Details: 3 bed/2 bath 1,652 sq ft house on a 6,179 sq ft lot
Description: Charming historical English cottage with lots of original details on a large lot in the desired Alphabet Street neighborhood. Enhancements include excellent layout, dramatic round top doors, large master with walk-in closet, hardwood floors throughout, updated plumbing, tankless water heater, new forced-air, updated kitchen with Viking appliances, Caesarstone counters & rustic brick tile. Completely redone detached spacious studio with vaulted ceilings and bath, excellent for use as office, guest room or play room.
Previous Purchase: 6/19/07 - $1,810,000
Listing History: 8/9/11 - $1,495,000
SOLD: 11/16/11 - $1,408,600
This house seems lovely, pretty well located, and very move in ready. This roughly $400,000 loss works out to a rollback of about 22.2%. This seems a little bit deeper than what you would expect to see at this time on a similarly attractive house in most areas of Santa Monica. Thanks to the reader that sent this in.
But then there are properties likethis one listed at $3,795,000 and sold within 2 1/2 months at full asking: http://www.redfin.com/CA/Pacific-Palisades/457-Toyopa-Dr-90272/home/6841092
ReplyDeleteOr this very small 2006 rollback:
ReplyDeletehttp://www.redfin.com/CA/Pacific-Palisades/544-Swarthmore-Ave-90272/home/6841759
457 Toyopa Drive -- Mentioning something like this is a gigantic waste of time. Attractive properties priced properly were able to sell at or even above list even as the market was falling quickly in 2008. Nobody is debating the ability of properties to sell quickly and at list or above if they are attractive and priced well. Its all about what they would have sold for near the peak of the bubble and what they are selling for now. In this case, the last sale was in 1998 so really its hard to tell.
ReplyDelete544 Swarthmore Avenue -- So I went back to the early 2006 sale data and noticed that for that sale, the house actually went into escrow on 10/14/05 and didn't close until 1/25/06. So a longer escrow than average it seems. So really, the previous sale price of $2,932,500 is more like late 2005 than early 2006. The sale price of $2,865,000 from this November (and from a less than one month escrow mind you) represents on the surface a rollback of just 2.3% from the late 2005 price. However, I looked at photos from the 2005 sale and the current one and noticed that the kitchen has been nicely upgraded. So its not an apples to apples situation. I can't tell if other areas were upgraded but the point is this is a rollback well into 2005 territory adjusting for the kitchen and long escrow alone. I think this kind of goes along with my post so I don't see why you are putting up these links.
I was looking in the Alphabet streets almost two years ago, and the places I saw were significantly larger than this (2400ish SF), more nicely updated, and only about 250K more expensive. I would say this is one bit of evidence that the desirable westside areas have been dead flat for the past two years.
ReplyDelete