Friday, April 18, 2008

You keep using that word -- I do not think it means what you think it means.

A recent commenter tossed out the priceless Princess Bride quote that is the subject of today's post. I couldn't resist recycling it here for the word "drastic".

The listing description:

Drastic reduction! Spectacular chic entertainer's pad with wonderful view amidst a woodsy private setting.... blah blah blah

And here's the details:

3660 BUENA PARK DRIVE, Studio City, CA 91604
(MLS #: F1760298)

Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,185
Lot Size: 5,510 Sq. Ft.
Year Built: 1941
Listing Date: 03/27/08

Price Reduced: 04/17/08 -- $809,950 to $789,000 (2.6% down)

But it's not just the 2.6% (a.k.a. "drastic") reduction that set me off. It's also the outrageous price per square foot (even after the reduction).

Square footage stats:

Based on Original List Price: $684
Based on REDUCED List Price: $666
Based on Zestimate™: $685
Sold Homes: $420

This house is in a nice little neighborhood. But I can't imagine anybody shelling out around $800k for an 1185 sq. ft. two bedroom house on a small lot. In. The. Valley. I mean, come on. This house sold for $381k six years ago. Here's the Zillow chart:


Anonymous said...

$274K sounds about right. It's been stuccoed so something not too pleasant is going on underneath the exterior. It probably has a sliding back yard in desperate need of some pilings.

Yup. $274k. Not a penny more.

Anonymous said...

To get a feel for an area you're not familiar with, like this place, and the surrounding homes, Google has an answer, Street View. Most of LA/OC is videoed.

$780k for this old place, in that neighborhood, no yards, no one keeps their houses up, way over grown. Please. Next!

Anonymous said...

I just noticed Katy already mentioned Google maps in the previous entry. Sorry for the repost.

Anonymous said...

I just wish we could send out a memo to all the knife-catchers: DO NOT BE FOOLED.

Anonymous said...

This seller has lost their mind. My friends live in apartments with more square footage! And at least they get a pool, tennis courts and a gym to use. But hey, I can't see why anyone wouldn't like to pay $4k per month, excluding property tax and insurance, to live in a home that can store both a set of dishes and golf clubs - at the same time... Oh - and even entertain two of your best friends in the house while siting on bean bags (the couch can't fit if the golf clubs are in the way).

Emil said...

Check out:

MLS: F1763487

Are the prices now starting to fall in Studio City as well this early in the housing slump? A bad omen for how bad things can get.

Although it could be just another overpriced tear-down, the proximity (noise) of the freeways, or ... (insert whatever substantial flaw you can think of).

Anonymous said...

Wouldn't give it a look north
of 400K ...and I'd be doing them
a favor.

Anonymous said...

So many amusing things in that listing description:

Drastic reduction.Spectacular chic entertainer's `pad' with wonderful view amidst a woodsy private setting. Bright & spacious- Exceptional sophisticatd retreat remodeld 2002/03-Massive gr8 rm & lrg granite gourmet kit overlooks lush gardns & pvt patios front/back-Master suite+separate deck-Amazing baths+gorgeous hardwd flrs+stone treatments-2 car gar-Quiet lazy/level cul-de-sac less than an easy walk mile from BLVD, shops, farmers market-Carpenter school dist- area of higher priced homes, a"10"!

1) as far as I can tell, the photo only shows a "wonderful view" of the houses own backyard

2) mentions a cul-de-sac, but is 8 lots away from the actual cul-de-sac

3) mentions being in an "area of higher priced homes" -- the home next door is a much better value:
3656 Buena Park DR 0 miles
4 bd / 4 ba
3,200 Sq. Ft.

4) mentions master suite -- no picture

5) mentions "amazing baths" -- again no picture, which leads me to think that maybe they weren't included in the remodel 5-6 years ago and aren't the house's best feature by any means

Methinks the price needs to drop.