Weekly inventory update

6/30 - Striking is many fewer new SM listings this year: 18 in June '07 vs. 40 in June '06 (<$3M). Ideas why, lap2 or others? A few updates:

• 1505 Oak is in escrow. Guess trees didn't matter.
  
• 1639 Oak is also in escrow.
  
• 724 Navy is back on the market and reduced $30K to $919K.
  
• 12566 Woodbine is "REDUCED AGAIN, SELLER MOTIVATED!" a whole $10K to $1,239K.
  
• The City Council let stand the Landmarks designation for 2219 Ocean.

6/22 - Net is pretty flat. Updates on SM listings we've been following:

• 2638 32nd is in escrow;
  
• 718 Marine dropped its price from $869K to $840K and finally posted a photo;
  
• 3011 Virginia dropped its price from $999K to $949K. (3345 Virginia appears to have sold fast, asking $789K.)
  
• The attempted flip at 1639 Oak is still available;
  
• The vacant lot with plans at 933 25th is in escrow;
  
• 342 12th went back in escrow;
  
• Appeal of the landmark designation of 2219 Ocean will be before the Santa Monica City Council on Tuesday.

6/15 - Some sales (Including 724 Navy in escrow) and no new listings in SM. Conversely PP had a jump in listings.

6/8 - Compared to 2006, Santa Monica inventory was 7 higher a month ago but down 6 at the beginning of June, particularly because of 11 fewer new listings in May. Existing listings average twice as old now.

       LA County  Santa Monica  Pacific Palisades  Mar Vista
                <$3M New Tot DOM<$2M New Tot DOM Tot New DOM
       _________ _______________ _______________ ___________


 1/30/06  27,732 
 2/28/06  29,420 
 3/31/06  31,819
 4/21/06  33,054  35
 5/ 1/06  34,032  38  33
 6/ 2/06  37,847  56  36      38
 6/30/06  42,317  66  40      49
 8/ 4/06  45,315  70  34      50
 9/ 1/06  46,781  71  27      59
10/ 6/06  47,369  83  25  98  71
11/ 3/06  45,780  80  20  91  77
12/ 1/06  43,103  65  18  72  96  39  20
 1/ 5/07  35,646  54   4  60 117  33   6  71  66
 2/ 2/07  36,715  38  15  45 124  29  16  61  71
 3/ 2/07  41,251  42  14  51 114  26  10  68  79  53  25  76
 4/ 6/07  42,857  41  23  49 107  18   8  73 103  52  52  50
 5/ 4/07  45,918  46  28  54  92  19   6  82  79  68  37  52
 6/ 1/07  52,198  50  25  61  78  17  15  87  78  77  39  53
 6/ 8/07          53   8  66  76  17   3  93  68  75  10  56
 6/15/07  52,820  42   8  54  82  22   8  97  59  73  16  54
 6/22/07  51,626  42  14  55  82  18  10  94  67  75  27  52
 6/30/07  52,769  43  18  57  81  17  11  92  77  73  33  61
 7/ 6/07    

All Westside (updated 1st Fri. of mo.)

                   2/9  3/1  4/6  5/4  6/1 6/30
Bel Air-Holmby Hls. 86   86   92  100  103   99
Beverly Center-M.M. 64   57   48   53   54   65
Beverly Hills       67   70   56   46   53   49
B.H. Post Office    94   91   92   88   93   95
Beverlywood Vic.    35   36   31   39   38   41
Brentwood           67   71   73   75   72   68
Cheviot Hills-R.Pk. 22   20   19   22   23   22
Culver City         35   25   20   28   33   36
Malibu             178  181  192  199  206  220
Malibu Beach        42   44   51   52   56   58
Marina Del Rey      20   20   20   27   29   28
Pacific Palisades   64   68   73   82   87   92
Palms-Mar Vista     62   53   52   68   77   73
Playa Del Rey        7    8   17   20   21   20
Playa Vista          3    2    3    1    3    5
Santa Monica        50   50   49   53   61   57
Sunset Stp.-Hwd.H. 155  178  159  166  180  168
Topanga             39   41   36   43   45   54
Venice              64   64   57   68   70   72
West Hollywood Vic. 23   32   25   36   42   41
West L.A.           19   21   25   24   25   34
Westchester         53   46   47   45   53   52
Westwood-Cent.City  33   44   37   42   33   34
                  ____ ____ ____ ____ ____ ____
Total             1282 1308 1274 1377 1457 1483
Month-month incr.        2%  -3%   8%   6%   2%

Notes

LA County inventory via OC Renter. Santa Monica Days on Market (DOM) is for <$3M, and omits Santa Monica Canyon (in City of Los Angeles but S.M. Post Office). Pacific Palisades DOM is for <$2M and count omits mobile homes. "New" is for previous month, or month-to-date for current partial month.

