Monday Morning Market Report – Week Ending 10/18/2009

week ending Oct 18th graph

The statistics for the week ending October 18th, 2009 appear startling at first glance but after a second look, I discovered something important.  Out of the 19 New Listings, 6 were in one condo building located at 2064 Herschel  Street. That accounts for 31% of this week’s new listings. Pending sales are also WAY UP from last week.

New Listings – 19
Price Reductions – 8
Pending Sales – 6
Closed Sales – 2

So while it seems that there were LOTS of new listings this week (which technically there were)  when you know that a developer re-listed so many units all at once, it gives you a different persepctive.

The Chelsea Lofts were built in 2007 around the same time as 1661 Riverside. Both buildings are loft style units and were attempts to ride the wave of the re-developement of the Riverside shopping district and the urban market with exposed duct work, concrete floors, open floor plans (very few walls) and tall ceilings. The saying goes that “timing is everything” and clearly, the Chelsea Lofts was a victim of bad timing.  Just as the building neared completion, the decline of the real estate market had begun. The units have been re-listed by a new realtor but at the same price as the previous listing. They are bank approved short sale which means that the agonizing wait that you often experience with short sales is not necessary and closings can be immediate. If you’d like to see one of these units, please let me know!

There is one new listing that I think deserves special attention. Located at 2764 Myra Street, this NEW construction bungalow was built by RADO (Riverside Avondale Development Organization) and is priced at only $138K or $$104 per square foot. This home is part of the Head Start to Home Ownership Program and there are income limits for buyers for this house. Attached are the income guidelines for the RADO program. If you know someone in need of a home who isn’t a high wage earner, this seems like an incredible opportunity!

gallagher living roomOn the other end of the spectrum, there is a very beautiful hougallagher back porchse located close to Timuquana Country Club at 5509 Fair Lane Drive. The house appears to be a “ranch” from the outside, but step through the front door and you are greeted by the most amazing soaring ceilings and huge fireplace. It’s really dramatic. The house is nearly 4,000 SF and on nearly an acre of land that also has lovely outdoor entertaining areas.  Walk across the street to play golf, tennis or swim in the gorgeous riverside swimming pool – membership to the club is required! The house is priced at $1,295,000.

There were two foreclosures listed this week:
2866  Sydney Street priced at $194,900 (MLS # 506199) – Darling Bungalow with some nice updates
969 Cherry Street priced at $169,900 (MLS # 506178) – Haven’t seen this one inside. I did drive by and it appears to need a good bit of work.

That’s the news for this Monday – thanks for reading. Join me for another Avondale, Ortega or Riverside adventure and keep up with what’s going on in our great neighborhood by subscribing to our blog!

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