Disqus - Latest Comments for mbmookie

Re: Re-Introducing the MB Market Updates | Manhattan Beach Confidential

mbmookie — Thu, 09 Feb 2012 19:56:53 -0000

MBM - what you'll find is many people don't do the due diligence that you and I would do when purchasing and think that if they were fortunate enough to get 5% below ask then they struck a bargain. With MBW supplying data that people on this site can look at it gives us much more ammunition when either my realtor or the seller's realtor say this is a deal I can't refuse. If in the end the average price a home sells at is 10% below original ask, even if the home's price is lowered by 5% during the sale process we can use that to our advantage and say they still haven't come down far enough. You get it clearly, but think of all the unfortunate saps, especially the out of towners, who don't realize there is a site like this to help them.

Re: Re-Introducing the MB Market Updates | Manhattan Beach Confidential

mbmookie — Wed, 08 Feb 2012 23:10:17 -0000

MBW - great work on this. I guess the 10% rule is still in place. Which basically means that most closed sales are 10%+ off from original list. Yes, I'm aware that every closed home isn't 10% off, but take a look. That in itself should help every buyer in the market. Love the data.

Re: Other Ways to Look at RE Stats | Manhattan Beach Confidential

mbmookie — Wed, 18 Jan 2012 23:46:15 -0000

Pretty funny post MBW. Stupidity by the realtors or trying to be clever with the data... I'll go with stupidity.

Re: Wiping Out $800k West of Highland | Manhattan Beach Confidential

mbmookie — Tue, 06 Dec 2011 19:03:25 -0000

MBW - Don't forget 2610 Pacific... Very similar result.

Re: Ocean-View Shortie Returns – Again | Manhattan Beach Confidential

mbmookie — Tue, 06 Dec 2011 19:00:48 -0000

MBW - Don't forget 2610 Pacific...

Re: http://www.mbconfidential.com/2011/11/hey-didnt-they-just-buy-that-part-2.html

mbmookie — Sat, 05 Nov 2011 11:21:03 -0000

Re 861 10th - I'm sure at some point when these out of towners were looking to buy, their realtor uttered the phrase, "You know, now is a good time to buy." Never, ever thinking there could be a better time to buy. Greed is good - Nice job Gecko. Oh, didn't the same agent get the sell side on this one as well? Nice... That being said, the sellers share plenty of blame as well as they should have know that you don't move to a new city and expect to know the market. A bit naive if you ask me.

Re: Weekend Opens (10/22-10/23) | Manhattan Beach Confidential

mbmookie — Sun, 23 Oct 2011 13:33:50 -0000

Will these homes ever sell? I'm talking about 513 3rd, 853 9th, and 849 10th (the lattter two look to be open today). Let's start with 3rd - This home sold for 2.26mm in the fall of 04 and then the current owner purchased for $500k more in May of 05. Talk about a bubble. Currently listed at 2.4mm with a dated look inside, this home needs to get back to the 04 price to have a chance. The owner once told me he had two renters begging him to rent it at what I felt was a great deal for him. Looks like either these renters walked away, he simply wants to sell, or he was full of it. This house needs some work, but I like the downstairs game room and the family room off the deck is pretty cool.
853 9th - I really like this home. It has a great family room/kitchen, nice master with awesome closet, and generally feels well built (Matt Morris). It's upside down, which doesn't appeal to all, and access to the backyard is either through the master or a staircase from the family room upstairs, which to me, takes away some of the appeal. They recenlty dropped the price to 2.99mm, but it sold for 2.6mm in May of 04. That's probably where it belongs to get a deal done, maybe as high as 2.75mm. But 2.99mm? That must be one expensive "spool" since the realtor at the last open house told me that is the only change since the purchase. It's owned by a sr. exec for a media company who is moving close by, and already purchased the new home, maybe there is a deal to be had. But not at 2.99mm.
849 10th - 95 DOM and counting. At least they were smart enough to originally price below their 06 purhcase of 2.72mm, but we are in 04-05 prices (and sometimes 03) so their current 2.59mm isn't going to fly. The home seems really dark in the family room and kitchen, and to me, just doesn't seem to have high quality throughout. I love the backyard, but again, an upside down house, so you need to like that style. My favorite part of the house is the downstairs game room or hangout. Great place for the kids. Nothing special about this house, unless you count being built on a hill so you better set our parking with wheels to the curb. Needs to get close to 2.3mm to get a deal done.

