Tuesday, July 15, 2008

Recent Sales

UPDATE: Thanks to an anonymous commenter, we have down-payment details and sales vs. list price percentages on the recent sales below. Check out the comments, Peeps!

Here's a sample of June sales in 91423. Looks like we are averaging in the low $500's per sq. ft. south of the boulevard and hovering right around $400 per sq. ft. if you are north of the boulevard (but still south of, say, Magnolia).

SOUTH OF VENTURA

4243 COSTELLO AVE
SHERMAN OAKS, CA 91423
3bed/2bath 1,804 sq.ft.
Sold 06/18/08 for $950k ($527/sq.ft.)

4033 BENEDICT CANYON DR
SHERMAN OAKS, CA 91423
3bed/2bath 1,357 sq.ft.
Sold 06/13/08 $905k ($667/sq.ft.)

4007 KNOBHILL DR
SHERMAN OAKS, CA 91403
2 bed/1 bath 1,015sq.ft.
Sold 06/12/08 $523k ($515/sq/ft)

4169 HAZELTINE AVE
SHERMAN OAKS, CA 91423
3bed/2bath 1,816 sq. ft.
Sold 06/06/08 $925k ($509/sq.ft.)

3988 BEVERLY GLEN BLVD
SHERMAN OAKS, CA 91423
2bed/2bath 1,338sq.ft.
Sold 06/05/08 $749k ($560 /sq.ft.)

NORTH OF VENTURA
4725 CALHOUN AVE
SHERMAN OAKS, CA 91423
3bed/2bath 1,412 sq. ft.
Sold 06/06/08 0.7 $620k ($439 /sq.ft.)

13964 HUSTON ST
SHERMAN OAKS, CA 91423
4 bed/3 bath 2,264 sq. ft.
Sold 06/05/08 $805k ($356 sq. ft.)

12 comments:

Anonymous said...

I checked what people had for down payments and the list to sale price ratio.

4243 COSTELLO AVE - 200k down - 95% of last price

4033 BENEDICT CANYON - 205k down - 101% of list price

4007 KNOBHILL DR - 106k down - 100% of list price

4169 HAZELTINE AVE - 232k down - 103% of list price

3988 BEVERLY GLEN BLVD - 150k down - MLS doesn't show the sale but last list price was 749k

4725 CALHOUN AVE - 124k down - 94% of list price

13964 HUSTON ST - 161k down - 95% of list price

Sales we continue to be slow if that is the amount of money needed to get deals done.

Anonymous said...

Dammit, "Sales will" not "Sales we"

Anonymous said...

Are things really selling for above the asking price? (101%, 103%). And the lowest discount on this list is only 5%? This is depressing.

Anonymous said...

Sometimes things sell above asking for financing related reasons, certain costs are rolled into the price. It would be better to pay 5k extra down and have the listing price raise by 5k than pay 5k in fees.

Also the ratio was from the last list price not original list price. Some houses would have several reduction to their list prices so I wouldn't get too discouraged. The 103% does seem like a legitimate over asking sale though, it went off the market very quickly.

From what I have seen of closings it is relatively rare (but not unheard of) to get a closing more than 5% off of list price. You do see some 10-12% off through and a few outliers greater than that.

Kate said...

well aren't you crafty, Anonymous 2:05?

Thanks for the added info!

Anonymous said...

These buyers are all idiots. There's a blanket statement for you, and I'm standing by it. Anybody who took the time to look at a graph or two would see we have a LONG ways left to fall (not even halfway there).

Emil said...

There are always people with enough money so as to not care about the moment and the amount of money. To them, it was the right decision at the right time. To us, it seems stupid.

AndyA said...

I'm glad that "Anonymous" (11:08) is standing by his statements! Yee Haw! I loves me the interweb!

Emil is right though: people are not idiots for buying the house they want when they find that it is affordable to them. This what should drive the values of homes!

Tim Hebb said...

I can't help but wonder if some of these properties won't ultimately be sold for significantly less than their recent sales prices.

Look at the sales history of the Huston home, for example (from Redfin.com):

Date Price Appreciation
Mar 29, 1989 $282,000 --
Dec 01, 1989 $400,000 67.7%/yr
Nov 03, 1995 $310,000 -4.2%/yr
Jun 05, 2008 $805,000 7.9%/

Near the peak of that era's bubble in 1989 it sold for $400K. Six years later it sold for $310K, about a 22% loss in nominal terms, not adjusting for inflation, which would make it a much bigger hit.

We are past the peak, of course, but only a couple of years; I suspect there may be a long, long way to go, and these prices are still bubblier than a bottle of Cristal.

Keep your down payments tucked away, folks!

Danny said...

In case anyone doesn't want to do the math, all those homes were purchased with 20% or more down. These jumbo loans are basically impossible to get without that kind of cash on standby. Second, it's scary when you realize that all of that 20% and more is going to disappear within the next 12 months for those homeowners. They won't be able to sell those homes again for those prices for probably 15 years. Here's my logic on that one: if you bought a house during the last bubble in 1991, you couldn't sell it for that same price again until 1999. That's 8 years. This bubble is TWICE as big as the last bubble. So it's going to take twice as long to rise back to these prices (following standard appreciation).

l.a.guy said...

We bought in February and and that point any jumbo loan required at least 20% down from the buyer. I don't think anyone is going over 70% loan to value on the 1st mortgage. And the appraisals are pretty conservative to boot. Some banks want you to put in 25% no matter what. (In our case we put 20% and got a 2nd for 10%). Still it's 10% more than we would have had to put down a year earlier.

No doubt it's going to be slow going for million dollar+ homes for a long time to come. On the other hand if you have a quality home priced right it can still sell. In June a home sold in Sherman Oaks for $3.8M on Valley Vista. (Great home too)

Rational Renter said...

Why Prices Won't Stop Falling
http://findingbottom.blogspot.com