Monday, July 02, 2007

4421 Noble Ave (Y2/M3/D2)

Price Reduced: 07/10/07 -- $849,900 to $824,900
Price Reduced: 07/17/07 -- $824,900 to $799,900
Price Reduced: 07/28/07 -- $799,900 to $769,900

This listing just came up Sunday (click to enlarge). These people bought this house in November for $705k. They have not increased the square footage at all but they think the house is now worth $850k. What could they have done to the house to justify that increase? Let me tell ya, for the additional $145k I could've put in a whole new kitchen, two new baths, a brand new jacuzzi out back, central air, a new electrical panel and all new windows in this 1,385 square foot house.

But the MLS description doesn't mention any of that:

"This charming mid-century home is just steps from the blvd. With easy access to 101, 405 & pub trans. Harwood floors, smooth ceilings, crown molding, whitewashed wood plantation shutters, french doors, updated kit with custom cabinets w/glass fronts, updated bathrooms, eating in kit, indoor laundry area, newer light fixtures and recessed lighting. The beautifully landscaped and lighted back yard has a covered brick porch and plenty of room for entertaining."

I'm pretty sure "updated" and "newer" are code words for "the previous owner did this work."
It'll be interesting when the pictures come up.

UPDATE: And the pictures are up! It's just as described. Sort of.
UPDATE: So, maybe the agent was reading this? Because on 7/10 the MLS description was updated to read "mid-century ranch."

Don't get me wrong, this looks exactly like the kind of house I would buy; it's a very sweet little house. But, Honey, it just aint no $849k house. Who would pay that for this house? Seriously.


Charles said...

Kate, awesome blog. It's nice to have somebody writing about what its like to try and look for a house right now. I'm down in OC but I feel your pain. I've got the cash but not the guts to part with it. Meanwhile my wife, baby, and 2 60 lb dogs will keep tripping over each other in our little condo.

Good on ya for keeping your head about you while looking.

Kate said...


It's like we were separated at birth!

I really am struggling to pull the trigger. The only thing saving me is that I haven't fallen in love with any listing yet.

Thanks for reading and I wish you the best of luck on your own search!

Anonymous said...

It is a 55 YEAR OLD tract home, < 1400 sg ft, appears very average construction quality (starter home quality), it does not appeal (to me at least), no worthwhile upgrades (it probable looks like it did when it was first built). No one has done anything to warrant the $769900 asking price. By the way, that is, ready for this? That is $556 / sq ft.

Assuming the land intrinsic value is $100k, I would value this poor little house and land at $250k, and that’s a huge number at $180/sq ft too.

That someone this past November paid $705k for it is crazy. I guess there may be SOMEONE that will repeat the $700+ mistake, but hopefully not.

Nancy said...

This house just sold! Can't see how much the buyer paid yet...

Anonymous said...

Yup, it did just sell; here's the info:

LAST SALE: $697,000 (04/24/2008)
SQ.FT.: 1,385

I drive by that house everyday on my commute from the valley to the westside