Westside Story

OK, really, it's 1/3 ours and 2/3 the bank- but hey! we are moving into the new neighborhood like the Beverly Hillbillies. To comment on http://westside-bubble.blogspot.com/ both of the homes noted (Not selling in the Palisades) are severely flawed and just not attractive values.

This holiday season, we are thankful to just be employed.

A new home for the swingset of doom. My kids will be in LAUSD, but the catchment area is all top notch schools- and that was top priority. I'm still going through the motions of applying for magnet programs and such, but it will such a relief to simply toss them out of bed and out the front door (or back door for the high school)

For the people who have screamed out about "catching a falling knife", I hear ya, really I do. But the uncertainty of living in a rental or buying at a (what we consider a reasonable price) greatly reduced (think early 2004) price in a superior school district at 6.5% interest on our loan really influenced our decision. We will be in a neighborhood that we love (even at night) with parks, superior schools and a grocery store within walking distance. The backyard has room for the swingset of doom. The guest room is sufficiently removed from the rest of the house so my mother in law doesn't have to listen to my children at odd hours of the day and night.

Cue the theme from "The Jeffersons". We made an embarrassingly low offer through our no frills discount broker and were rejected out of hand over a year ago. We made an offer last weekend for less this year, using a full-service broker and were accepted. It's a fixer-upper and easily the ugliest on the block, but it's about to become ours for an amount less than the 2004 lot value. I'd put a picture of it up, but it's so hideous that people are bound to recognize it. Let's just say that rose tulle should NEVER be a primary decor feature.

Ok, it's been an entire YEAR of this nonsense and we are just beginning to see some significant "come into the light" moments on the parts of the sellers. Crappy houses in crappy areas- 50% down, check. Nice houses in crappy areas down 45%+ check. Now crappy houses in nice areas are having a hard time. We spent the day in Pacific Palisades- 720 Almar was gorgeous and the builder did a very nice job. $3.9 million is pricey for the market these days- who's going to get a loan on that- and there are three other houses in the 'hood undergoing that level of construction. There's a teardown just down the street at 522 Almar that has a nice lot, but is $1.8 really the lot value? How about 401 Almar with the gorgeous views and the Deasy/Penner mini mansion overlooking the entire house?

So the Dow has lost 6000 since last year and most people's retirement portfolios look like Swiss cheese. It's a great time to buy!

Yeah... 1135 Berkeley has chased this market downward for two full years now. I bet those offers of $1.8 million look good now. $1.4 is about right now. I'm seriously thinking $1.1 by the time the sellers really want to leave. 1001 Stanford is quite lovely, but I think $1,995,000 is excessive. $1.6 is realistic but might not get interest now and $1.4 would sell it tomorrow. 1024 Princeton is smoking something serious $1,499,000 was top of market for a teardown LAST summer. $1.2 is my guess now- again $1.1 by the time the sellers decide thay want to move on.

There have been some intriguing REO properties (if anyone says "propertunities" within the range of my throwing arm, watch out) creeping into the neighborhoods we are looking in... Unfortunately the game has been tossed awry by the lack of trust in the market. Super jumbo loans are difficult to find- even if you have cash in hand and income. When you do find a loan, the rates are rapidly approaching the levels I remember from the 80's Sigh. There's a house on Gretna Green in Brentwood that I love, love, love. Another on Via de La Paz- and not a chance that either of those properties will close unless I can scrounge up cash to buy them outright.

Hi 11244 Sunset- still not sold after 160 days? Your sister at 11150 Sunset is now asking $1,689,000 (down from $2,350,000)and isn't looking much better- and I'm not so sure I'd offer $1.2 million anymore. The kids are in school and we've sent the exchange student home- so the pressure is off. We are seeing some movement, but there are still some exemplary holdouts- a new favorite is 2267 Roscomare- on the market 270 days now and still playing the lower price by $5000, raise price by $5000 every week or so. 1135 Berkeley is still hanging around- now with a call from the agent asking if we would consider paying full price if the owners put in a full bath upstairs. Ummm no. We have a hard time conidering $1.6 million, no matter how much cheap granite you toss in. If anyone is still reading, we have: 5 beds, 3 baths, a 4400 sq. ft fenced flat grassy back yard, a reasonably safe, convenient neighborhood and a lousy (really lousy 89% ESL, API score 703, Greatschools 4/10) +

I'd like to point out that 11150 Sunset is still not selling. $1.2 million and I'll take it

