Sunday, August 12, 2007

Open House Report (August 12)

14007 MORRISON STREET, Sherman Oaks, CA 91423
(MLS #F1708870)

UPDATE: After this post and after 132 days on the market, he finally reduced the price. Wonder if he read this...

Price Reduced: 08/20/07 -- $820k to $779k (down 5.00%)

Earth to Seller. Come in Seller. Seller, are you there?

Seriously, this Seller has lost all contact with the planet Earth. He paid $675k at the peak of the market (07/21/06) and he now wants $820k for this blah little house (across the street from an ucky McMasion). The house needs a new kitchen and new baths and the back yard needs lots of love. He's had it on the market since April 11, 2007 and hasn't lowered the price despite the fact that nearly every other home in the neighborhood has done a 10% reduction in this period and still not sold. Look for this house to be a rental.

5252 TEESDALE AVENUE, Valley Village, CA 91607 (MLS #F1728327)

This is a pretty cute little house. It's listed at $829k and Zillow estimates it at $781k. If this house were in a hot part of Sherman Oaks, it might sell at the list price but it's not. It's in Valley Village which was quite the darling during the boom but now it's looking more like the nice part of North Hollywood. The house next door needs some serious grooming -- as do several other homes on the street. I think this home is likely to get reduced before it sells.

4246 GREENBUSH AVENUE, Sherman Oaks, CA 91423 (MLS #F1728930)

UPDATE: Told you so... after less than one month on the market, this listing is inactive.

A gem. At $829k, this house will not last. It's walking distance to the boulevard and it's just darling for a couple with no kids. Zillow estimates it lower at just $780k -- nobody will care.

5013 VENTURA CANYON AVENUE, Sherman Oaks, CA 91423 (MLS #F1719927)

Hubba hubba. This is a remodel done right, ceiling to floor. Huge lot, nice street (well, Milikin Jr. High is at the end of the street and that's a bit of a bummer but probably not a deal breaker). At $1.6M it will probably require a reduction but not much. It was last sold in 2005 for $1.1M.

4500 MORELLA AVENUE, Studio City, CA 91607 (MLS #F1719428)

Price Reduced: 07/11/07 -- $1,049,000 to $1,025,000
Price Reduced: 07/29/07 -- $1,025,000 to $999,900

Get over yourself. It's a cute house, I get it. But it's also a 2bed/1bath. Zillow estimates it at $785k and it last sold in 2001 for $399k. I think they would be very very lucky to get $700k.

4447 FARMDALE AVE, Studio City, CA 91602 (MLS # 07_180385)

U-G-L-Y! You aint got not alibi! You're ugly! Sorry, but it's true. This house needs a face lift, like bad. The bedrooms are too small for a house this size (2,219 sq. ft.). Zillow estimates the house at $916k but Zillow is very very wrong on this one. The house has been listed since April 23, 2007 with no takers.


Anonymous said...

We love your blog and were pretty darn excited to see our neighbor's house--a.k.a. the "gem"--show up in your open house roundup this week. Hopefully it will still be open this weekend so we can check it out and see how our humble abode stacks up!!

Anyhoo, we really hope you wind up finding a place in the 'hood. Best of luck.

Kate said...

Whew! Good thing it was "the gem" and not one of the other ones. :-)

I really liked that house, if the market weren't in such a state of flux, we would've bid on it. But all good things to those who wait, right?

Gosh, that better be true. Heh.

Anonymous said...

I'm sure it will prove true. Your knowledge of this neighborhood appears vast, and that should be worth a lot when the timing's right.

My husband jokes--or semi-jokes--that we should hire you to appraise our house. Not that we're looking to sell anytime soon (!).

I'm a staffer at the LA Times and I sometimes write about this stuff. For chuckles, see this from 2003: news/item.php?id=322&type=news .