last featured 933 25th back in April 2012.
This zombie bubble relic has been off and on the market as a regular and then short sale for years. New construction that never got lived in.
The short sale listings were always asking a suspiciously low amount of money.
The last short sale listing asking $2.7mm apparently went through.
SOLD: 12/21/12 - $2,700,000
This is too cheap and I would bet there was some major fishy action behind the scenes here. There was a fishy short sale that went through recently in my neighborhood recently as well. While these examples are frustrating to see, I guess it's just part of the healing process of the market. The last of the crappy mortgages are being written off, the final zombies are being cleared.
Sunday, January 27, 2013
Sunday, January 20, 2013
Details: 7 bed/13 bath 22,794 sq ft house on a 58,806 sq ft lot
Description: The Ultimate Family Estate. Trophy East Coast Traditional on prime 1.3 acre flat lot. 200ft of frontage on the Riviera Country Club. Over 22,700sqft newly built. Long private driveway leads to a grand arrival motor court with parking for 30 cars. Glamorous 2 story entry hall with sweeping limestone staircase. All public rooms offer 12 ft ceilings and french doors that open to flat grassy yard and then to the golf course beyond. Sophisticated library with fireplace, dining room comfortably seats 25, immense gourmet kitchen with calacatta gold marble counters & separate catering kitchen. Family room and breakfast room adjoin the kitchen and open on to the pool and spa. 2,500sqft master suite offers panoramic golf course views, dual marble baths and lavish closets. 4 additional bedrooms suites are perfect for a large family. Other amenities include an indoor half basketball court, gym, spa facilities, screening room and a 15 car garage. Shown only to pre-qualified Buyers.
Current Listing: 1/18/13 - $34,995,000
I don't know what the record is for the highest price paid for a Santa Monica property, but if anyone pays anything near asking I have to imagine this will be up there at or near the top of the list. This location is really sweet and the lot is massive. The house (if you want to call it that) is obviously obscene but whatever...you can't take it with you. The square footage of the master suite alone dwarfs my whole house; pretty wild.
Wednesday, January 9, 2013
Inventory has continued to decline.
The apartment vacancy rate has continued to decline.
Home building and other housing related stocks as represented by the XHB have continued to make new highs (new 52 week high today).
So it looks like all the positives which manifested themselves in 2012 are alive and kicking as we enter 2013. Additionally, we got through the supposedly scary election, (some of) the fiscal cliff issues, and we got another year extension on the short sale rules which allow sellers to conduct short sales and not be hit with an IRS bill for the discharged debt amount. The banks are reaching additional mortgage settlements as they extinguish the last of their legacy liabilities from the bubble. Finally, and potentially most importantly, the average person knows the crash is over, is tired of paying ever higher rents, and is no longer looking at real estate in a negative light.
I might actually not be bullish enough as all signs are pointing towards a strong 2013. We'll see in a few months how things are shaping up. The market is still essentially in hibernation for the next month or two.