Relative Value Gets Swooped Quickly *Update 1*

I last featured 1015 24th back in early November when I tried to go to the open house but it was canceled because the house went into escrow so quickly.

Remember, this is a 4 bed/3 bath 1,860 sq ft house on a 6,207 sq ft lot which I liked and said was a good relative value.

Listing History: 10/22/09 - $1,599,000

SOLD: 12/23/09 - $1,558,000

A More Rational Rollback

Address: 1436 20th #11 - 90404

Details: 2 bed/2.5 bath 1,493 sq ft townhouse, $252 HOA, 1989 building

Description: Gorgeous Architectural Townhouse. Inviting living space with cozy fireplace & new recessed lighting expand to large patio with mature trees; perfect for entertaining and barbecues. Sky lights fill second floor with light. Cook's kitchen with granite counter tops & new recessed lighting open to breakfast nook with morning sun. Great set up for roommates. Extra storage,Side-by-side parking, & guest spaces. Great Santa Monica location: Yahoo Center,Water Gardens,&Promenade

Purchase History:
11/22/00: $330,000
4/5/05 - $762,000

Listing History: 11/13/08 - $699,000
Reduced down to $589,000

SOLD: 12/14/09: $575,000

So I figured this would be a good contrast with the previous post I just published. Even though I think the market still remains mysteriously strong, this townhouse is in serious rollback territory off of the 2005 price (as it should be). The location is not good as 20th is a very busy street and I think that is a big reason for the exceptional weakness seen here.

This thing was active on the market for almost a complete year and it took over a full year to finally close.

Another Peek At How Cycles Work *Update 1*

I last featured 1328 Franklin #3 all the way back in March 2008!

It is a 2 bed/2 bath 1,152 sq ft condo in a 1965 building. It has been "remodeled" since its last purchase.

Previous Purchases:
3/25/93 - $170,000
7/24/97 - $143,181
10/25/07 - $495,000

Listing History: 9/8/09 - $599,000
Reduced down to $559,000

Sold: 12/7/09 - $550,000

Even though this was just sold as "remodeled", I think this example should serve to show just how hot the market is. Someone just paid 10% more than the late 2007 price and all they have to show for it is some crown molding, surfaces and appliances.

La Mesa Rollback *Update 1*

I recently featured 2158 La Mesa and was interested in seeing the price it might sell at.

Previous Purchase: 11/14/07 - $6,332,000

Listing History: 11/1/09 - $5,795,000

"withdrawn": 12/8/09

Unfortinately, we will have to wait a bit as it seems that it has been "withdrawn". Trying to do something private off the MLS, thinking about re-listing next spring, or just not selling? Who knows...


In other news, the (not so) great Santa Monica bank "First Federal" has finally failed after many months in zombie mode.