Sunday, November 11, 2007

It looks like an apartment.

4552 VAN NOORD AVE, Studio City, CA 91604
MLS #: 07_233409
List Price: $829,200


Bedrooms: 4
Baths: 3
Square Feet: 2,160
Lot Size: 5,600 Sq. Ft.
Year Built: 1964
Listing Date: 11/02/07
Last Sale: 08/16/06
Sales Price: $1.15M
Zestimate $1,384,777

Once upon a time, before the rampant loan and appraisal fraud was exposed for what it is, I considered buying the little house across the street from this monstrosity. As I stood on the front lawn of the little house I wondered if this hideous structure (pictured above) was an apartment building. But no, it's not. It's just the ugliest house in the neighborhood. And some fool paid $1.15M for this hideous hideous structure and now he (well, technically, the bank) is offering to sell it for the low low price of $830k. Nothing like a $320k haircut (and that doesn't take into account the carrying and transaction costs).

Speaking of appraisal fraud, I hope you saw the article in the Times today about the NY Attorney General suing First American Corp. and its appraisal management subsidiary, eAppraiseIT, for complying with Washington Mutual's demands for padded appraisals (some as high as $720k over market value). It's not like we didn't know appraisals were being padded, but somehow I didn't think the banks were actually strong-arming the appraisers and creating written records of their wrongful conduct. It'll be interesting to see how this shakes out.

6 comments:

Nancy said...

What the heck are the walkways on the right for? It really looks like an apartment building to me...

It's good to hear from you Kate. I enjoy reading your blog and I hope you have time to post more soon.

Kate said...

Hi Nancy:

Even having seen this "house" up close and in person, I can't figure out those strange balcony/walkway areas. And you should see those odd Costco park lights that are in the front. The owner put multi-colored bulbs in them. Oy.

Nancy said...

I don't think you could pay me enough to live there. It'd be too embarrassing. It boggles the mind that

1. Someone built that house/modified the original structure like that.
2. Someone else bought it!

Kirk said...

This house is horrific. I cant imagine anyone living there. They are going to have to tear it down and start all over.

Kirk said...
This comment has been removed by the author.
Anonymous said...

I drove by this place during an open house and I didn't go in because I thought it was one of those condo open houses. Hilarious! It really sticks out like a sore thumb in the neighborhood.