Disqus - Latest Comments for eastofhwy

Re: Creepy Carrie Hawks an HB Listing | Manhattan Beach Confidential

eastofhwy — Fri, 22 Oct 2010 17:59:20 -0000

Love this post MBW!

Re: To Tax or Not to Tax? | Manhattan Beach Confidential

eastofhwy — Wed, 22 Sep 2010 00:15:37 -0000

Heck yes, tax them. If or when MB flips the tax switch, it's not like you'll go scurrying away to do business elsewhere. One can only dream.

Ultimately, the question is, is how to pass it on to the client? Hmmm, let's put our thinking caps on here...

Build it in to the commission? Probably not.
Add it to the listing price? Why not.

More likely, it will show up as a line item on your escrow docs. Something like:
Subescrow, or
Sub subescrow, or
Brokerage transfer fee, or
Fuel surcharge. That one is probably too blatant.

Sellers & buyers, question everything on those docs. I once got the name and number of the title rep and received a chilly and snotty response over the phone but had 15% knocked off immediately.

Re: A Beginning and An End on 31st | Manhattan Beach Confidential

eastofhwy — Fri, 03 Sep 2010 23:51:18 -0000

MB_2010: it's 'deep seated'.

Chadwick: who are you to say what is appropriate for this blog? Or, should we all just nod in agreement that MB is oh so faaaabulous?

Mookie: keep up the good fight.

This entire thread, from the lawyers to the "... obvious bitterness toward those who live in nice homes, drive nice cars and take nice vacations" makes me unbelievably grateful that I no longer live in MB.

Re: July '10 Sales in MB | Manhattan Beach Confidential

eastofhwy — Fri, 20 Aug 2010 23:15:48 -0000

Anon07/MBC's data is interesting. I tried to fit the Rodney King riots (April '92) and Northridge earthquake (January '94) into the timeline above (not sure if it has any significance, but LA was in a downward spiral). I remember the overall feeling (around '94-'96 that you could barely sell a home in a good location, near-impossible in a questionable one -- i.e. xtra-large 'For Sale' banners hung from marginal condos in Hermosa that you could see while driving PCH. The Raleigh Studios completion around 1997 was a big boost to MB, and RE was on the upswing by then, with perimeter cities to follow. And we all know what happened next -- previously unheard-of Adjustable Rate Mortgages, then even more spectacular Interest-Only, Stated Income and Option ARM loans. My parents (and most of the 'Greatest Generation') were highly skeptical of such mortgage loans. But it was, and is, the new paradigm.

Re: A Lease-Option Flop, Now a Shortie

eastofhwy — Tue, 17 Aug 2010 23:55:54 -0000

Personally, I don't mind the angled stove, but why indeed? The supporting beam is just a deal breaker. And taking a legal duplex down to an SFR is risky in the extreme (if their agent, or the listing realtor suggested or talked them into this they should have their license revoked). I have compassion for these folks and and hope everything turns out well for them.

Re: 11% in 2 Weeks

eastofhwy — Sat, 31 Jul 2010 13:56:11 -0000

Jabs aside from the agenda-driven posters (and aren't we all?), the southbay (et al) has yet to see true 'capitulation' -- I suggest repeating this three times as the tried-and-true mantra 'location'. I remember a rainy February open house in 1996-97 where I was maybe one of the two parties that walked through that afternoon, and the listing agent stating, with urgency, that the sellers will look at 'any offer'. That is capitulation. Although I think we are seeing it in equities, we are not there yet in local RE. But give it time, w/out gov't interference on everything from tax rebates to historically low mortgage interest rates. I believe it will take many years and a powerful turnaround in mindset from the greatest bubble ever experienced.

Re: Close the Books on 848 14th

eastofhwy — Wed, 23 Jun 2010 10:44:33 -0000

To 'round up' construction financing from Dick Hill at Vineyard, and before that Hawthorne Savings, was hardly what I would call 'free money'. Or easy for that matter. Were they pro-MB as a business/lender strategy? Absolutely.

Re: Weekend Opens (6/12-6/13)

eastofhwy — Sat, 12 Jun 2010 13:17:48 -0000

MBC, congratulations on the new columnist gig! You're in good company with my other favorite DB columnist Adell Shay.

As the DB derives ad rev from realtors (not sure about this blog) but please, please stay tough and neutral on calling the old RE games that go on here in the So Bay. There is one practice in particular that I have briefly discussed with another realtor, and I would love to see a well-researched article to provide information to buyers in town -- it has been brought up in your posts and the comments section a few times. I will e-mail you in future.

