Details: 3 bed/2 bath 1,668 sq ft house, 5,100 sq ft lot
Description: Adorable 3 bedroom 2 bath located in the Grant School District
Previous Purchase: 12/6/02 - $629,000
Listing History: 8/19/10 - $899,000
SOLD: 10/4/10 - $750,000
Looking at Zillow, I see a bunch of additional listing history for this house. It looks like it has been on and off the market since October 2009 and back then they were asking $300k more than what it finally sold for.
Also, Zillow shows a September 1997 sale price of $362k. That works out to annual appreciation of roughly 11% between 1997 and 2002. Using that type of annual appreciation, we see that the price that this just sold at is roughly in late 2004 territory.
I watched this house from afar for quite awhile. I think it is an outlier. There was something about it that it just would not sell - don't know what but I have a hunch it is not reflective of prices in that area.
ReplyDeletecrappy street
ReplyDeleteIt's a tiny lot, it's right under the flight path, and there are no pictures of the inside to be found- three strikes.
ReplyDeleteWould the three of you mind disclosing your current holdings, particularly in Santa Monica real estate? I'd like to know if these assessments of a new low price comp are objective, or if each of you have something to gain from arguing that Santa Monica housing prices are higher than this sale reflects.
ReplyDeleteI own 1,000,000 times more real estate in SM than you do.
ReplyDeleteAnd, for the record, please admit that you're a renter who is desperate to buy real estate in SM, and hence biased and unreliable.
ReplyDeletewow. I've enjoyed some of dwr's comments in the past, but I think it's safe to say that all credibility has gone out the window now.
ReplyDeleteEpsilon is a johnny come lately who started espousing his theories after the bubble already popped. Now he's going to question the objectivity of people simply because they own real estate!? Especially people who were 1) posting years before he ever showed up, 2) already owned real estate, and 3) were calling for a crash? That is too cute.
ReplyDeleteNot sure how I lost credibility. Epsilon owns nothing, I don't own nothing. Anything more than that is no one's business. So sorry if I lost you as a fan...
dwr - not that you'll respond to logic or accept criticism, but 1) it's amazing that Epsilon is biased b/c he doesn't own real estate and you're not biased b/c you do, and 2) to the extent you're truly confused about why you've lost credibility, maybe it's because you spew vitriol, make unfounded assertions, and turn the comment section into a juvenile competition instead of an intelligent conversation. There's a way to make your points without being so antagonistic and unpleasant.
ReplyDeleteI think I've mentioned this before... but I did own real estate at the start of the decade. I took a healthy profit when I sold in 2005. And I've been here since 2007, when I took just as much vitriol for saying the market was plummeting.
ReplyDeleteI will admit I'd like to buy in Santa Monica. Like any asset---when the price is right.
"it's amazing that Epsilon is biased b/c he doesn't own real estate and you're not biased b/c you do"
ReplyDeleteYes, it is amazing.
"make unfounded assertions"
such as?