Re: -1% Since '07? | Manhattan Beach Confidential

mbmookie — Fri, 14 Oct 2011 18:56:48 -0000

WTB - if that is true, once again paints a picture of true conflict of interest. I'm speculating the buyers are not from MB either.

Re: Weekend Opens (10/8-10/9) | Manhattan Beach Confidential

mbmookie — Sat, 08 Oct 2011 23:14:01 -0000

Can somebody explain what is going on at 2610 Pacific. Just cut another 100k and now priced 30% below the 05 purchase price of 2.1mm. Somebody please put that house out of its misery... and the owners too. Losing 600k in 6 years. Wait one minute, the realtors on this site always tell us that if you hold for 5 years there is no way you will lose money... Talk about bubble years. Yeah, I know, bad location, but 600k bad?

Re: Weekend Opens (10/8-10/9) | Manhattan Beach Confidential

mbmookie — Sat, 08 Oct 2011 23:06:09 -0000

Let's hope the owner of 3rd doesn't host the open house like he did when it first came on. He literally challenged people to find a better home at a better price. He was following people around the house and wouldn't leave them alone, including me. Home needs some work and candidly, even though it was built in 02 it looks older on the inside. Kitchen is low end. Love the room downstairs that opens to the yard, great for your kids to hang out with friends. Agree with MBW on the dining room - seems almost out of place. Good luck.

Re: Former Speckie Undersells Current Speedies | Manhattan Beach Confidential

mbmookie — Mon, 03 Oct 2011 23:47:12 -0000

$10k to rent seems pretty rich to me. I have a similar sized rental that is about 10 years old but pay about 1/2 that. Closer to town, closer to the beach, closer to the parks, great view of tree section. If he can get it, good for him, but guessing he'll have to knock about 3k+ off the price.
Funny, don't hear much from a_non anymore. We need a new cheerleader. Where are all the realtors? Sure is quiet.

Re: Forgotten North of Valley? | Manhattan Beach Confidential

mbmookie — Tue, 20 Sep 2011 00:17:18 -0000

The 10th Street homes are clearly overpriced, see comments above. Living on that hill stinks, is my guess, but bottom line, they are overpriced. The Schaar home seems to have a bit of a funky layout as well. The other seems older than the mid 2000 build. As for 9th... way overpriced. Seller just bought in PV and from what I understand, not in a hurry to either move or drop the price, or both.

Re: Forgotten North of Valley? | Manhattan Beach Confidential

mbmookie — Tue, 20 Sep 2011 00:12:48 -0000

Sorry Rob - never said that. What I did meant is that buyers don't like uncertainty and the items I mentioned are leaning toward the economy slowing down, which means buyers will be hard pressed to get off the fence if they think prices will continue to drop. Self fulfilling to a certain extent. Every house has a price, the one you're referring to clearly is overpriced, or it would have sold. Not that hard.

Re: Forgotten North of Valley? | Manhattan Beach Confidential

mbmookie — Sun, 18 Sep 2011 21:03:29 -0000

Let me help you out Rob - we are about to go into a double dip recession, Europe is blowing up, European banks are struglling to get dollar funding, unemployment is stagnating and likely to get worse, and even with interest rates at 50 year lows we can't seem to get people to buy homes. You think that might have something to do with it?

Re: A Rent/Buy Example | Manhattan Beach Confidential

mbmookie — Wed, 24 Aug 2011 22:50:46 -0000

Agree with WTB... Great post and the NYT calculator is excellent.

