OUCH! A Few Recent Sales Discounted over 40% from the Original List Price
Two homes in the Palisades, one home in Malibu and another in Santa Monica take some big hits in comparison to the original list price. The seller’s left a lot of money on the table by not pricing correctly right away…it is tough to catch a falling knife. ..
554 Almar, Pacific Palisades (Left) – This 6 bed/5.5 bath, nearly 5,900 sq. ft. home built in 2008 was originally listed for $5.395M almost two years and ago and just sold for only $3.175M…a 41% difference between list price and final sales price. The home is very nice with a finished basement, home theater, wine cellar and parking for three cars.
17832 Tramonto, Pacific Palisades – This 4 bed/3.5 bath , 4,273 sq. ft. home featuring ocean views from every room originally listed for 3.825M in March of this year before finally selling on September 27th for only $2.250M. The house was upd
ated but did have floor plan issues and appealed to a very limited number of buyers.
23816 Malibu Road, Malibu Beach (Right) – This 6 bed/5.5 bath on 17K of beachfront land was recently completely remodeled and features a 3 bedroom guest house, pool and ocean front master suite. It was originally listed for $23.5M and finally sold for $15.3M after being on the market for over 400 days!
560 Latimer Road, Santa Monica Canyon – This 3 bed/3 bath, 2,607 sq. ft. home on a 17K sq. ft. lot across from Rustic Canyon park provides a good floor plan but definitely is in need of remodeling. It was on the market for 118 days and debut with a list of price of 2.795M before finally selling for 1.975M, a 28% drop from the original list price.
On the flip side…
3701 Grand View, Mar Vista (Right) – This 4 bed/4 bath, 3,263 sq. ft. home situated on a very large lot (15K)for the area, sold in multiple offers and 7% over the asking price. It was listed at $1.468M and sold for $1.575M. The house has a wonderful vintage feel and is in solid condition. You can’t go wrong with the Mar Vista hill location.
By John Skinner
JD Power & Associates: Prudential Ranked Highest Among Home Sellers
Prudential Real Estate ranks highest among home sellers that use full service real estate firms according to the J.D. Power and Associates 2010 Home Buyer/Seller Satisfaction StudySM.
Check out the Special Power Report: Prudential Real Estate.
Got a First and Second Mortgage?
Rebel Cole, a finance and real estate professor from DePaul University has some controversial advice for you if you are delinquent on your first mortgage but still making monthly payments on your home equity credit line or second mortgage.
Article: An iffy strategy for borrowers with first and second mortgages.
405 Bridge Change to Come
Neighborhood traffic concerns—and the potential for saving millions in construction costs—have prompted a radical rethinking of plans to bring down the Mulholland Bridge over the 405 Freeway.
Instead of demolishing and rebuilding the 1959 structure—one of three bridges targeted in the 405 Sepulveda Pass project—workers instead would construct an entirely new Mulholland overpass just south of the current bridge. Coming from the west, drivers would enter the new bridge in the same place they do now, then angle slightly south across the freeway before ending up on Skirball Center Drive. Only after the new span was completed would the old one come down, thus reducing traffic-related inconvenience during construction.
Mike Barbour, who is heading up the project for the Metropolitan Transportation Authority estimates the new method would save between $4 million and $10 million.
Mortgage Rates Still Breaking Record Lows
Mortgage rates, nearly across the board, reached record lows again for the week ending Sept. 23.
The Freddie Mac weekly survey showed the average 30-year fixed-rate mortgage reached 4.32% with an average 0.8 point, down to its all-time low from 4.37% last week. Last year, at this time, the 30-year FRM averaged 62 basis points higher.
The 15-year FRM reached a new record low at 3.75% with an average 0.7 point, down from 3.82% last week and 4.36% a year ago.
[…] The weekly Bankrate survey of large banks and thrifts showed the average 30-year FRM at 4.5%, unchanged from last week. New record lows came for the 15-year FRM, which fell 2 [basis points] to 3.94%, and the 30-year FRM jumbo loan that dropped to 5.16%.
