Wednesday, August 22, 2007

It's definitely happening.

5209 BUFFALO AVENUE, Sherman Oaks, CA 91401
(MLS # F1726452)

I know that we've heard the foreclosure song over and over: "people who bought in the last two years will lose their homes... they'll just walk away... the houses were just not worth what they paid..." But then you see nothing but national numbers and it just doesn't feel local, it doesn't seem like it's happening here in your own backyard. Well, it is.

This 4 bed/4bath, 1,910 sq.ft. house was purchased in November '05 for $850k. Zillow estimates it at $905k (Zillow really needs to revisit their algorithm because they are way off these days). Anyway, let's look at the listing description:

"Bank owned and priced for immediate sale! Great 4 bedroom and 4 bath home on a good street with large family room and wet bar area. Kitchen opens to dining area and yard. Good size bedrooms. Large pool. Minor work needed. Sold as-is. Vacant with keybox. Tax rolls show 1,646 square feet the home has been measured to 1,910 square feet. Additions are without permit. Available until reported pending!"

So what is the price for an "immediate sale"? $680k. And, according to Property Shark, Countrywide is owed a little over $721k. Here's the prior sale details:

05/22/07 $721k Trustee's Deed

Recontrust Co Countrywide

11/18/05 $850k Grant Deed
Flores, Marcelino Minaya, Manuel

04/26/05 $749k Grant Deed
Vartan RobertTrust Flores, Marcelino
09/15/04 $617k Grant Deed
Tannenbaum, Wayne
Flores, Marcelino
08/06/03 $455k Grant Deed
Rosenfeld, Maury Tannenbaum, Marla

$680k for a house that big, in a decent neighborhood, will definitely put downward pressure on the existing listings. Like this comparable home just up the street:

5338 BUFFALO AVENUE, Sherman Oaks, CA 91401
(MLS # F1726282)


It's listed at $829k (!) with a Zillow estimate of just $665k. You should check out this particular listing for yourself. Bizarrely, the agent posts 20 photos including street signs, Trader Joe's, the mall, the high school, a park ...

8 comments:

Anonymous said...

That's still too much for anyone who would live in that neighborhood to afford.

I still think Countrywide is "chasing the market down". Expect further price cuts.

CaliforniaDreamin said...

Hi Kate - love your blog! I check in with you daily to see what is new.

I actually like the 1st house quite a bit!

Tyrone said...

Looks like they were livin' high on the HELOC.
* I just came up with that! Feel free to use it. *

Anonymous said...

HomeGain's instant home valuation tool values the home between $732K-$859K
There is a realtor on the page that can answer questions about the valuation
http://www.homegain.com/cma/get_hv?ht=hp_hval_module&addr=5209+buffalo+avenue&csz=91401

Kate said...

Ty:

You are quite the word smith!

ace said...

Wow, I have to say that $680k looks like a great deal. I bet it is already sold.

Does anyone else think that it is odd that the owner paid $130k in down payment and principal in less than 2 years and then got foreclosed upon?

We all like to believe that the people getting foreclosed on are the ones that did a 100% interest only loan. This owner had over 15% equity in their home and lost it to foreclosure.

Anonymous said...

Ace,

Loans "were" such that lenders were loaning appraisal value (sometimes much higher than the purchase price) and the new owner turned around and applied the extra to the down payment. Would explain such a quick foreclosure. Anyone buying in LA today is desperate.

Anonymous said...

It looks like 5209 Buffalo Ave is no longer on MLS. I wonder if was pulled or sold?