Monday, July 09, 2007
Nearly House Number the Seventh (Y2/M3/D9)
UPDATE: Inactive as of 7/11/07
UPDATE The Second: Back on market as of approx. 8/29/07
Full Baths: 1
Partial Baths: 1
Square Feet: 1,590
Lot Size: 5,650 Sq. Ft.
Price Reduced: 03/27/07 -- $1,200,000 to $887,000
Price Reduced: 06/26/07 -- $887,000 to $750,000
While the price reductions look fantastic, it's a tad deceptive. The original $1.2M price included an adjacent lot (now separately priced at $250k). The $887k price represents the price of the home sans adjacent lot and the current $750k price represents a $137k reduction (15%) for this home. The Zillow estimate is currently at $740k (up $18k over the last 30 days).
So, we thought long and hard about this house over the weekend. This is a lovely example of Los Angeles Minimalist design (not a Neutra, but cool nonetheless). It's on the market for the first time in over 40 years. The outdoor hardscapes are nice including a large front deck and two separate patio areas in the back. I wouldn't be surprised to see this house renovated and featured in Sunset magazine soon. It's in a prime location in Sherman Oaks and is the cheapest thing in neighborhood (by about a $100k). So why did we decide against it?
(1) Flat roof;
(2) Slab foundation;
(3) Loads of stairs;
(4) No garage per se (it's just a carport);
(5) Not really 2 bedrooms, more of a one bedroom + office deal;
(6) Not much of a view (just some trees really);
(7) Fear of coyotes harassing El Sid; AND
(8) Two offers already on the table with a few more expected.
Just goes to show that if a property is perceived as being just a bit below market, the crowd still goes wild here in the Valley. Crazy.