Relisting on California

On the subject of relisted properties, the 2 bed / 1 bath at 2317 California Ave., asking $1,399K, was previously on the market late May-early July 2006 for $1,395K, no sale recorded. Must have rented it instead: "Existing house is currently leased and will continue to provide income to the buyer while plans and permits for construction are prepared and permitted." It also has a second story over the rear detached garage.

"Bring your imagination"

The white house at the far left is 1505 Oak St., a 3 bed/2 bath new listing asking $1,050K. Its description sets a new standard:

Just picture living in Santa Monica on a fantastic tree lined street, an extra large backyard, boasting great trees and a huge lot. This home has amazing potential for remodel/upgrade create what you want with already existing formal living/dining rooms, fireplace in living, detached garage. This Neighborhood is amazing bring your imagination.

"Just picture ... a fantastic tree lined street" on one of the very few Santa Monica streets that have NO street trees, just a narrow concrete sidewalk with no parkway! Bring a lot of imagination!

Bear Stearns

The LA Times today has a good narrative of what's been going on at Bear Stearns. See also continuing coverage at Calculated Risk. Highlights:

Worries rise as fund crashes

Anxiety intensified Friday about the toll the sub-prime mortgage meltdown is taking on the financial industry at large, as Bear Stearns Cos. pledged to lend $3.2 billion to rescue a hedge fund battered by rising defaults on home loans. The jitters sent stocks tumbling across the board.

"We know that these holdings are not unique to Bear Stearns," said Drexel University professor Joseph R. Mason [...]

The hedge fund, which is managed by a Bear Stearns division, had taken in nearly $7 billion — $600 million raised from investors plus 10 times that sum borrowed from Wall Street firms. Such a great amount of leverage would sharply boost any profit generated — as well as any loss incurred. The fund invested mostly in bonds that paid generous yields and were backed by sub-prime mortgages.

But as the nation's housing market soured, setting off a wave of defaults on sub-prime loans, the securities held by the fund lost substantial value [...]

When will they say sub-prime loans were a cause of unsustainable prices?

One of the fund's lenders, Merrill Lynch & Co., this week seized a reported $850 million in assets that had served as collateral on its loans to the fund. Other lenders were threatening to do the same when Bear Stearns stepped in with a credit line to shore up the fund.

Bear Stearns moved to prevent the fund's dissolution "because there continues to be significant value in it," Sam Molinaro, chief financial officer of the New York-based investment bank, said in a conference call Friday.

Molinaro said the credit line would allow an orderly sale of assets, preventing "massive liquidations" at fire-sale prices.

The hedge fund's troubles, Molinaro said, "appear to be relatively contained."

But stock investors weren't comforted. The Dow Jones industrial average dropped 185.58 points, or 1.4%, to 13,360.26 [...]

The Dow is down 2.1% for the week.

Mason, the Drexel University professor, expressed greater concern about the potential damage from sub-prime mortgages.

Bear Stearns, he noted, is tying up its own capital on a bet that it can hold onto the risky investments until the market for them improves. Merrill Lynch made the same bet by auctioning off only a fraction of the assets it seized from the Bear Stearns hedge fund, he said.

The problem, he said, is that sub-prime woes will grow as home prices fall in many areas and monthly payments jump over the next year on almost $1 trillion in adjustable-rate mortgages.

The familiar chart of coming ARM resets:

What's worse, he said, is that the biggest investors in mortgage-backed debt are not hedge funds, whose investors are supposed to be wealthy enough to withstand losses. Instead, they are banks, asset managers, pension funds and insurance companies that serve mainstream Americans and have put their money at risk by buying exotic mortgage securities, he said. [...]

