Wednesday, February 06, 2008

Low $700s in Sherman Oaks Today

What's for sale in Sherman Oaks in the low $700s? Well, last year this time there was pretty much nothing below $750k. This year, there's quite a few choices. Let's look at two intersting listings that came up recently.

Listing the First: These people got to the party on time but are trying to leave a wee bit late. Their house is currently worth just a smidgeon more than what the paid for it back in late 2004. They'd like about $575/sq.ft. but that just aint gonna happen (especially North of the 101).

5528 BUFFALO AVENUE, Sherman Oaks, CA 91401
MLS #: F1749621

Bedrooms: 3
Baths: 1.5
Square Feet: 1,250
Lot Size: 6,750 Sq. Ft.
Year Built: 1951
Listing Date: 01/14/08
Price Reduced: 02/05/08 -- $735k to $719k
Last Sale:09/15/04
Sales Price:$575,000

Zestimate™ $596,500

Based on List Price: $575/sq.ft.
Based on Zestimate™: $477/sq.ft.
Sold Homes: $404/sq.ft.

Listing the Second: These people got to the party way too late. They paid $950k ($471/sq.ft.) in the Summer of '06 and then got foreclosed. The bank is only asking for $350/sq.ft. today.

4700 NAGLE AVENUE, Sherman Oaks, CA 91423
MLS #: F1752937

Bedrooms: 3
Baths: 2.5
Square Feet: 2,015
Lot Size: 6,290 Sq. Ft.
Year Built: 1951
Listing Date: 02/01/08
List Price $704k
Last Sale: 06/14/06
Sales Price: $950,000

Zestimate™ $878,000


Anonymous said...

Hey Kate- we saw that first house - "Listing the first"- it is tiny but very, very cute- with a large backyard. They won't get their asking price but I bet they'll get $650k- or would have 6 months ago, anyway. Which I guess is your whole point. Oh well.

l.a.guy said...

I've been keeping a close eye (via Redfin) on the 91423 zipcode and it's clear that a lot of people haven't gotten the memo that housing prices are going DOWN. I see a number of houses where people bought in 2006 & 2007 and are asking 25% or more over what they paid. About the only reasonably priced listings I'm seeing these days are the bank REO's and the some of the short sales.

It will be interesting to see some of these listings in six months.