069,900
Reduced: 10/16/07 - to $1,029,000
April 08 listed as short sale - $989,000

In the comments section from our last post, anonymous said:

"Two weeks ago I called to book a tour on 1128 Princeton. First thing the broker said was "I can't cut the price. It's 1.029...maybe I can go 1,015...but that is".
Of course the conversation went nowhere and we didn't see the property...and NOW this...

"Short Sale/Seller's package already sent to lender/motivated seller! Pristine 3 level twnhse. 3 bd + den + loft, 2.5 ba, including enormous master w/vaulted ceilings. (...) Selling office commission subject to short sale lender approval, any reduction shall be shared 50/50.""

I also believe that someone had mentioned this property a few months ago on this blog when they were giving examples of 90403 townhouses languishing on the market and refusing to cut prices down to market levels. This unit has been on the market for a long time...they cut the price once a while ago and it just sat for months and months...now thanks to the anon above, we see that the description has been changed to "short sale" and the price has been cut a little bit. I still wouldn't call this seller very "motivated".

As far as this being a short sale...well we have to wonder why/how with the 1999 purchase. Too many HELOCs?, a big refi? Maybe this seller abused their extremely close proximity to WaMu...Also it looks like they are distressed based on the late property taxes...Think they are making their next payment in 7 days?

Installment 1			Installment 2
Tax Amount	$4,029.31		Tax Amount	$4,029.30
Penalty Amount	$402.93		Pen/Cost Amount	$0.00
Total Due	$4,432.24		Total Due	$4,029.30
Paid Amount	$0.00		Paid Amount	$0.00
Balance Due	$4,432.24		Balance Due	$4,029.30
Delinquent If Not Paid By	12/10/2007		Delinquent If Not Paid By	04/10/2008

*UPDATE* - A reader made a comment about a rape taking place (semi) recently in this complex. Just so there is no confusion I looked into it and here is the link to the news story.

Canyon Developer Distress?

Address: 415 Upper Mesa Rd - 90402

Details: "brand new custom blt construction has 4bdrms/3.5 baths & 3,250sqft"

Description: Architectural gem w/ breathtaking ocean & canyon views! This brand new custom blt construction has 4bdrms/3.5 baths & 3,250sqft. Built on a hillside so you can enjoy the amazing ocean views where you can see the waves crashing. On top flr is the great rm w/frpl, open kit, balcony & views. Gorgeous cherry hrdwd flrs thru-out & entire west facing glass curtain wall, stretching thru all flrs. This is a very sleek, modern home. $2,699,000 as-is or $2,999,000 complete. (must read private remarks).

Previous Purchase: 4/8/03 - $1,085,000

Listing History: 12/20/07 - $2,995,000
Reduced: 03/28/08 - to $2,699,000

Westside Bubble recently mentioned a case of potential developer distress north of Montana.

Is this a case of builder distress here? What is going on? Can someone help us out with obtaining those highly secret "private remarks"? Also, since they just cut the price, does that mean that the new price is $2.7 for the "complete" version and is the incomplete version now even lower? What is going on here?