It's beginning to unravel. How can Westside house prices not fall?

Peter Viles comments

LA Times LA Land blogger Peter Viles had a guest spot on Diana Olick's CNBC blog. (Now that the MSM has discovered the housing bubble, they have some good people covering it.)

This also addresses Anon's 6/22 comment, "I'm not seeing the weakening in Northern Santa Monica [...] do you still think it's just a matter of time, or that the area is subject to different price pressures than other areas, and different price pressures than condos in the same zips (ie might not collapse)?" Peter Viles concludes,

Realtors describe three markets within the high end:

1. $800,000 to $1.1 million, which on the Westside is a first-time buyer, and is generally holding steady, though buyers are definitely more picky than in the recent past.

2. $1.1 million to $3 million--the "move-up" market, where inventory is mounting in many areas, and prices are softening, because prospective buyers are also sellers first--they have to sell their old homes before they can move up and buy another. Case in point: there is a glut of $2 million to $3 million McMansions in Manhattan Beach, where lots are small and houses are big; homes in that price range are sitting on the market for months, and often selling only after price reductions. Local blogger Manhattan Beach Confidential tallies four houses in this range that sold only after price reductions of $149,000 to $299,000.

3. $3 million and above, which is a market unto itself fueled by global wealth -- buyers often pay cash -- and continues to raise eyebrows. Case in point: "Spider-man 3" star Toby Maguire recently sold his 5,000-square foot Hollywood Hills home for $11.5 million -- he had bought it five years ago for $3.7 million.

This matches what I'm seeing. I wonder if a falling stock market (now beginning?) will be what changes the psychology? High-end buyers are more about assets and income, not mortgage rates. Low-end north-of-Montana prices fell around 1/3 from 1989-1994, from over $900K to below $600K.

CA tops PMI's risk index

California topped PMI's new index of the risk that home prices will be lower in two years (743K PDF report, worth reading in full - thanks, Housing Doom).

Between slowing appreciation, falling demand, and layoffs in the construction industry, we began to see a change in the housing market by early 2006. The contraction of the subprime lending industry in early 2007 added momentum to the transition, and today we are in a vastly different market than we were even as recently as a year ago.

In recognition of this, we are introducing an enhanced U.S. Market Risk Index^SM. Our new model gives more weight to the recent volatility of an area’s price movements and is better suited for the very different market we are in today. ...

While the new model draws on some different inputs, the output is the same: a risk index that predicts the likelihood that home prices in a given metropolitan statistical area will be lower in two years. ...

Here are the top two (of five) rank levels. The top score of 652 means a 65.2% chance that the OFHEO All Transactions House Price Index for that MSA will be lower two years from the date of the data.

Risk Rank 1
652 Riverside-San Bernardino-Ontario, CA
646 Phoenix-Mesa-Scottsdale, AZ
614 Las Vegas-Paradise, NV
607 West Palm Beach-Boca Raton-Boynton Beach, FL

Risk Rank 2
586 Los Angeles-Long Beach-Glendale, CA
577 Santa Ana-Anaheim-Irvine, CA
572 Oakland-Fremont-Hayward, CA
563 Orlando-Kissimmee, FL
560 Sacramento-Arden-Arcade-Roseville, CA
555 San Diego-Carlsbad-San Marcos, CA
542 Fort Lauderdale-Pompano Beach-Deerfield Beach, FL
524 Miami-Miami Beach-Kendall, FL
506 Tampa-St. Petersburg-Clearwater, FL
501 Boston-Quincy, MA
500 Washington-Arlington-Alexandria, DC-VA-MD-WV

Also, be sure to read today's Bloomberg article, "Rate Rise Pushes Housing, Economy to 'Blood Bath'" (thanks, Housing Panic).

Saving houses

I hope you all read Anon's comment to "Untouched by time" in the Valley, ending, "... I have to ask if am I alone in my view that these houses can be saved? Does every single house have to be move in ready? What happened to working on a house over the years to make it special and yours?"

I've remodeled, not quite as old as his, still a moving experience contemplating who originally built it and how they built then. Many in Santa Monica grieve for the feeling of its older neighborhoods that are being lost to mansionization. That helps inspire my written incredulity at $5M+ listings.