*Source: Housingwire.com
Latest Real-Time Market Data – Westside and Manhattan Beach
*Click on charts to enlarge
Featured Listing Reduced!
12679 Promontory Rd. Los Angeles, CA 90049
Now listed at $2,289,000!
This is the best deal in an exclusive guard gated Mountaingate community of Brentwood. Reduced over $135K and needs to be sold.
This over 5,000 sq. ft. home has top quality finishes throughout and was completely remodeled in 2007. Features include great city light views, 
a fully-equipped cook’s kitchen, exceptional master suite, media room, private guest suite, high ceilings and situated in a resort like setting. The home will be open on Tuesday 9/28 from 11am – 2pm and it is very easy to show.
Please click here for the virtual tour
ALSO: See our other listings here. 1341 Duende Lane will be open on Sunday from 2-5 and 756 Bundy can easily be shown.
Let us know if you have any questions or showing requests.
Pricing Right Leads To Quick Escrows and Some Multiple Offers
This month has seen some properties move very quickly after debuting on the market. The power of pricing right and reducing when necessary has never been more apparent.
12112 La Casa Ln. Los Angeles, CA 90049
This 
Brentwood home moved into escrow after only 5 days on the market! With a sizeable lot, location on a cul-de-sac and a pool, and priced to sell immediately at $1,495,000 (only $452/sq ft)
3370 Mandeville Canyon Rd. Los Angeles, CA 90049
About 7 minute drive up Mandeville from Sunset, this 3+3 traditional modern style, mid-century architectural home went into escrow after only 8 days on the market. At $1,300,000 it is a great starter home in a great school district.
2517 3rd St. Santa Monica, CA 90405
Location and potential seem to be the story of this 3bed, 2bath home on a 9K sq ft lot just blocks from the beach and Main Street. The property was listed on 09/07/2010 and went into escrow 10 days later. Quick history lesson– listed in mid-2008 for about $2.5M, the listing expired after about 7 months on the market. This time, it was listed for $1,850,000 – and moved quickly!
12306 Dorothy St. Los Angeles, CA 90049
This 3 bed, 2.75bath home in Brentwood, is south of Montana and west of Bundy. It was listed on 9/7/2010, and went into escrow on 9/21/2010 after only 2 weeks on the market.
Analyzing Some Intriguing Recent Sales
12305 5TH Helena Dr. Los Angeles, CA 90049
This Brentwood home on a huge 23K sq ft lot sold on September 8th after only 13 days on the market! It not only sold within 2 weeks of being listed, but sold for $3,850,000 – ABOVE the listing price of $3,595,000.
1372 Marinette Rd. Pacific Palisades, CA 90272
Listed in February 2010 for $1.949M this 3 bedrooms and 3 bathrooms on an approximately 14K sq ft. lot, in the Pacific Palisades, and close to the Village, saw a drastic price reduction before being sold at $1.525M this week; a reduction of 21.75%.
751 Greentree Rd. Pacific Palisades, CA 90272 *multiple offers
Located on a 25K sq. ft. lot, this property sold for land value in a multiple offer situations. The $2.3M sale price was well above the $2.195M list price. It was on the market for 10 days.
235 24th St. Santa Monica, CA 90402
After 70 days on the market, this 4 bed/4.5 bath home sold this week for $2,999,000; more than 500K below its original listing price of $3,449,000 in May this year. Once it was reduced to $2.9M it went into escrow within a week and was a good buy.
133 Hollister Ave. Santa Monica, CA 90405
This 3 bed, 3.5 bath well-located home with great features and ocean views, was built in 2005 and sold this week for its listing price of $3,100,000 after only 3 days on the market…a great example of what a correct listing price can accomplish.
270 S Westgate Ave. Los Angeles, CA 90049
The former home of Maureen O’Hara, the starlet from Hollywood’s Golden Age. It was remodeled and restored and listed in May this year for $2,395,000. The price dropped $285K (approximately 12%) before selling for $2,110,000 this week, after 3 months on the market
