Friday, August 31, 2007

Something doesn't smell right... (in Encino)

15560 OTSEGO STREET, Encino, CA 91436
(F1703604)

I wrote about this house earlier... calling it a sinking ship. Well, interestingly, after 172 days on the market with no nibbles, they think a price increase is in order. Check it out:

Price Reduced: 04/04/07 -- $875k to $859k
Price Reduced: 04/13/07 -- $859k to $829k
Price Reduced: 04/22/07 -- $829k to $779k
Price Reduced: 06/07/07 -- $779k to $739k
Price Increased: 08/30/07 -- $739k to $805k

They updated the listing description to read: "... seller will credit buyers closing costs..." For $66k, I figure he'll be crediting more than that. It'll be interesting to see how this number pans out.

UPDATE: Well, mystery solved. Apparently they just wanted to turn the clock back and start offering the same reductions all over. Because, you know, buyers are stupid and they will never notice. Here's the new price point. Look for a reduction to $739k soon:

Price Reduced:
09/10/07 -- $805k to $779k

7 comments:

Ace said...

Come on, it says right in the listing 'motivated seller'. This guy must have attended the Dilbert's Pointy Hair Boss' School of Motivation.

Actually, they got in offer in early July and were accepting back ups. The offer must have fell through and the owner felt the property was underpriced because it generated an offer.

Kate said...

Ace:

I think you are stalking me! You must have been at the same open house as me because the Realtor gave me that same story.

I remember thinking: "How much will it cost to rip out this gigantor brick bbq pit and why in god's name does that jacuzzi require a motor the size of a VW bug?"

Anonymous said...

Kate, I'm a fellow atty/househunter and have been avidly reading and enjoying your blog. As an occasional valley-looker, I just have one lament- the birdfeeders!!! Ah god, the birdfeeders attached to/built into the houses!!! They're everywhere! What, did every valley houseowner from the 1950s arrive straight out of a Disney movie?

Kate said...

Oh! I think you mean those little bird-housey things on the peak of the roof? They aren't feeders, just nesting nooks.

If so, those were all put in by the original builders. Most people put screens over the openings so that no actual birds move in. And I do think they were a bit Disney inspired.

Anonymous said...

Indeed, nesting nooks. The ones on this house aren't so offensive, but they bring to mind those entire streets in Sherman Oaks/Encino where little bird house mini-houses are affixed to garages. I asked a seller's agent once if the bird nook attached to the house-for-sale's garage could be removed, and she looked at me like I was crazy. Perhaps I am the only one who is bothered by such things.

Kate said...

Ha! They can easily be removed.

But I think you are the first person to ever even notice them! They are so ubiquitous that they have become invisible to me. I'm sure it'll make me insane now though .... thanks for that! :-P

Ace said...

Actually, I work in the business but don't hold that against me!

I am amazed by the number of houses that go into 'back up offer' only status but never close.

Buyers are really being rough on sellers right now. Here is what is happening to a lot of these houses. A buyer will come in with a full price offer or close to and open escrow. Then comes the inspection. Then comes the list of repairs and credits. The buyer will ask for the seller to basically make the 50 year old house brand new or give them a huge credit.

Basically, the buyer never intended to pay anywhere near the listing price or the buyer is so clueless to think that a 50 year old house would be brand new. The house comes back on the market, sometimes at an even higher price because the seller thinks the house is underpriced because they got an offer so quick.