Or condo-ization in the case of 929 Lincoln Blvd. (photo above). According to the Santa Monica Mirror, on June 11 the Landmarks Commission continued its discussion on this demolition permit application, pending more information about its history. It sold 5/31/06 for $1,630K after being in a family for years. It and the bungalow next door are landmarks to me. I hope it can be saved; a few manage to be.

A similar bungalow is currently for sale at 908 California, asking $1,395K, 3 bed / 1 bath, but less grand and without apartments behind like Lincoln.
_____

See also Paris2LA's comment at the bottom of Airport influence area, ending, "... living as a person whose life centered on ideas and creativity, not money. With these prices, I suspect the population that lives there now is all about money."

Which leads to a question for all of you: What are you seeking, what is your favorite neighborhood, and why? Is there still a place to find it? My ideal house is a modest fixer amid friendly neighbors that we could expand and update modestly. Haven't found it yet for a price we like.

Georgina!

No sooner did our $5.095M listing at 333 20th go into escrow than this house at 1221 Georgina was listed for $5.895M. Same 5 bedrooms and 6.5 baths. It's "Like-new!" Meaning it's not new. "Almost 6,000 sq ft on apx 9,680 sq ft lot on the best street north of Montana." Similar size to 20th.

Is the name "Georgina" (named for the wife of Senator John P. Jones, founder of the city of Santa Monica) that magical? Is its back yard - one lot from the traffic noise of San Vicente Blvd. - that special? Is its typical north-of-Montana stucco-and-tile that lovely?

Falling SM, MV $/SF

The LA Times Sunday, Malibu, Encino at top of the real estate market, referenced this DataQuick Jan-April 2006/2007 chart. Here are some Westside zip codes. ("Zip Codes with 25 or more sales" must have omitted Santa Monica 90402, north of Montana.)

Zip   Place             '06 '07 '06 $/SF '07 $/SF      %
_____ _________________ ___ ___  _______  _______ ______

90272 Pacific Palisades  66  57  $822.91  $875.06   6.3% 
90049 LA/Brentwood       60  53  $792.01  $807.69   2.0% 
90064 LA/Rancho Park     51  63  $643.85  $632.18  -1.8% 
90066 LA/Mar Vista       82 113  $637.06  $614.89  -3.5% 
90405 Santa Monica       34  33  $825.76  $763.20  -7.6% 
90291 Venice             68  49  $940.15  $812.43 -13.6%

Here's some of the article:

Through the first four months of the year, single-family homes in the 91316 ZIP Code in Encino experienced an 18.2% jump in price over the same period last year when measured by cost per square foot, according to real estate tracker DataQuick Information Systems. Although most buyers focus on median sales prices, analysts say the price per square foot offers the most reliable snapshot of how a market is performing over a wide area.

...so-called move-up areas are not doing terribly well. In general, it's the low end and the very high end of the market that are enjoying the healthiest price gains. In addition, core areas — older, more traditional neighborhoods near urban hubs — are showing resiliency. ...

In the $2-million-and-above market, Michele Blackmon, who runs Michele Blackmon Estates for Keller Williams Realty, notes that the richest Southern Californians have increased their income at a faster rate than middle- and working-class residents in recent years. The upper end of the market doesn't necessarily correlate with what's going on elsewhere, she said.

"These buyers have the money to pay cash, so they don't worry about interest rates," said Blackmon, who hopes to close sales this month on two homes on the Venice canals for a combined $6 million. "They find a place where they'd like to live, and they buy."

Blackmon lives and works in the 90291 ZIP Code in Venice, which was among the worst performers in the first four months of the year. It's a tremendously diverse area, where multimillion-dollar houses fronting the sand and the canals sit blocks away from a gang-troubled neighborhood filled with dingy apartment buildings and deteriorating homes. Even the less desirable streets are pricey when it comes to detached, single-family homes, and they tend to attract move-up buyers.

"The lower end is not moving as quickly," Blackmon said. "Condo sales are down and those little fixers that developers buy. That's bringing the prices down by square foot."

The title of another Sunday article says it all:

It's the new normal

Sellers try for the right price off the bat, while buyers take their time deciding.

And an article Saturday acknowledged the impact of housing on California's economy but limited its effects:

Cooling housing sector takes toll on employment

The unemployment rate edges up. The construction and financial services sectors remain weak.

... Mounting losses in construction and financial services — the two sectors most dependent on home building and sales — contributed to the second increase in the state's unemployment rate in two months.

The rate rose to 5.2% in May from 5.1% in April, the California Employment Development Division said.

By comparison, the rate in May 2006 was 4.9%.

The uptick further widened the gap between the state and national jobless rates, the latter of which held steady in May at 4.5%. ...

UCLA Anderson Forecast economist Ryan Ratcliff ... said the UCLA forecast group continued to view this slowdown differently than past cycles in one other significant way: They don't expect it to push the economy into recession.

That's because, unlike past housing downturns, this time there are no other sectors poised for a decline. ...

"Untouched by time" in the Valley

Not on the Westside, but this post from Here in Van Nuys speaks to the sadness we feel at what we're losing across the city. Sweet older houses surrounded by big trees are some of the best things about L.A. Please do read the entire post at the link.

There are still lovely pockets of Los Angeles that seem untouched by time. 4107 Troost was built in 1936 on a 25,800 square foot lot, just to the east of Colfax Avenue. Its overgrown backyard slopes down to the concrete banks of the Los Angeles River. It is now for sale. ...

There is a sentimentality, emotionalism and fantasy life to many old homes in this old section of the San Fernando Valley. They are survivors of a time when horses and orange groves briefly lived next to automobiles and movie palaces. Los Angeles grew out of the movies, and the homes that were built here are cinematic in their storytelling. ...

The LA Times' LA Land blog made some good comments on it, too.

DataQuick for May

Here's DataQuick's May update.

Last month was the slowest May for Southern California home sales in 12 years, mainly because of sharp declines in lower-cost markets. ... the lowest for any May since 1995 ...

When adjusted for shifts in market mix (i.e. fewer lower-cost homes selling now), year-over-year price changes went negative in January and are roughly two percent below year-ago levels. The declines are in the lower half of the market, while prices are flat or even increasing in the upper half of the market.

This is consistent with what we've seen on the Westside. Houses that are reasonably located and not absurdly priced are selling well. Inventories are similar to last year in Santa Monica, although with fewer new listings and longer days on market.

But those are backward-looking statistics, based on lingering expectations of double-digit appreciation in a full-employment economy with little inflation.

We're awaiting the results of the ominous larger trends. Foreclosures were up 90% in May, with Stockton leading the U.S. at one filing for every 88 households. Long-term interest rates are rising, hurting both new buyers and attempts to refinance Option-ARMs, and sending the stock market spiking up and down. Import prices rose .9% in May, and will rise more as Congress pushes China to increase the value of its currency.

See also Paul B. Farrell's latest column on Marketwatch, "There's no shortage of signs pointing to an economic meltdown".

Airport Influence Area

I ran across this map of the "Airport Influence Area" on the City of Santa Monica website. The purple area is coded as "RPZ". Don't know what that means (Runway Protection Zone?), but it must be the area of greatest impact, not that a lot more isn't seriously affected by airplane noise. I've added the current Santa Monica listings in or next to the RPZ:

1. 2376 Dewey, 3 bed/2 bath, $875K (originally $1,150K, it must be just a sliver of front yard in Santa Monica at the bend of traffic-jammed 23rd St. to Walgrove Ave.)
2. 2224 Navy, 2/1, $1,250K
3. 2128 Navy, 3/1, $1,259K
4. 2202 Marine, 5/4, $1,495K
5. 2025 Dewey, 3/2.5, $1,498K (in escrow)
6. 2222 Marine, 4/4, $1,975K
7. 2223 Marine, 3/2.5, $1,999K

There's another RPZ on the original map, east of Centinela and north of National, in the area the MLS calls West L.A. I haven't followed that area much, largely because of both the airport and Santa Monica Freeway noise.

Cheap new SM listings

This 2 bed/1 bath house at 2638 32nd St. is the one of the lowest-priced listings in Sunset Park in the last couple of years, at $829K.