Re: WaMu & MB

eastofhwy — Thu, 15 Apr 2010 23:05:11 -0000

I don't remember ever being solicited by the WAMU mortgage division, but I was a long-time multi-line customer of beloved Hawthorne Savings (the first and only construction lender in MB at the time, and one of the last of the portfolio lenders), changing to Citizens I think, then WAMU. A couple of weeks into the WAMU transition I closed all accounts and moved on, ironically to Indymac, but they offered primo CD rates and I truly prefer to do my banking sans several inches of bulletproof glass.

Re: Trying to Get In on the Action

eastofhwy — Wed, 17 Mar 2010 13:59:06 -0000

1200 The Strand is indeed beautiful. Updates could be cosmetic only, of course depending on the taste of the new owners-to-be.

Re: Neighborhood Runs Coming Up

eastofhwy — Thu, 25 Feb 2010 22:12:19 -0000

That Robinson Fun Run poster is adorable.

Re: Open Forum (2/1– )

eastofhwy — Mon, 22 Feb 2010 13:03:51 -0000

Matt Taibbi for Rolling Stone is one of the few remaining investigative journalists we have left. His sources are incredible, and he's not-bought-and-paid-for like the network 'journalists'. Interesting that a_non tries to be sarcastic about Rolling Stone, but I'd suggest he go back and read Taibbi's previous articles on the financial meltdown, there are plently via the RS site or Taibbi's own website.

Re: Open Forum (2/1– )

eastofhwy — Thu, 04 Feb 2010 22:48:23 -0000

B&B, Just my opinion: I would wait it out, lest you become caught up in the realtor's (listing or representing if you choose to use one) hyperbole. I followed a house in MB in the late 90s for 6-8 months or more, occasionally calling the listing agent - they had a deal, then they didn't have a deal, they were going to rent it out, then they decided not to, on and on and on it went. I was not emotionally attached at all, as I had other prospects. Eventually bought the place at a fair price. There's ALWAYS another house. Time is on your side.

Re: Re-Poll Results: 1413 Pine

eastofhwy — Sat, 23 Jan 2010 21:54:57 -0000

From a local realtor: I know several people who are currently listed as being in foreclosure and headed to auction who are renegotiating their mortgage terms and have the cash to pay off the loan entirely if the negotiations fail.

From a local resident: Why would one voluntarily go into foreclosure who have the means to pay the entire debt off?

I too would love to hear the answer to that question.

Re: Holiday Open Forum (12/27- )

eastofhwy — Sun, 27 Dec 2009 13:02:47 -0000

Welcome back MBC -- and hope everyone is having a nice holiday week!

I am on the 360 email list and was just as surprised to have received a couple of 'teaser' emails in the last month or so. As MBC and Kaye mention, no word on pricing yet. I have no interest in buying but thought these units very high priced when I attended the grand opening in 2007 -- I remember thinking anything decent would cost mid 6s, plus HOA(s), plus I believe there is a premium LA Co tax or something also (not good imo). The location is definitely more 'urban' than suburban --- with proximity to the Blue Line. Kaye, thanks for giving a professional opinion on what you think the value of these units are (will be) in your comments section.

Re: Another New Low in the Hills

eastofhwy — Wed, 09 Dec 2009 00:01:32 -0000

brynstroyke, I apologize for sounding mean and snarky -- your comments, I'm sure, are very helpful to first-time buyers or new buyers to MB, both of whom visit this blog. Carry on.

Re: Another New Low in the Hills

eastofhwy — Tue, 08 Dec 2009 23:53:38 -0000

brynstroyke, you seem to enjoy writing volumes about that which is obvious, at least to most people that have participated in the MB or any real estate market for 5 years or more. So much so that I am forced to skim over what seems like Real Estate 101.

Price per square foot is brought forth and examined at the kitchen table with every realtor I have listed or attempted buying homes with (I am not loyal as you can tell), along with all the other data. It's kind of what makes MB an interesting study, and the reason MBW has a lot to blog about.

Re: Another New Low in the Hills

eastofhwy — Tue, 08 Dec 2009 12:16:31 -0000

It is an industry-measured comp and MBW is correct in stating it as so.
And 2.5 is a very expensive home, so the bulls don't have to worry about the Hill Section turning into a slum anytime soon.

