Friday, June 13, 2008

Reports of my death were grossly exaggerated. And now this:

4343 AGNES AVENUE, Studio City, CA 91604
MLS #: F1761579
Beds: 2
Baths: 2
Sq.Ft. 1,499
Lot: 6700
List Date: 04/04/08
List Price: $799k
Per sq. ft.: $533

Seriously. For that? Not even at the peak of the market, Honey. So they reduced. Twice. Behold:

Price Reduced: 05/29/08 -- $799,900 to $699,000
Price Reduced: 06/12/08 -- $699,000 to $649,000

And now it's just a tiny bit shy of what it would have sold for at market peak ($675k). But we are down like 20% off peak, right? So that house is worth ... uh ... $540k? That seems right. There's no central air, original windows and doors. No photo of the kitchen or bath (and we all know what that means). Oh yeah... did I mention the apartment buildings on three sides? Yeah.

Here's the satellite view (thanks Google maps! You're the best!). The little yellow dude is standing in front of the house.

Let's go down to street level and see the house head on (so you can get a good view of the alley and huge neighboring complex):

And what's across the street? Hmmm?

Oh good! More alley. More apartments. Highly desirable.


Emil said...

There are worst ones. Check out this one:

MLS: F1760982
Address: 11060 FRUITLAND DRIVE, Studio City, CA 91604

List Price: $574,444 ($473/sqft)
Building size: 1,215 sqft
Lot size: 10,677 sqft

ZipRealty Description:
"South of ventura blvd opportunity. House and a guest house. A fixer unfinished remodel or land value of the 10,600 sqft lot. To be sold as is. The retaining walls need to be replaced. Upside for a remodeler, contractor or builder. Valley views from the upper lot area. 1 bedroom 1 bath upper house 663 sqft and 552 sqft guest house above the 2 car garage 552 sqft at the street level. All sqft + -. Sale or exchange."

So the owner pretends to sell you a piece of junk for $580k. What about the cost related to the demolition, the shoring, the new retaining walls, etc.? What about the extremely high cost of building on a 60 degree slope? All of this needs to be factored in. You'll end up spending easily over a million and will end up with a huge headache...

Anonymous said...

Prices having been taking a serious crap but bids are still going over listing price on the cheap ones.

Kate said...

Dear Anon:

I'll send you $10 if this house sells over list. Because I put my money where my mouth is! And this house is overpriced.

Also Denise Richards is Satan but that's whole other Oprah, Honey!

Anonymous said...

Well, we haven't reached a point yet where "investors" think what they are getting is crap. There was a property on laurel canyon near the Dona's, I believe it is on this blog somewhere below, was purchased for 744K and currently for sale at ~1.1mil, common. They investor thought its a quick flip, we'll see. Foreclosures though are coming down in price. I am aware of a couple of condo buildings in Studio City built in 2004 with units going for below 2004 prices. Let these knife catchers have their fun, this market is dead, lending is dead, prices will follow.

Anonymous said...

Glad to see you posting again.

Laura in L.A. said...

Yay, Kate! Glad you're back!

I lived in a duplex adjacent to an apartment-laden alley for many years. Sucked royally! Never again.

Love all the security bars all over this $650K house, too. Yikes!

Laura :):):)

AndyA said...

Wow! That's a nightmare. You should buy this ONLY if you want to sell it to someone that wants to build ANOTHER apartment complex. That's all that lot is good for now.

If you LIKE that kind of architecture, there are ANY NUMBER of nigh-identical houses north of that one in nicer neighborhoods for a LOT less $$.

ProblemWithCaring said...

I guess it would get pretty lonely being the sole property owner surrounded on all sides by transient renters.

That house looks like an island...

Laura in L.A. said...

Hi Kate,

Hope all is well! I just checked the listing for F1761579, which is now at $619K!

"Just reduced another $30,000!...Please call 24 hrs. prior to viewing, as tenant has large dog!" (Backyard landscaping must be stellar!)

At this rate they'll soon be paying someone to take it off their hands. :):):)

Laura :):):)

Anonymous said...

Reports of your death may have been exaggerated, but apparently not by much!