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The State of Culver City Real Estate

Just a brief update on Culver City, which has still managed to miss much of the carnage except on the condominium side.

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I went to an open house of this residence a few months ago when they had dropped the price to 599K from an original asking price of 629K. They sold it for 580K.

If you figure 6% in closing costs, this would mean a lost of 21K on a 3-year investment.

2931 Sentney Ave sold for asking – 609K (small house far east side of Culver City)

3617 Shaeffer – a real fixer upper (visited during an open house and it was a MESS), was asking 749K in Sept, got 662K in November.

A few other listings sold below asking, but one surprising thing has been the drop in asking price for the brand new condos on Lincoln Ave. These are not even completed and they have been advertised for 850K for almost a year. This week they are asking 779K, a 31K drop (4%). Maybe the pre-construction pricing was based on the idea that real estate never goes down and they aren’t building any more land (even though this development belies the second myth).

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