In my (non-professional) opinion, ppsf should be lower on a home this large, just as ppsf is higher on smaller homes or teardowns. I mean, 6 bedrooms/7 baths/5000+ sf? How many people want to maintain a home this size?

Curious as to who the builder is, but not enough to research it or request the name be called out on this blog. He's lucky to sell and probably did not take that big a hit (even after carrying costs.) I believe that cost-per-square-foot to build numbers thrown about are way overblown as compared to actual cost in the South Bay.

Re: Pricing Poll: 1801 Elm

eastofhwy — Tue, 01 Dec 2009 02:36:47 -0000

a few more:

who chooses the escrow and title companies? (I see the contract splits the cost between buyer and seller)
who pays transfer tax (if applicable in mb - I can't remember)?
is the sales contract the standard CAR form?
what about arbitration?
is the buyer supposed to be bound by the contract and sign all the disclosures prior to knowing if they have the house?
This is basically a cash sale, for anyone requiring financing probably cannot proceed with a lender w/out a binding sales contract to order title, appraisal, etc., which begs the question: why have an auction at all? 5 or so local phone calls to brokers and/or developers and you'd have maybe 20 interested parties that would take it off the court's hands with a slight under-market discount for the expediency of cash.

Re: Pricing Poll: 1801 Elm

eastofhwy — Tue, 01 Dec 2009 01:44:19 -0000

I have no clue how probate court works, but here are a few questions:

What if there are one or more offers brought to court, does the 'winning bidder' get first right of refusal? option to counter? do the other offers have an option to counter? who, then, decides which offer is best (not just highest)? wouldn't a judge become kind of cranky having to deal with a real estate matter in this manner? why have an "auction' at all? and, why would anyone hand over a $5,000 check, and/or remainder of 10% down, in exchange for a non-binding sales contract? both probates and escrows can be time-consuming to close, what are the terms of tying up your money or getting your money back?

I am somewhat off-put by the marketing of this 'listing', though not at all interested in the property. I believe that Kennedy auction firm surfaces every 8-10 years or so when the California real estate market tumbles with new ways to sell homes. I just imagine they and a bunch of realtors sitting around dreaming up these bizarre sales tactics.

Re: Would-Be Flip Returns as REO

eastofhwy — Thu, 26 Nov 2009 12:22:51 -0000

Looks like a pretty decent deal at that price, and with a little updating. I have always liked that little neighborhood -- the houses look inviting and charming with no garage in front, the large picture window, and little courtyard.

Re: Open Forum (11/18- )

eastofhwy — Sat, 21 Nov 2009 02:00:24 -0000

Yes, ladies and gentlemen, this is what you get straight out of shorewood, highland ave:

"mrs." cleaver -- once again, it is so obvious you are a man; women do not discuss 'prostitutes', ever, in polite society, and that includes the internet.

lenny, you are just pathetic, period. And sorry to everyone else for feeding the ultra-bore/lenny/shorewood or sleazy-affiliated-mortgage-broker troll.

I admit they all, incl. huggy, keep me from posting here with their arrogance and vitriol.

Re: Three Sales, Several Trends

eastofhwy — Wed, 11 Nov 2009 21:26:17 -0000

1801 Elm.. now we're starting to see the deals. There will be more like this (on and off MLS) as we finally shift back into a 'normal' market. As for deals like this off MLS, a neighbor or someone with their nose to the ground could have easily picked this one up for the list price w/out the auction and hoopla. (I know, because I have done purchases like this many times). Now it may get bid up, but when I opened the page on Redfin & looked at the pictures, my first thought was that's probably priced about right.

Re: How Resales of '03-'06 Purchases Are Faring

eastofhwy — Fri, 16 Oct 2009 20:16:41 -0000

MB Homer brings up an interesting point -- to an extent.

I don't think anyone living in MB has ever experienced the enormous run up in prices that we saw in 2003-2007 (or whatever years you believe the bubble ran). Even the 1989 frenzy did not compare. So that put many (most?) potential buyers out of range, and even out of range in HB, RB, Torrance and so on. When North Redondo hit 1mil, I thought it really was insane.

Like Horses, I mostly have and will purchase real estate directly from owners -- you really couldn't do that during the bubble. But now you can again, and it is so much easier to mutually agree on price and terms, really a win-win. I still think we will see more price deflation. Then the market will remain flat for years.

Re: Time for a New Champ

eastofhwy — Fri, 02 Oct 2009 20:32:39 -0000

Correction: the potty-mouth 'Mrs. Cleaver' guy.