Interesting report this morning on new home purchase apps. We are at all time lows on mortgage rates and down close to 1% in the last 18 months yet purchase apps reached a low not seen since 1996. Wait, I thought lower rates means increase sales... Sorry.

Interesting to see a few homes fall out of escrow in the last few days. One in the sand in MB and one in the sand in HB. Probably a few others...Buyer's remorse? Negative wealth effect?

Re: Weekend Opens (8/20-8/21) | Manhattan Beach Confidential

mbmookie — Sun, 21 Aug 2011 13:05:32 -0000

Poor 861 10th... Looks like it cut another 50k and hired a new realtor with a re-list back to 2 DOM. Losing 200k in one year is not what this out of towner likely had in mind when he moved here last year. That sucks. Guessing the agent who represented him told him it was a good time to buy, prices are moving higher, and interest rates are not going lower. Oh yeah, the other one I love is if you stay in the house for 5 years there is no way you can lose money. That could be my favorite. I've never heard that one before at an open house, have you?

Re: Weekend Opens (8/20-8/21) | Manhattan Beach Confidential

mbmookie — Sun, 21 Aug 2011 12:56:53 -0000

It's pretty amazing to see these retreads either hit the market again or slowly chase the market down. Had they just priced correctly one, two, three years ago they'd have sold for much higher prices. Instead they are now trading at multi year lows with no increase anytime soon. With all that is going on in the economy right now the negative wealth effect is in full force right now and you will definitely see RE sales slow down, especially with the seasonality we are about to witness. That will only translate into lower prices. Of course there are exceptions, especially west of highland, but by and large, we are in the midst of the next move down.

Re: Patience a Virtue | Manhattan Beach Confidential

mbmookie — Tue, 26 Jul 2011 23:15:37 -0000

Curious Rob - what do you say about 861 10th. You know, the one that sold one year ago for 2.635 and now listed one year later for 2.495 and has been on the market for about 6 months? Is that a rebound. Does that still make you think we're actually seeing a rebound? Keep shaking the pom poms.

Re: Weekend Opens (7/23-7/24) | Manhattan Beach Confidential

mbmookie — Sun, 24 Jul 2011 12:22:43 -0000

An interesting case study is developing between 849 10th and 853 9th. I've seen both homes and are solid. 9th seems to me to be a step above, but the question is whether it is worth a $500k difference. Btw, really love the kids play room on 10th, as well as the backyard, really like the kitchen/family room/master on 9th. I'd suspect that 9th ends up selling a few hundred thousand below current ask and 10th ends up selling right around where it is now. Better value on 10th in my opinion. As for 861 10th... wife absolutely hated it and she loves Scharr homes. If you want a lot of square footage this is for you, but very sloppy floor plan. If I was owner I'd get that thing staged asap as it doesn't show well empty...

Also interesting is 1816 Palm vs. 1801 Palm. I'm biased bc I know the owner of 1801, but trying to be objective I really think you get more value in 1801. 1816 is 200k above in price, but no backyard and just seems a bit worn, probably because it's been rented for so long. Both are nice homes in an outstanding location so you'll have to ask KODs why 1801 hasn't sold yet after 4+ months.

Saw 513 3rd last week. Looks really worn, but owner, who was running the open house (bad idea if you ask me), says he has 9k per month rental on the table, as well as two buyers who have already put in bids at or above market price. Still shows as active so not sure if things fell through. Has nice bones, but definitely needs some work.

Love 927 27th. Another great neighborhood with tons of kids, but just not sure 300k less than 07 purchase of 3.15mm is going to be enough. Quality all around, but you better like to garden or the landscaping will go quickly.