With apologies to Eric Carle Declines in Santa Monica and Pacific Palisades are happening, but there are some significant holdouts who still think it is 2005. You'd think after 170+ days on the market the message would be clear. We've stopped actively looking for a house, but I have alerts set up for my favorite areas so I can watch the shenanigans. My new favorite house is 11124 Sunset Blvd- just down the street from the highly overpriced and still not selling 11150 Sunset Blvd. One is billed as "move-in ready" the other is a "developer dream". When it hits $1.2 million, call me The exchange student leaves in July, so the bedroom situation won't be so crowded soon. My mother-in-law is coming, but I'm tempted to stuff her under the swingset of doom.

Sellers aren't selling or coming down in the areas we want- and so we aren't buying. Nyah-Nyah-nyah.

I'm beginning to see homes that were previously waaaaaay out of our range come tippy-toeing closer, but there still isn't a house big enough for all of us, with decent schools and a decent commute for us for less than $1.2 million. There are now quite few available for $1.7 million that are just perfect (and a few dreamers who still think $2.2 million is just chump change), but we really don't want to pay more than $1.2 million. Hello 11150 Sunset Blvd, 90049- I'm talking about you. We offered for you in May 2007 and were rebuffed in favor of a developer who thought it would be a quick flip. It's still on the market...

It's killing me, but we are dropping out of the house hunt until we see clear evidence that the homeowners who are selling in the areas we like are starting to get the message. No more multiple bids on the lone house in the area willing to sell. Tuition payment for next year... $24,600 plus I need to pay for uniforms, books, field trips and the mandatory fundraisers. Plus afterschool care and once a week transportation for early dismissal day and I don't get home from work in time.

So really, $2,095,000? I love pre-war construction for its solidity and your 8,000 sq ft lot is prime for Santa Monica. But you've been so long on the market and now sadly left at the altar. So is there a price chop coming or is this the swan song of the listing?

No, I'm not making any sort of statement about your price 1101 N. Kenter Canyon. A $200,000 price chop always looks good to me. I am allergic to nuts and someone or something has filled my lungs with the trigger. I have crushed 4 Benedryl and rinsed my aching nose and throat with saline. I'm still breathing, but ohhhh it hurts.

Hello 10631 BRADBURY RD , LOS ANGELES 90064 Your newly reduced price of $1,599,000 is truly impressive considering that your lot size is the minimal Cheviot Hills/Rancho Park 6,600 sq ft. Your close cousin on Dunleer Place (with a bigger lot) is now listed at $995,000 and still not moving, so perhaps the value is a touch inflated. Really, how much is it worth to you to have commuter train hurling through your back yard on its way to Santa Monica and back?

We are beginning to lean towards a new tactic- regardless of listing price, we make an offer. $2,195,000 with 170 days on market? No problem. We will offer you the $1.6 we think it is worth... Now if only we had an agent willing to comply... I swear I am going to start copying off a set of offers and just pasting in the particulars...

"Before we get out of the car, what are the rules?" (chorus) Don't touch anything! (teenager) unitelligble grunt (husband) what is the list on this one? OK, we are here- Hubby, go get the set up and sign in (one small person) I neeeed to use the bathroom OK, surly teenager please take small person to the bathroom Didn't I say don't touch anything? Back in the car, drop surly teen off at mall, get snacks, potty and then back on the road Repeat process. This has been the routine for nearly a year. Everyone is invested in the process because everyone would like a bedroom.

Dear sellers, please for the love of all that is great and holy, start reading these blogs. I've been watching the same set of houses in Santa Monica, Bel Air and Westwood bob along in the the downward torrent without any downward movement whatsoever. Here's a clue- if you couldn't get your price last summer, it still isn't going to move THIS summer at that price. 11150 Sunset 1135 Berkeley 2267 Roscomare YOU ARE NOT SPECIAL

Our price range keeps creeping up and so do our expectations. Sunday we went to see yet another house- this time in lovely Sunset Park in Santa Monica. $1,695,000 is asked for a "custom remodel" on busy 34th st. The location is ideal as we could place a large rubber band in the back yard and slingshot the primary breadwinner into his work parking lot, but OY! the house is one of the strangest remodels I've ever seen. No thought was given to maximizing the lot, so the house kind of rambles over the 9600 sq ft lot, leaving the back yard dedicated to driveway. Landscaping seems intended specifically to hide the children's play area from the watchful eyes in the living room at the back of the house. The center of the house is a laundry room/office combo with a long, narrow galley kitchen to one side. The original living room and dining room remain at the front of the house. We were prepared to walk in with an offer, but the layout was so odd and the traffic so depressing

