Mar Vista Hill back under $1 million

Good morning. Westside Bubble reports there are a now a few listings on Mar Vista Hill for under $1 million.

We can imagine your response: Do you mean to tell us that houses on Mar Vista Hill were selling for more than $1 million? Yes, they were; some still are. The point of the Westside Bubble post is that prices are slipping a bit.

Example: 3 bed, 2 bath house at 3046 Mountain View Ave., asking $925K, was originally listed before 1/30/07 at $1,099K.

We've written before that we find these neighborhood price milestones worth monitoring. When prices ran past these milestones during the bubble ("You can't find anything on Mar Vista Hill for under $1 million anymore!"), these hyper-local rules of thumb became part of the bubble mentality.

Your thoughts? Any barriers being broken in your neighborhood? E-mail story tips to lalandblog@yahoo.com.
Photo Credit: Westside Bubble

Comments

[Steve]

Good writing Peter. Inreal terms the prices are ridiculous.

[Westside Story-Just call me Maria]

We are busy cheering each price reduction. When the big faux Tuscan on Grand View approaches reality (under a million) we will be ready to move in.

[jb]

Could you please post the sales history for this house?

[MyLessThanPrimeBeef]

I can't wait for the price milestone headline: 'You can't find anything over $500K on Mar Vista Hill any more!'

[I Don't Want Your Lonely Mansion With a Tear in Every Room]

Delete: pet walking service.
Insert: graffitti removal service.

[bots]

a mil? That's it????

$8000/mon PITI for pretty much the rest of my life

Sweet!!! Where do I sign?

[You've got to be a football hero to get along with the beautiful girls]

How removed from Mountain View Ave. and Palms Ave. 4-way stop sign
is this house? Traffic on Palms Ave. in this neighborhood? Motorists use
the 405 freeway as a short-cut around this intersection. Add two more traffic calming "dips" and we have an ant hill mentality.

[TrentPatrick]

It is all coming down and we all know it. It does not bring me tremendous joy watching the prices fall like it seems to do for many on this blog. Most of the comments are from renters that are trying to justify their not buying a home over the last 12 years. Many people that have bought and are happy in their houses will stay put for the next 5 years and ride out this crash.
I sold a home down on Beethoven in the mid $800's and put them on the hill over $1,000,000. They still love the home and are actually paying it down because they don't want to live anywhere else.
We could see the hill in the $500's over the next 3 years, however it will come back. There arel still renters who will not get into the game and resent anyone that takes that shot at home ownership. I feel sorry for anyone that bought in the last 2 years, however as long as they can make their payment and love their home stay there and enjoy raising your family.

[Liz]

Mar Vista's "charm" has always been totally lost on me. Why anyone would pay anywhere near a mil for one of these stucco boxes is beyond me.

[Inland Empire]

I do not see the charm in Mar Vista either. Old houses, lots of sketchy people wandering around.