Re: First Half '11: More Sales, Lower Median | Manhattan Beach Confidential

mbmookie — Mon, 18 Jul 2011 19:43:57 -0000

Now hang on right there MBW, according to some on this site, there is NO WAY that prices are lower year over year. Your data HAS to be faulty. KODS and anon keep telling us how great things are and that prices are increasing. Yet your data says otherwise, how can that be. Could it be mix? Hmmm, according to most realtors on this site, when prices go higher it is because, well, prices are going higher. Now that the median is moving lower, I'm sure it's the mix. Just remember KODS, two years ago homes were selling mostly at 05 prices, today they are mostly selling at 04 and 05 prices. I'm now ready for you to point out a few exceptions so have at it. I guess if I bought in 2010 my "5 year everything will be ok clock" started clicking and I'm already treading water. Just ask 861 10th who is about to lose 200k for one years worth of admission. Looks like their deal fell through.

Also looks like 505 Dianthus fell through and the new price kind of tells you what they were willing to accept after a 2.99 start - 2.59mm. Still a nice bump from their 03 purchase (fyi, probably takes it to an 05 price), but obviously a chunk of change lower from where they were hoping. But don't tell either of these homes that prices are going lower, they'd never believe it... well, maybe 10th would.

Happy hunting KODS.

Re: Small Sand Values | Manhattan Beach Confidential

mbmookie — Sat, 16 Jul 2011 20:51:44 -0000

Wow, what's also amazing is that 2607 Valley, a tiny place in a poor location that needs remodeling sold for 110k below its Aug 04 price. Hey wait a minute, realtors always tell me that if I wait 5 years I'll always make money in real estate. Nobody ever told me I had to wait 7 years to lose 100k.

Re: The Distress List | Manhattan Beach Confidential

mbmookie — Tue, 12 Jul 2011 23:28:36 -0000

would somebody please take 2610 pacific out of its misery... please. Love the newest 10k cut to price.

Re: Weekend Opens (7/2-7/3) | Manhattan Beach Confidential

mbmookie — Wed, 06 Jul 2011 23:01:27 -0000

Now I'm really confused. 128 20th has been on the market for 398 days and looks to be one of those "good houses in a good location" that KODS keeps talking about. Why hasn't it sold? I have a guess, but it contradicts the logic of KODs and his buddy a_non. I'm guessing it has to do with the 4.45mm start, the reduction to 4.2mm, and now the reduction to 3.95mm.

Sorry guys, but a house on Aviation priced right sells a lot faster than a house on the 100 block priced wrong. When will you ever understand? Price drives sales, especially in a down market. But keep sticking to your good house/good location mantra... it sure sounds good.

Re: Weekend Opens (7/2-7/3) | Manhattan Beach Confidential

mbmookie — Sat, 02 Jul 2011 12:22:06 -0000

MBW, I'm really puzzled. KODS keeps on saying good homes in good locations are selling. I thought all the walk street homes are good homes in good locations so the homes on 7th and 8th you describe above shouldn't have an issue. Could it be that price has something to do with it? Please explain.

Re: And a Sand Overbid | Manhattan Beach Confidential

mbmookie — Wed, 29 Jun 2011 23:25:34 -0000

So I want to make sure I understand. King of the DipS*&#s thinks because 1 out of 10 homes sells above the original asking price that we are in the midst of a bull market? Thanks for the three or four examples MBW, I guess KODS doesn't look at the other 90%+ that sell below their ask, most of them around 10% south. Which once again, for the most part, takes us back to 2004 pricing.

KODS, please quit while you're still behind. You keep saying good homes in good locations sell. Hmmm, I see some strand homes that have sat for quite some time. You think price might have something to do with it?
128 10th at 392 days, 121 32nd at 295 days, 337 16th at 244, 121 4th at 233, 408 17th at 223, 230 Anderson at 214, 3112 Strand at 206. You want me to go on? Are you saying those aren't good homes in good locations. What a bozo.

Oh, and anon, how about sharing some of those great trades you've put on that made you enough to buy the 1.4mm home. You know, the ones you tell the blog about after they've worked that you've always supported by saying, "yes, I really did that trade, really."

Thanks for making it easy... Now can somebody check my spelling and get back to me.