Address: 237 Adelaide - 90402Details: 2 bed/2 bath 1,093 sq ft house, 3,927 sq ft lot, "remodel(ed)", REO
Description: A GREAT HOME IN SANTA MONICA CANYON! THIS REMODEL FEATURES 2 BDRS AND 2 BATHS, LIVING ROOM WITH 2 STORY CEILINGS, FIREPLACE AND WALL OF GLASS LOOKING OUT TO SPECTACULAR HILLSIDE, OCEAN AND WHITE WATER VIEWS. THE LIVING AREA IS SPLIT LEVEL WITH A AN ALL STAINLESS STEEL COMMERCIAL KTCHEN CONNECTING TO AN ADJACENT DINING ROOM. THE LIVING AREA IS SEPARATED FROM THE BEDROOM WING BY A SPACIOUS PATIO WITH A FIREPLACE. THE MASTER BEDROOM ALSO HAS FABULOUS OCEAN VIEWS WITH A LARGE MASTER BATH. THIS IS AN INCREDIBLE LOCATION THAT WON'T LAST. THE PROPERTY IS BANK OWNED AND PRICED FOR A QUICK SALE!
Previous Purchase: 12/21/05 - $1,870,000
Bank "buyback": 1/28/10 - $1,606,000
REO Listing History: 4/2/10 - $1,499,000
SOLD: 6/7/10 - $1,500,000
Many agents state in the description for their listings that the property is priced for a quick sale...That generally means it is overpriced and will sit on the market for a long time. However, this time it was actually correct as this house went into escrow after 11 days on market.
Property Shark shows a refinance in August 2006 for $1.72mm with the first mortgage being $1.5mm. Add up any late fees and potential negative amortization and the first lien foreclosed in January this year for the $1.606mm you see above as the bank "buyback".
Adelaide is a premier street in Santa Monica. This example here should remind us that the bubble was pervasive across all property types. Also, as we keep seeing 2004 rollbacks I continue to wonder if we might be getting a glimpse of the post tax credit, European debt crisis, second half economic slowdown type market where 2005 rollbacks will be more rare and we might start seeing declines into 2003 territory.
1000 sq ft house on a 3900 sq ft lot??? Another one of your "one offs". Not at all representative of the true high end Santa Monica/Palisades market.
ReplyDeleteAlmost $1500 a square foot? Even an ocean view isn't worth that. You could buy twice the house in Manhattan Beach for this...
ReplyDeleteI guess the charm is that ocean view houses are comparatively very rare in SM...
Cosanostra -- how about 628 24th which I featured 3 posts ago. Perfect location, house, lot size, etc...2004 rollback.
ReplyDelete