Archive for October, 2007
October 31, 2007
In watching the price reductions in the South Bay, I have noticed Redondo Beach popping up on that list more often lately. While that is a trend overall in Los Angeles, Redondo seems to be taking up a larger share of the list. Here are some of the October sales for the area:
1100 S CATALINA AVE - 3bd/2bth/2303sqft - Sold $1,650,000
712 SAPPHIRE ST - 4bd/4bth/4698sqft - Sold $2,560,000
700 ESPLANADE APT 31 - 3bd/2bth/1624sqft - Sold $779,000
521 SAPPHIRE ST - 3bd/1bth/1203sqft - Sold $1,200,000
235 S IRENA AVE - 2bd/1bth/1202sqft - Sold $1,267,000
410 S LUCIA AVE - 2bd/1bth/820sqft - Sold $879,000
October 31, 2007
The Federal Open Market Committee announced another drop of 25 basis points for the federal funds rate down to 4.5%. The corresponding press release from the Fed included this phrase: ”However, the pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction.”
There is some interesting debate at LALand on how the Fed is viewing the “housing correction.” Peter gives some good advice on reading the tea leaves when it comes to the Fed’s press releases.
October 31, 2007
These price reductions are more frightening due to their lack of much change more than anything else. They all hover around a 3% reduction. Still, prices on these Westchester homes are coming down a smidgeon. Incidentally, the Belford property has been on the market for over four months.
Happy Halloween!
8710 Belford Ave., #B222/2bd, 2bth/$409,500 to $399,000
8638 Yorktown Ave./2bd, 1bth/$614,000 to $599,000
8133 Belford Ave./3bd, 1bth/$674,000 to $659,000
6751 Andover Ln./5bd, 5bth/$1,579,000 to $1,525,000
October 31, 2007
A story in today’s L.A. Times reports that Los Angeles and Orange counties experienced steeper declines in home prices in August than most major U.S. cities:
[Prices in L.A. and Orange counties] dropped 5.7% compared to a year ago, according to the Standard & Poor’s/Case-Shiller composite index. The index showed home prices fell an average of 4.4% in 20 metro areas nationwide….San Diego, with an 8.3% year-over-year decline, fared even worse….San Diego’s decline was topped only by Tampa, Fla.’s 10.1% fall from a year ago and Detroit’s drop of 9.3%.
The only areas where prices rose were Seattle (5.7%) and Charlotte, N.C. (5.6%).
The index includes existing single-family homes only — no new construction or condos.
October 31, 2007
Today we’ll take a look at the real-estate happenings on Doheny Drive. But first, a bit of trivia: Doheny Drive, which runs through Beverly Hills, Los Angeles and West Hollywood, is named after Edward L. Doheny, an American oil tycoon who struck it rich after coming to Los Angeles from his native Wisconsin. Doheny died in 1935, but he and his estate have made numerous donation to L.A.-area universities, including USC and Loyola Marymount.
Several new and updated listings have popped up on Doheny Drive this week, so it seemed a Doheny-driven post was in order.
If these properties, at 201 and 203 N. Doheny Drive, Beverly Hills, respectively, seem identical, it’s because they’re related. Both of these three-bedroom, two-bath homes were put on the market at the same time, with the owner stipulating that they must be sold together. Each is listed at $1,499,000, which means you’ll have to come up with around $3 million to nab both of them. And in case you’re thinking of drilling on the land, forget it: The seller is stipulating that he will retain oil and mineral rights.
If you’ve got more money to lay out, there’s a $4,995,000 home up the street, at 1720 N. Doheny Drive, Los Angeles. This single-level, four-bedroom, four-bath abode has been completely remodeled and offers a large pool and expansive city views.
Meanwhile, a few blocks down, this redone one-bedroom, 1.5-bath condo at 999 N. Doheny Drive, #510, in West Hollywood is coming down in price. It’s now $895,000 instead of $925,000.
And this one-bedroom, 1.5-bath unit 100 S. Doheny Drive, #516, Los Angeles, has been reduced from $539,000 to $529,000. It features completely remodeled kitchen and baths.
October 31, 2007
Because if you do, you’ll get exactly one square foot of space at this Playa Vista property. That amount puts you in at the average* price of homes in the area. This pad has some pretty decent square footage, considering it’s got just one bedroom.
5400 Playa Vista Dr., #6/1bd+loft, 2.5bth/1,666 sq. ft./$749,500
* Average cost based on homes currently on the market with known square footages from Redfin data.
October 30, 2007
This Reuters story on CNBC quotes Jeffrey Mezger, chief executive officer of home-building giant KB Home, regarding the state of the real-estate market.