First time on the market. Tear down, remodel, or fixer. No sign on property. Do not disturb occupant. As is. Seller makes no warranties and will perform no inspections or repairs. Motivated seller. Inside w/accepted offer only.

Here are some comps. True it's only a 40' lot on a block of 40' and 60' lots, and sold as a tear-down. But it's a real house, not something marginal next to a boulevard.
Another new low-priced listing is the 3 bed/1 bath for $789K at 3345 Virginia Ave., third house west of Centinela and just north of the Santa Monica Freeway.

Post-modern home on tree-lined street. Newly painted with hardwood floors in living areas. Rear facing living room overlooks private yard. Lowest priced 3 bedroom in Santa Monica! Entry to Santa Monica Schools! Move right in!

It's much more competitive than the $999K still-available 3011 Virginia. But Post-modern?! The only thing this is post is World War II.

Our old $865K 1817 Warwick is around the corner. It left the market last week, but I suspect because its listing expired.

Falling condo prices in 90403

I heard second-hand of an agent saying condo prices are falling in Santa Monica. As condos are likely a leading indicator, especially with subprime loans cutting back, how could I check this out, say for condos in 90403 (between Wilshire and Montana)?

I used the County's Parcel Viewer (above), specifying a 1-mile radius around 1007 Euclid as a center point. I copied the table into Excel and selected addresses with multiple units sold. Here are those cases that included a sale in 2007 of similar-sized units:

907 Lincoln #101 (2/3), 2/28/07, $718K. Previous sale was #102, 2/28/06, $894K.

849 14th #1 (3/3), 3/23/07, $1,799K. Previous sales were #2, 6/14/07, $1,755K and #8, 11/29/05, $1,550K.

925 14th #6 (3/3), 2/22/07, $820K. Previous sales were #16, 9/7/05, $905K; #19, 7/25/06, $750K; and #23, 9/8/05, $742.5K.

837 15th #C (3/3), 3/6/07, $1,450K. Previous sale was #B, 4/18/06, $1,500K.

948 16th #101 (2 bed/2 bath) closed 3/9/07 for $745K. Previous sales were #101, 6/8/05, $750K; #104, 12/9/05, $771.5K; and #105, 10/31/06, $775K.

854 18th #12 (2/2), 3/20/07, $805K. Previous sales were #9, 2/1/06, $1,151K and #4, 3/23/06, $998K.

This doesn't show finish and location differences between units, or the trend later this spring, but overall it looks down.

North of Montana buying spree

North of Montana stuff has been selling fast, from the low-end 342 12th (2 bed/1.5 bath, asking $2,239K, above) to the high-end 333 20th, 5 bed/6.5 bath, asking $5,095K. Here's what appears to have entered escrow just since the beginning of May (all listing prices):

517 Euclid, 5 bed/2 bath, listed 5/11/07, $2,175
307 Euclid, 3/2.5, 4/18/07, $2,195
342 12th, 2/1.5, 5/7/07, $2,239
433 12th, 3/2, 4/26/07, $2,240
211 20th, 2/1.75, 3/6/07, $2,295
515 12th, 2/1, 4/26/07, $2,299
363 21st Pl., 4/3.75, 4/19/07, $2,398
615 20th, 3/2, 4/25/07, $2,698
720 Georgina, 5/3.5, 5/18/07, $3,095
934 25th, 5/5, 4/11/07, $3,188
703 25th, 5/5.5, 2/12/07, $3,295
363 18th, 3/3.5, 4/20/07, $3,295
714 16th, 5/4, 2/28/07, $3,795
1107 Carlyle, 7/7, 4/30/07, $4,688
1228 San Vicente, 5/5.5, 4/25/07, $4,989
333 20th, 5/6.5, 5/18/07, $5,095

Attempted flipping

"Attempted flipping" sounds appropriately suspicious. This one at 1639 Oak St., 3 bed/2 bath, is by a pro. They closed 3/1/07 for $921K, demolished a structure in the backyard and landscaped, put in new bathrooms and a marble/stainless steel kitchen, refinished the floors, painted, etc., and had it back on the market 5/16, asking $1,328K.

The first open house two weeks ago was well attended. The price is not absurd for a fixed-up house in this part of Sunset Park (see Hill St. comps), although it does back up to the stores next to Bob's Market across the alley. Will the flipper win this round? No escrow so far.

