Sunday, September 09, 2007

Open House Report (September 9)

13553 CONTOUR DRIVE, Sherman Oaks, CA 91423
(MLS # F1722523)
Price Reduced: 07/12/07 -- $1.025M to $950k
Price Reduced: 09/05/07 -- $950k to $895k
Zestimate $879,349

This 2,300 sq. ft. house has 3 beds and 3.5 baths. It needs some cosmetic work inside (the bathrooms are carpeted -- ee-yew) and it's definitely a quirky layout. When you come in the front door there are two bedrooms then you go downstairs to the kitchen and main living area. There's a nice little yard and pretty views. Compared to the other listings on the street, this is a bargain.

13059 DICKENS STREET, Studio City, CA 91604
(MLS#F1729822)

This is a real cosmetic fixer in Longridge Estates at $1.025M. Zestimate $1,018,171 And it's already sold at list. This is a probate sale that requires court confirmation so you can still go and bid. And frankly, I suspect a flipper has the current bid (because it came in within hours of the listing going up) so it might be back on the market. It's a beautiful street and the house is fairly well maintained it's just dated. Really really dated. There's wallpaper everywhere in huge graphic prints and primary colors. Pink shag carpets. The whole nine yards.

3253 LONGRIDGE, Sherman Oaks, CA 91423
(MLS # F1731648



Price Reduced: 09/18/07 -- $1.390M to $1.249M
Price Reduced: 11/02/07 -- $1.249M to $1.150M
Price Reduced:12/26/07 -- $1.150M to $995k (down 28.42%!)

This 6 bed/4 bath house is priced at $1.39M Zestimate $2,088,389. It's another fixer -- this one appears to have been a groovy seventies bachelor's pad. The lot sports really fabulous views and it's a very private location. The pool is smaller but I think it's ideally sized for the lot and you can see the whole valley from it. While the lot is huge ( 28,500 Sq. Ft.) it's mostly hillside but the flat part of the lot is maximized. I can't tell whether this is a great price or not -- it'll be interesting to see if it moves.

3867 RHODES AVENUE, Studio City, CA 91604
(MLS # F1723986

Price Reduced: 08/14/07 -- $1,049,000 to $1,029,000
Zestimate $1,232,032


While this lot is huge ( 21,180 Sq. Ft.) it's all hillside. The usable yard is tiny. And the house is tiny too. While it's advertised as a 3 bed/2 bath it's really a 2 bed and it's 1,360 sq. ft. Which puts this house at $757/sq.ft. though the agent reports that it will be reduced to $989k shortly. The sellers paid $965k back in 2005 so it looks like this may be a bit of a loss situation. Indeed, this house has an interesting sales history:

12/02/2005:$965,000
09/24/2003: $719,000
05/02/2003: $519,000

I have to say that $519k seems about right to me. If this house sells for more than $725k I'll be very very surprised.

330 SOUTH CALIFORNIA STREET, Burbank, CA 91505
(MLS # B2100132)


Price Reduced: 04/19/07 -- $1.199M to $1.149M
Price Reduced: 06/04/07 -- $1.149M to $1.129M
Price Reduced: 08/03/07 -- $1.099m to $1.079M (down 10.01%)

Zestimate $896,659

They just bought this house a year ago for $849k and now they want another $230k (in fairness, the house does appear to have had some remodeling). This 3 bed/2 bath home is about 2,000 sq. ft. on a 7,723 sq. ft lot. The original bedrooms and closets are just as tiny as you'd expect in a 1940's ranch. The bathroom and kitchen are tastefully redone. The problem with this property (other than the price) is the two stables that take up a lot of the yard; they should probably be torn out. It made me sad to think of two horses living all day long in those dark little stables. And I'm not sure where you would even take the horses for exercise -- apparently along the dirt path that follows the wash? Not very pretty. Long story short, this doesn't feel at all like a million dollar house -- watch for more price cuts.

3 comments:

Anonymous said...

One million dollars?? For that?? Hope they have a soft landing when they get back to planet Earth. Geezzzzz

Dan said...

I saw the house on Contour today. To me, it's more than a "cosmetic" fixer. The floor plan is atrocious and those textured walls won't cut it in today's market. I think it needs to be stripped to the studs and a wall or two removed to make this into a liveable space.

And that small bedroom upstairs barely has room for a daybed. The master looks to be an addition as it featured a "window" AC unit built into the wall.

I think someone's going to have to spend $150-200K to fix this thing up right.

Kate said...

Dan:

I totally agree that you could put $150k into this house to make it a modern more easily marketable space. But I'm not sure this is the right house for that...

Because this is one of those funky tree house numbers, I suspect somebody may want it the way it is with just new carpets and tile updates. It's definitely odd, but it's not like one of those 1940s ranch houses that hasn't been updated in 60 years.

I guess it's how you define "fixer."