Previous Purchase: 8/1/03 - $889,000
Listing History: 4/12/10 - $879,000
SOLD: 9/8/10 - $885,000
When I previously featured this I said that I expected it to generate a fair amount of interest. It looks like I was correct as it sold for over list price. I think buying something at 2003 prices represents a good deal in the current market as we aren't seeing many 2003 rollbacks right now.
I agree, this buyer did okay as there are not a lot of 2003 rollbacks. I'd say condos are veering towards 2003 prices and SFRs are at 2004 prices.
ReplyDeleteBy winter of next year it will be 2002 prices for condos and SFRs. The high end is going to see more pain than the low end.
http://www.calculatedriskblog.com/2010/09/house-prices-and-foreclosures.html
This is the first unambiguous 2003 rollback that I personally have seen in Santa Monica.
ReplyDelete2002-2004 is a steep part of the historical price curve, so the difference between an "early 2004" rollback and a "late 2003" rollback is actually a pretty big deal.
"Early 2003" or "2002" rollbacks would be further huge drops, if and when they occur.
I'm excited by what this comp represents.
Arti-
ReplyDeleteIf you read the calculated risk blog you'd understand the price drop predictions are directly tied to "how banks deal with the foreclosures on their books". Please explain how that applies to high-end SFRs in SM.