Here are some other new and updated acts of attempted flipping:

New listing at 933 25th, "The work has been started for you - the lot is cleared and fenced! Plans for a wonderful new 6,000 sq. ft. Tuscan home exist and are ready for the Buyer ...", asking $1,799K.

Remember the "Mar Vista Flipper in a hurry"? At 12566 Woodbine for $1,299K, the listing threatened, "Available for lease ... 3 wk. listing or will be rented. Offers due May 4". Guess there weren't any offers on May 4. It's now June and they've dropped the price to $1,250K.

I added a photo of the existing house at 2202 Marine, "Another flip-flop on Marine", still asking $1,495 for "Ready to break ground! Plans and permits ..." The sign says, "Great house for sale".

Almost forgot, Idaho flip (2320 Idaho) reduced its price $100K to $2,295K last week.

Weekly inventory update

6/1 - Inventory bumped up for the week and month.
5/25 - Lot of sales lately, both new and old listings. Inventory is about the same as 5/4, and down from last week.

       LA County  Santa Monica  Pacific Palisades  Mar Vista
                <$3M New Tot DOM<$2M New Tot DOM Tot New DOM
       _________ _______________ _______________ ___________


 1/30/06  27,732 
 2/28/06  29,420 
 3/31/06  31,819
 4/21/06  33,054  35
 5/ 1/06  34,032  38  33
 6/ 2/06  37,847  56  36      38
 6/30/06  42,317  66  39      49
 8/ 4/06  45,315  70  35      50
 9/ 1/06  46,781  71  27      59
10/ 6/06  47,369  83  25  98  71
11/ 3/06  45,780  80  20  91  77
12/ 1/06  43,103  65  18  72  96  39  20
 1/ 5/07  35,646  54   4  60 117  33   6  71  66
 2/ 2/07  36,715  38  15  45 124  29  16  61  71
 3/ 2/07  41,251  42  14  51 114  26  10  68  79  53  25  76
 4/ 6/07  42,857  41  23  49 107  18   8  73 103  52  52  50
 5/ 4/07  45,918  46  28  54  92  19   6  82  79  68  37  52
 5/11/07  47,074  45   8  54  96  22  10  86  76  73  17  49
 5/18/07          48  16  56  90  24  13  86  71  70  22  56
 5/25/07  48,677  46  20  56  84  18  14  85  87  66  31  57
 6/ 1/07  52,198  50  25  61  78  17  14  87  78  77  39  53
 6/ 8/07  

All Westside (updated 1st Fri. of mo.)

                   2/9  3/1  4/6  5/4  6/1
Bel Air-Holmby Hls. 86   86   92  100  103 
Beverly Center-M.M. 64   57   48   53   54
Beverly Hills       67   70   56   46   53
B.H. Post Office    94   91   92   88   93
Beverlywood Vic.    35   36   31   39   38
Brentwood           67   71   73   75   72
Cheviot Hills-R.Pk. 22   20   19   22   23
Culver City         35   25   20   28   33
Malibu             178  181  192  199  206
Malibu Beach        42   44   51   52   56
Marina Del Rey      20   20   20   27   29
Pacific Palisades   64   68   73   82   87
Palms-Mar Vista     62   53   52   68   77
Playa Del Rey        7    8   17   20   21
Playa Vista          3    2    3    1    3
Santa Monica        50   50   49   53   61
Sunset Stp.-Hwd.H. 155  178  159  166  180
Topanga             39   41   36   43   45
Venice              64   64   57   68   70
West Hollywood Vic. 23   32   25   36   42
West L.A.           19   21   25   24   25
Westchester         53   46   47   45   53
Westwood-Cent.City  33   44   37   42   33
                  ____ ____ ____ ____ ____
Total             1282 1308 1274 1377 1457
Month-month incr.        2%  -3%   8%   6%

Notes

LA County inventory via OC Renter. Santa Monica Days on Market (DOM) is for <$3M, and omits Santa Monica Canyon (in City of Los Angeles but S.M. Post Office). Pacific Palisades DOM is for <$2M and count omits mobile homes. "New" is for previous month, or month-to-date for current partial month.