[Mezger] said home prices in California could fall another 10 percent to 15 percent in the next 18 months. Mezger was speaking on a panel with Countrywide Financial CEO Angelo Mozilo and California State Treasurer Bill Lockyer. Lockyer said they all expected about 10 percent or more.
At the same event, Mezger made another prediction, according to the Los Angeles Business Journal:
“I think it’s going to take quite some time for the inventory to clear,” said Mezger, whose Los Angeles-based company is the fifth largest U.S. homebuilder by sales. He spoke today during a panel discussion at the Milken Institute State of the State Conference in Beverly Hills, California.
The latter story also reports that KB Home has lost half its value this year.
October 30, 2007
When I first moved to the area, I often wondered about the large, elegant building, prominently perched over the Arroyo Seco while commuting through Pasadena via the 134. This building of course, houses the 9th Circuit U.S. Court of Appeals. And it looks like a hotel because it is one– or was, in a past life.
The Vista del Arroyo Hotel was built in 1903; a living time capsule of Pasadena’s heydays as a wintertime haven for well-to-doers from back east. The grounds of the hotel also included bungalows:
The bungalows were constructed for the Vista del Arroyo Hotel as winter resort residences and were designed between 1920 and 1938 by noted Pasadena architects Sylvanus Marston, Garrett van Pelt & Edgar Maybury, and Myron Hunt & Harold Chambers. They are listed on the National Register of Historic Places.
These Vista del Arroyo bungalows have undergone extensive renovation after suffering years of abandon and neglect, and on Nov. 4, nine properties will be sold at close out auction. Minimum bids start at between $790,000 and $1,260,000, representing up to $690,000 off the asking prices. Interested? Two links at the bottom of the post will lead you to pertinent info about the bungalow and auctions, and here are a few units on Redfin along with their original asking prices:
5 S GRAND AVE
$1,250,000
Beds: 2 / Baths: 2.5
MLS#: 07-170721
21 S GRAND
$1,300,000
Beds: 3 / Baths: 3
MLS#: 07-207019
33 S GRAND AVE
$1,125,000
Beds: 1 / Baths: 1.5
MLS#: 07-197195
51 S GRAND AVE
$1,895,000
Beds: 3 / Baths: 3
MLS#: 07-170759
And because it’s that time of year, here’s a spooky connection: That beautiful looking bridge spanning the Arroyo Seco? That’s the Colorado Street Bridge, and it’s every bit as iconic as the hotel itself, and most often depicted together (see postcard above). It’s commonly referred to as the “Suicide Bridge”, earning its nickname from the 100+ people who have leapt from it, particularly during the Depression.
It is said that spirits haunt the structure and the riverbed to this day. Just so happens that this bridge is also literally, right above and directly adjacent to the bungalows. Lack of movement on these historic residences due to the soft market or something else? You be the judge!
Resources:
http://www.arroyobungalows.com/
http://www.auctionbungalows.com/index.shtml
Photo credits:
Vista del Arroya postcard: zilf
Bungalow auction photo: SGVT
October 30, 2007
Looking for something fun to do tomorrow? Here are some suggestions from the Daily Breeze, with more events at their article.
Rolling Hills Estates
Avenue of the Peninsula - Trick-or-treating, entertainment, giveaways; free; 3:30-6:30 p.m. Silver Spur Road between Hawthorne and Crenshaw blvds. www.shopattheavenue.com
Torrance
Halloween Carnival; free admission, (10 tickets for $5); 4-8p.m. Wednesday; Wilson Park, 2200 Crenshaw Blvd., (310) 618-2930
San Pedro
Scary Stories 5, annual live reading of tales by Poe, Saki and others; $5, children 6/under free; 6:30 p.m. today; amphitheater, Angels Gate Cultural Center, 3601 S. Gaffey St., (310) 519-0936, www.angelsgateart.org
Redondo Beach
Trick-or-treating in Riviera Village; free; 4-7 p.m. Wednesday; businesses along Catalina Avenue from Avenue I to Palos Verdes Blvd, (310) 791-7104, www.rivieravillage.org
October 29, 2007
3243 Danaha Street - 4bd/2bth/1742sqft - $839,000 to $825,000
20615 Madrona Ave - 4bd/3bth/3230sqft - $1,168,668 to $1,108,668
3706 W 227th St - 3bd/1.5bth/1279sqft - $654,000 to $628,500
4708 Pacific Coast - 3bd/2bth/1631sqft - $729,000 to $699,000
2574 W 234th - 4bd/2.5bth/2389sqft - $1,177,000 to $1,125,000
3415 Artesia Blvd #13 - 2bd/2.5bth/1400sqft - $448,000 to $428,000
