Back From the East Coast with a Quickie: UPDATE

A quick update of a quickie post:

Here is the original post:



Address: 207 E Broadway #301, 90802
Asking Price: $553,000
Size: 1 beds, 2 baths, 1310 sq. ft. (built in 1925)
$/Sq. Ft.: $422
HOA Fee: $327
MLS#: S537137
On Redfin: 153 days
Down Payment: $110,600
Monthly Payment: $3,700
Income Requirement: $158,000
Description: SHORT SALE APPROVED AT $553,000!

Well, considering it was priced $4,000 cheaper for 150 days AND STILL FAILED TO GARNER ANY BUYING INTEREST...best of luck with that!

* * * * * * *

As I suspected would happen, that approved short sale price didn't attract a buyer. The new pricing is indicative of serious capitulation, as the short sale asking price has been reduced by a mammoth $103,000 trying to nab a buyer. That's a helluva haircut!

Here is the updated listing information:

Address: 207 E Broadway #301, 90802
Asking Price: $450,000
Size: 1 beds, 2 baths, 1310 sq. ft. (built in 1925)
$/Sq. Ft.: $324
HOA Fee: $327
MLS#: S537137
On Redfin: 197 days
New Down Payment: $85,000
New Monthly Payment: $2,700
New Income Requirement: $121,000
Description: Gorgeous south and west facing corner unit loft in the Historic Insurance Exchange Building! True loft living with open loft layout, exposed ceilings, gorgeous blond wood floors and floor to celing windows with city views! Unique floorplan, over 1300 square foot footprint with 1.5 baths, master bath with dual vanity, jacuzzi tub and two person shower. Enjoy additional square footage and privacy from the custom built-out sleeping loft. Central AC and heat, private storage room, secured parking, gourmet kitchen with granite countertops and viking appliances. One of a kind loft in one of the most well designed and sought-after loft conversions downtown.

"celing"?

Despite that typo, I'm thankful they finally bothered to provide a listing description. And a really good one, too! Bravo, bravo!



This loft is about as cool as they come. I'm legitimately impressed. We aren't treated to photos of the bathrooms (uh-oh) but the upgrading work looks new. Assuming the bathrooms aren't disastrous, all you need is some sleek, modern furniture and you're set.

And check out those phantom stairs!

Someone told me those rail-less stairs aren't compliant with building codes (good luck navigating those things after a night of downtown boozing), but damn they look awesome!

And speaking of downtown boozing, if this economic downturn persists well into 2009, I'm wondering if we're going to see an upsurge in downtown criminal activity. It's possible that Long Beach's commendable efforts to clean up downtown and make it a nightlife hot spot will be gradually erased as the unemployment rate climbs and state budget woes create cuts in services to the poor.

I hope that's not the case, but it's something to consider when checking out downtown properties and thinking of long-term values. And considering many downtown properties are (still) woefully overpriced and have yet to see the full force of equity destruction experienced in other Long Beach areas, crime will have a tangible effect on further price declines.

As far as this property goes, I don't know if the bank actually agreed to this greatly reduced short sale price but I fear that it's still not enough to find a buyer in this economic environment. This place would make a great spot for a young, high-income childless couple, or a young, very wealthy single professional, but outside of those specific criteria I can't see much of a market for this place (I mean, that's more of a "sleeping platform" than a "bedroom"--not very practical).

I guess the question is whether that very small, very rare, very wealthy subset of potential buyers that could comfortably afford this place will believe it's worth $450,000. I somehow doubt it.