Details: 5 bed/5.5 bath 4,665 sq ft house on a 7,810 sq ft lot, year 2000 construction
Description: Elegant Newer Mediterranean North of Montana. Soaring ceilings, gorgeous wood floors, custom moldings and quality built-ins. Large gourmet cook’s kitchen with stainless appliances, center island, butler’s pantry and granite counters. Four bedrooms and upstairs family room/library, guest bedroom downstairs. Palatial master with 16 foot ceilings, spa bath, fireplace and two balconies. Backyard features a dark bottomed swimmers pool, entertaining area, a built in BBQ and large covered patio. Bonus room above the two car detached garage. Enjoy all the benefits of Santa Monica’s schools, shopping and restaurants – all just around the corner.
Purchase History:
8/7/00 - $2,425,000
4/16/04 - $3,100,000
4/24/06 - $4,350,000
Listing History: 10/29/10 - $3,600,000
SOLD: 12/30/10 - $3,550,000
This $800,000 loss is large in dollar terms but it is a decline of just 18.4% which I would call roughly in line with other peak to current declines. Note also that this is 14th street which carries a bit of a discount and which is not as resilient as other streets which are less busy.
Happy new year and welcome to 2011. We are now in year 2 of my 3 year period in which I said buying a house would likely make sense (2010-2012). As shown by this example, I think prices are still remaining pretty stable. I don't see a compelling reason for values to go up and I still think they might creep down a bit (at least in real terms), but I don't see any major, looming gap-down upcoming. The economy is looking stable to better. Check it out, Calculated Risk even did another somewhat positive post titled "The Brighter Outlook".
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