Tuesday, December 04, 2007

Flippity Flop! Watch the price drop!

4507 VARNA AVENUE, Sherman Oaks, CA 91423
MLS# F1743246
Zestimate™ $764,567
UPDATE: Price Reduced (12/16/07) $869k to $839k (down 3.45%)
Also, did I mention this house has NO BATHTUB? Yup. Remodeling genius!

Bedrooms: 2
Baths: 1.5
Square Feet: 1,598
Lot Size: 8,100 Sq. Ft.
Year Built: 1949
Listing Date: 11/11/07
List Price: $869k (SNARF!)

So, if you read my occasional posts on L.A. Land you may recall the last house on which E and I officially bid (pictured above); I posted about it here. We were pretty disappointed when we didn't get this house because we loved it. But the winning bidder offered way over list (which was a bit of a head scratcher for us because it was a slightly over priced fixer to begin with). We figured the current owners must have loved it way more than we did.

Or not. Because now it's back on the market. So either they got themselves into a heap of financial woe or they were competing for the title "Dumbest Flippers of All Time". I suspect it was the latter.

Anyhoo... I thought y'all would enjoy watching them go down in flames because, in my mind, they stand for everything that is wrong with the housing market today: (1) they bought a house that they either couldn't afford or had no plans to live in; (2) they did a cheap interior reno (no additional square footage) and expect to see a profitable return after a mere 5 months holding period; and (3) they got cash back at close and (temporarily at least) drove up the comps in the neighborhood.

This house won't sell for a dime over $720k (which is about $70k less than they paid). Mark my words.


OJ said...

I am speechless. I remember your post about this house, because it introduced me to PropertyShark. I am dumbfounded at that listing price.


Kate said...

With all the short sales online right now, they are bound to get burned.

Anonymous said...

That is hilarious.