Sunday, August 19, 2007

Open House Report (August 19)

4453 VAN NOORD AVENUE, Studio City, CA 91604
(MLS # F1723633)
Listed at $789k


Price Reduced:
08/30/07 -- $789k to $759k
Price Reduced: 09/17/07 -- $759k to $749k (5.07% down)
(Guess that "all cash offer" went away after all, eh?)

This house has been on the market for about forty days and the agent reports that there is an all-cash offer for $720k on the table. Yet the owner is considering a price reduction. Hmmm. Something tells me that the all-cash offer will fall through. This is a 2 bed/1 bath but the agent will tell you the dining room is a third bedroom because there's a closet. This home needs significant updates and an additional bath. Zillow estimates the value at $820k -- Zillow is so very wrong here. This house is worth closer to $680k.

4716 BECK AVENUE, Valley Village, CA 91602
(MLS # F1713724)
Price Reduced: 08/16/07 -- $839,000 to $799,000
This house has been on the market for about a hundred days now. Zillow estimates this 3 bed/2.5 bath at $829k but given the listing history, Zillow is wrong on this one too. It's a pretty cute little house but the bathrooms require updating and the street does too. If I had to guess, I'd say this house will sell around $750k.

12515 MILBANK ST, Studio City, CA 91604
(MLS # 07_185919)
Price Reduced: 06/19/07 -- $939,000 to $925,000

This house has been on the market for about a hundred days now, but I think it was listed once before. Zillow estimates this 3 bed/1.5 bath at $913k! I can't imagine that anybody will ever pay anything close to that for this little 1,600 square foot house. For starters, the only bathroom with a shower is a tiny guest bath near the front door. The main bath was remodeled to include a claw foot tub but no shower -- well, it has some ridiculous hand held gizmo that you might use if you had to and you were say 18 years old and staying in a youth hostel in Paris. My guess is that this house will sell at around $800k, time will tell.

13516 NORTH VALLEYHEART DRIVE, Sherman Oaks, CA 91423
(MLS # C101556)
Listed at $1.099M
Price Reduced: 09/14/07 -- $1.099M to $1.059M
And:"5 plasma TV's w/ full price purchase."
Price Reduced: 09/20/07 -- $1.059M to $998k (down 9.19%)
But plasma TV offer has been rescinded. :-(

These people really really like slate tiles. This 3 bed/2.5 house is completely upgraded. Despite it's 1,903 square feet, it feels small. They converted their two-car garage into a one-car garage plus office. The office is very utilitarian. One plus to this property is that you can buy, from the City of Los Angeles, an additional 2,000 square feet of land behind the lot. Zillow estimates the property at $938k and it was purchased for $777k last August. It just didn't feel like a million dollar house to me.

BTW, Tisha M. Greene is the Realtor and I have to say that she was very charming and I wouldn't hesitate to hire her as my own listing agent.

11602 HARTSOOK STREET, Valley Village, CA 91601
(MLS # F1725805)
Listed at $1.39M

This is a really beautiful 4 bed/2.5 house with a great layout. As a bonus, it has a free-standing apartment out back and a two car garage. Zillow estimates the value at $961k and it last sold at $760k in '05. The location is not fantastic, it's on a through street near Magnolia and Colfax. The location wouldn't stop me from buying the house, but it would make me hesitate to lay down a million bucks (assuming I had a million bucks to lay down). However, this is a very emotional house, somebody might pony up.


Tyrone said...

You're aiming WAY TOO HIGH.


Fair Value: $375K... Tops

We got a long, long way to go.

Anonymous said...

Here's Tisha

You made me curious...

Anonymous said...

Kate, your price assessments of the house are very generous. I don't think they are worth that - maybe 50-60% of the prices they are asking at MOST. It's still outrageously expensively, and nobody with the kind of incomes who live in that area would decide to pay most of their monthly income on these ancient houses, "cute" or not.

Kate said...


Notice that I didn't say "this is what the house is worth" I said "this is what I think it will sell for."

I wouldn't pay those prices, but SOMEBODY keeps on doing it. Houses are still moving in the areas I visited -- they are definitely moving slower, but their are still some sales at these prices. Unfortunately.

Kate said...

So.... if you click on "Tisha" above in comment number 2, you will get Tisha's the Realtor's complete profile.

I swear, I did not know this woman was an attorney; there is legal no favoritism at work here. She was just very pleasant and very good at her job.

Tyrone said...

I hate to belaber the issue, but for 4453 VAN NOORD you said, "This house is worth closer to $680k." I would agree that there probably is some fool out there that will pay $700K+, however, will the loans go through for these homes? Will the appraisals remain high?

As the saying goes:
You are so nice.
You are so cool.
You are so beautiful.
You are my friend.


Kate said...


Ha ha. You are correct. What I MEANT to say about Noble is: "somebody will probably pay..."

I should probably hire you as my editor. And poet.