Saturday, December 11, 2010

This Week's Column and Links (Dec. 11-12)

Here's the complete column as it appeared in the Daily Breeze:

Homes Featured in SB Confidential: How are they faring?

As much as I like big data sets to illustrate trends, I think anecdotes are just as interesting. That's why I like to see how individual home listings fare over time.

Let's look back at some of the listings discussed in this column in recent weeks and months, and see how they're doing.

PV ocean-view strike-outs

The first group we'll look at is a bit of a disappointment. In late August, I featured three new listings on the Palos Verdes Peninsula, each with ocean views. Each had its charms, and lots of blue to see. However, none has sold yet, nearly four months later.


30379 Camino Porvenir in Rancho Palos Verdes (five bedrooms/four baths, 4,150 square feet) was my clear favorite of the three in the column, titled, "Three sea of blue visions from the hill," ranking "First-Place Views" in the writeup.

More so than views, the home also boasts a fun family game room and good space all around. After a $50,000 price cut from its start, this home is now listed for $2,175,000.

1640 Paseo Del Mar in Palos Verdes Estates (four bedrooms/four baths, 3,360 square feet) has a dated exterior but a refreshed interior. Its main charm is a location right by the bluff. Recent sales nearby seem to support a price near its current $2,499,000, a $100,000 cut from the original price, but no deal yet. [UPDATE: It's currently in escrow with a last list price of $2,399,000.]

801 Via Conejo
in Palos Verdes Estates (four bedrooms/three baths, 2,845 square feet) is a cute, complete remodel in a luxury Spanish style. It started at $1,879,000, cut $30,000 but quit the market after six weeks.

Flipper's remodel sells

I was pretty surprised to find an example of a professional remodeler in action here in the South Bay. In my July 3 column, I wrote up 815 Pearl St. in Redondo Beach, which had been acquired late last year in dilapidated condition and was nearly rebuilt for the market here in 2010.

The good news is that the home, which has three bedrooms, four baths and nearly 2,500 square feet
on a big, grassy corner lot, sold a week ago for $1,000,000. That was a chop of 13 percent off the start price of $1,149,000.


But it's not clear how profitable the project was. The flipper paid $680,000 last year and told me he'd paid more than $300,000 to fix it up. That sale price doesn't leave any profit when you factor in costs of sale (i.e., real estate commissions.)

FSBO finds buyer

In one of my first columns, I looked at the for-sale-by-owner listing at 1208 Via Coronel in Palos Verdes Estates.

This one's shaping up as another success story. After seven long months and a recent price cut to $1,275,000, the seller found a buyer and posted a deal in mid-October. That price was down quite a bit from $1,499,000 last year, and down somewhat from $1,359,000 when I mentioned the property in June.



[UPDATE: The final sale price in late December posted at $1,200,000.]

Foreclosure flips are 2 for 3

This column recently discussed three active listings that had been purchased by investors at foreclosure auctions. Two have very recently gone into escrow.

2734 Alvord Lane in Redondo Beach (three bedrooms/two baths, 1,300 square feet) was bought at auction for $451,000 in May, got rehabbed a bit, and was last listed for $629,000. A buyer came just after Thanksgiving.

801 11th St. in Manhattan Beach, a newer (2004) home (four bedrooms/three baths, 3,025 square feet) that has been on and off the market from 2006-2010, was purchased as a foreclosure for $1,320,000 in June. It was last up for $1,499,000 when a buyer knocked.

2612 Poinsettia Ave. in Manhattan Beach (five bedrooms/four baths, 3,250 square feet) sold for $2,199,000 while new in February 2008, but was auctioned off this June for $1,291,654. The investor who grabbed it asked for $1,599,000 about 60 days later, but pulled it off the market. If you missed it, it's expected back in January.

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