Tuesday, May 20, 2008

Gather 'round, Darlings. It's time for a stoning.

Honestly, I am beside myself. When this listing hit my radar this morning I just shook my head. I mulled over what to do. And finally, after careful consideration, I determined that nothing less than a public (cyber) stoning will do. Ready?

14702 HESBY ST, Sherman Oaks, CA 91403
(MLS #: 08_281791)

Beds: 2
Bath: 1.5
Sq. Ft.: 1,268
Lost: 6,751


"A jewel in the valley."

A jewel? Really? I'm not seeing it. I'm seeing a small tract house with ugly faux stone facade.

"Wonderfully redone home, kitchen w/ granite counter tops, s/s appliances and slate floor, mster bathroom w/ mosaic tiled floor and shower. The back yard feels like a park with it's fully landscaped yard. A great condo alternative."


Yeah. That's right. Eight hundred and fifty thousand dollars for this. Cyberhomes estimates it at $556,813. Which is a generous $439/sq. ft.

But now, I have to do something I generally don't take on: edumacate the listing agent. Rachel Maslan, of Hilton & Hyland, please pay close attention to the map below. It shows all the other homes for sale in your client's neighborhood.

Not a clear enough picture for you? Let me pan out a bit.

This is what we call a buyer's market in every sense of the word. And you've priced this Van Nuys adjacent, two bedroom, tract home at nearly $700 a square foot. OMFG. Good luck with that. It wouldn't have sold for that at the peak of the market.

Here are some comps:

One word: Rookie.


Anonymous said...

Brilliant analysis, Ms. Kate. Truth well told.

Perhaps you could start a Bottom Ten list of valley agents or maybe Kate's Agent of the Week (unfathomable price listings, unbelievable descriptions, best spelling mistakes of the week).

I'm actually not picking on agents here. I have run into some straightforward, candid agents whose listings routinely are priced near market. But the clowns in the business give the industry a bad name, and they should be called on it.

Anonymous said...

Every business needs a jester.
You've found one. They also call them "fools".

Keep up the good work. I've
got lots of stones left to throw.

Patient Renter said...

Hahaha. Now that was a cyber-stoning if I've ever seen one. ;)

Anonymous said...

Wow what a great post, I agree with the other suggestion about starting a "bottom ten" -- a great idea. Realtor/seller hubris knows no bounds.

Anonymous said...

Let he who is without an adjustable rate mortgage cast the first stone.

Danny said...

Wow. What a find! And that map of all the for-sales in the zip code is mind-boggling.

Tim Hebb said...

A thoroughly deserved and entertaining royal trashing, Kate.

And, thanks for using Redfin.com maps and comps to prove your point!

Anonymous said...

What do expect from a Beverly Hills agent?

Do house sellers think they will attract more upscale buyers if they use Beverly Hills real estate agents?

Anonymous said...

We got $562 per sq ft for the property. Now who's stoned??

Anonymous said...

Did you look at this property carefully? I did.
The house was in pristine condition. (You could have eaten off of the floor, It was better than move-in condition.)
Complete renovation included custom features and outstanding attention to design elements and detail.There was much more to this little "jewel" that what is on paper.
Obviously the buyers were discriminating and after looking at what was offered made a wise choice for them.
Next time you are ready to "trash", it might be wise to get all the facts first.