Getting Out Even? That's SO 2007 ... and so not "Great"

Thanks to those who have voted on the types of properties you'd like to see featured. Not surprisingly, SFR took the top spot, followed by large condos. Some SFR updates to come over the next few days, but a quick post on a large, high-end condo:

850 N. Croft Ave #403 (90069)
$1,200,000
2BR / 2BA
1,606 sq ft ($747/ft)
On Market: 3 Days (no picture yet)
Stunning modern design combined with the finest materials create stunning living space ready for sophisticated buyers. Over 1600 sqft on the top floor with views, 2bd, 2ba and a den, Graphite maple hardwood floors, Ebonized cabinetry, custom window treatments, wired for entertainment. Cooks kitchen with top of the line stainless appliances open to living spaces. Low HOA's, Inside Washer/Dryer, 2 parking spaces. Great Location, Great Building. Great Value.

Sold: 9/07 - $1,180,000

Ah, 2007, those were the days ... the S&P 500 more than 60% higher than current levels, Bear Stearns, Lehman Bros and Merrill Lynch were still firms, and the world hadn't yet heard of Octo-Mom ... the Case-Shiller high-end Los Angeles index (always reported on a timely basis over at Westside Bubble) at a near-250 level vs. today's 160ish level ...

And $1mm condos? The "sophisticated buyer" in 2007 wouldn't be caught dead paying less than that!

Of course, we've seen at least 2005 rollbacks in even high-end areas, and at over $750/ft, this unit will likely need a "great" reduction in the near future to catch a bid.

We view condos of this size to be SFR substitutes, but can't see the $1mm high end staying firm.