Address: 1010 California #2 - 90403Details: 2 bed/2 bath 1,446 sq ft condo, 1988 building, $350/month HOA
Description: Great split level 2 bedroom, 2 bath in Prime Santa Monica location. Open kitchen w/ breakfast bar & granite counter tops, hardwood floors downstairs plantation shutters, fireplace, patio & large laundry room. Master suite upstairs w/ lots of light, double paned windows, walk-in closet & spa bath. SXS parking w/ extra storage. Close to beach, 3rd Street Promenade and many restaurants on Wilshire & Montana.
Previous Purchase: 3/16/05 - $725,000
Listing History: 7/2/09 - $759,000
SOLD: 1/13/10 - $735,000
This condo took longer to sell than most properties featured here recently. It took 99 days on market to finally go into escrow.
Nothing special here. $508/sq ft. Building isn't too old, location is pretty decent...rollback seems to be in line with many others recently...early 2005 isn't great, but satisfactory for the market where it is right now.
However, this price is worse than what someone just paid for unit #8 in the same building. We featured the REO sale of unit #8 just a few posts ago. It sold for a bit more but was substantially larger at 1,680 sq ft...it sold for $446/sq ft which beats out the $508/sq ft that someone just paid for unit #2.
But compared to unit #3 which sold in this building back on 7/30/09, the buyer of unit #2 just got a better deal. Unit #3 was 1,426 sq ft and sold for $779,000...that is $546/sq ft!!
So $446/sq ft for the REO which recently sold, $508/sq ft for the non-REO which just sold, and $546/sq ft for the unit which sold 6 months ago. I would imagine that prices will continue to be under pressure and reach the REO price in the future.
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