Westside hit hard by August slump

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Good morning, Sam Keller, buckle up that chin strap. Westside Bubble has two items worth a link: numbers that indicate August sales in Santa Monica-Mar Vista dropped 50% from last August, and a good example of why.

First numbers: ‘Total number sold (in zips 90402, 90405 and 90066) plunged in half, from 67 in August 2006 to 34 this August, led by north-of-Montana 90402, 6 falling to 2.’

Now the why: A Mar Vista teardown (pictured) that is back on the market because ‘buyers could not perform.’ The three-bedroom house, pictured above, is listed at $699,000, but that’s the builders’ price -- for the lot and the chance to build a McMansion: ‘Great opportunity to build new home. Deep lot, build a two-story home with views to the ocean.... House comes with approved plans for a two-story, 3,200-square-foot, five-bedroom home....’

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Photo Credit: Westside Bubble