Background- I really like Propertyshark, Redfin, Ziprealty, Catalist, Cyberhomes, Trulia, Zillow, et al. I like doing my own homework and visiting open houses. I always sign in as having no agent. I understand this woman's plight- she only gets paid when she writes an offer and it is accepted. An agent sent me a house to see and I requested that she only send houses that she is personally listing. Here's her reply (edited to protect her identity) Thank you very much for your quick reply. I greatly appreciate it. I will remove you from my list since I only work with clients who only work with me. I have just emailed my other three buyers *** Street, who will also be seeing it on Sunday. Since I have an open house on Sunday myself, I will be previewing it prior to Sunday's open house. Lastly, I only provide my own buyers with my pocket listings. That's one of the reasons why they work with me and only me. I have three pocket listings in Cheviot Hills as of yesterday. One

It's famous- it's been on tee-vee It's still a well-stuccoed crackerbox on a teensy lot. Has anyone noticed the funhouse mirror-style photos? I had no idea that you COULD curve a counter or ceiling in that manner.

1. Commute 2. Neighborhood safety (bars on window count negatively) 3. Schools including high school 4. Yard or proximity to safe, usable park 5. Number of bedrooms 6. Ditto bathrooms

Listing History for 1135 Berkeley: 7/8/05 $2,799,000 108 days on market 11/3/05- $2,679,000 209 days on market 6/21/06- $2,190,000 110 days on market 2/1/08 - $1,995,000 46 days on market So really- there are are currently houses listed in this little microneighborhood from $1,995,000 all the way to $3,150,000. They aren't moving. What would be a fair offer today? What about 6 months from now? Guesses?

Yesterday's adventure was visiting homes south of Montana, north of Wilshire (Franklin School). Great lot sizes- 7800-8000 sq. ft. The traffic is a little off-putting though. The hiss of the deflating market has not yet reached the ears of the sellers. We visited two homes that are listed at $1,995,000 and $2,075,000 respectively. Apparently they are priced for people who are incapable of reading the news. 1135 Berkeley is calling itself 5 bed, 3 bath with new upgrades and asking $1,995,000 at 41 days on the market. One thing, it's been on and off the market since 2005- starting near $3 million and drifting downward ever so slightly. The owner recently went all ugly and put in some cheap marble tile, granite counters and fancy stainless steel in the kitchen. The actual bath count is not 3, but is 1 + powder room in a closet upstairs and a 3/4 down. The title indicates 5 bed, 1 bath. From satellite photos, the flat roof has some water pooling issues. No A/C. ancient floor and wa

Please help! After two long years of being on a waiting list for a dog, we have been notified by breed rescue that, at long last, our number has come up and ... WE ARE HAVING A PUPPY! We must get rid of our children IMMEDIATELY because we just know how time consuming our new little puppy is going to be and it just wouldn't be fair to the children. Since our little puppy will be arriving on Monday we MUST place the children up for adoption this weekend! They are described as: One male -- his name is Tommy, Caucasian (English/Irish mix), light blonde hair, blue eyes. Four years old. Excellent disposition. He doesn't bite. Temperament tested. Does have problems with peeing directly in the toilet. Has had chicken Pox and is current on all shots. Tonsils have already been removed. Tommy eats everything, is very clean, house trained and gets along well with others. Does not run with scissors and with a little training he should be able to read soon. One female -- her name is Lexie, C

4 bed, 3 bath currently in multiple offers and we actually made the cut this time. It is the ugliest and most charmless house on the block and the yard is smaller than we are used to, but the schools are excellent up to high school. The park, library and school are all within walking distance. The commutes are acceptable. There are enough bedrooms, even a guest room if we convert the ridiculous double-deep his & hers walk-in closets back to a bedroom.

Why hello 11150 Sunset Blvd, 90049! You know, we thought you were worth no more than $1.3 million on July 4, 2007. Look at you now- a new coat of paint and some carpet and you are suddenly worth $1,795,000. Your kitchen is still the hall of doom and your drainage issues look uncorrected. I think your current owner paid $1,650,000 cash in July. We are considering making an offer. Do you think $1.1 million is fair?