Wednesday, July 11, 2007
Fire Sale in Encino Village/Park (Y2/M3/D11)
Today, we venture out of Sherman Oaks to a neighboring area called both Encino Village and Encino Park (click to enlarge). I have driven through this neighborhood and for the life of me I cannot figure out why everybody who lives there suddenly wants to move out. This is an older neighborhood with small but well maintained tract housing. The streets have mature trees and, as you can see, the streets do not go through so there is not a lot of traffic. There are no condos or industry, it is a pure residential area. So what gives?
After an exhaustive (trust me, it was) review of the listings, they break down thusly:
Held for less than 5 years: 15 listings
Held since the 90s: 3 listings
Held since at least the 70s: 11 listings
It looks to me like you have a fairly even split between people who were flippers (or nearly flippers) and people who are trying to cash out of their long term investments. But still, I don't get what's going on here. Sorry, but I just don't think that 29 people in this small neighborhood suddenly had a big life change and needs to sell their house. Disagree? Well then let's just go a few blocks away to Lake Balboa and see what's listed there: