Thursday, August 14, 2008

It's the end of the world as we know it (and I feel fine).

I should preface this by saying: there could be a typo here. That's how stunning this listing is.

13260 MAGNOLIA BOULEVARD, Sherman Oaks, CA 91423
(MLS #: F1779010)

Beds: 4
Baths: 5/0
Sq. Ft.: 4,218
Lot Size: 9,956
List Price: $625,000
$/Sq.Ft.: $148
List Date: 08/13/08

Last Sale: 12/07/05
Sales Price: $1,050,000

The baths have that model homey thing going on. But you know, people like that. And there's FIVE of them. So...

Kitchen clearly redone. So...

Yeah. I'm not sure what the hell is going on here. I gotta think typo. I mean $148 a sq. ft.? Last sale $1.05M? And the description doesn't even mention in passing that it's "priced to sell." I mean, at this price, you'd think they'd mention it. Here's the description:

Beautifully done gated spacious home on approx. 10,000 sq ft lot in gorgeous magnolia estates! Stunning kitchen w/ top stainless steel applicances, center island, high ceilings and breakfast area! Large formal living, formal dining rm, and family room! Gorgeous gleaming dark wood floors, 3 fireplaces, french doors, built-ins! Gorgeous master suite with sauna!Lovely yard with delightful bbq area! Stylishly done in like new condition throughout! Tenant occupied, temporarily cannot be shown

Tuesday, August 05, 2008

Zip Code Controversy!

At least one reader thinks that house on Margate (see comment in post below) really is in Sherman Oaks. The commenter says that Sherman Oaks cuts off at Burbank. Which would mean that 91401 is half in Sherman Oaks and half in Van Nuys. Which is silly, really. As far as I'm concerned there are two Sherman Oaks zip codes: 91423 and 91403. Check out their cutoffs below.

Nevertheless, apparently the post office will recognize a few homes in 91401 as Sherman Oaks (using their address look up tool). Any of you Valley politicos reading this who care to share the city council history on this naming convention -- please feel free to do so in the comments. Or if you just want to wax poetic about your thoughts on Valley neighborhoods: hey, it's a free country. Knock yourself out!

Error or Realtor trick?

It could be the case that there's a little trick that goes like this:

(1) If the house is in Van Nuys, list it in Sherman Oaks. Sherman Oaks is fancier and more people will look at a listing that would be ridiculously expensive for Van Nuys but is actually kind of cheap in Sherman Oaks.

(2) Put down the wrong zip code. That way no Zillow information will be available. ALSO! If you put in a super fancy zip code (like maybe Sunset Plaza) the sales comps will be way higher per square foot. BONUS!

Or it could be the case that the Realtor just made some typographical administrative errors. I report. You decide. Here's the listing:

13465 MARGATE, Sherman Oaks, CA 90069 ($649k)
Beds: 3
Sq. Ft.: 1,304
Lot Size: 7,810 Sq. Ft.
MLS #: F1777810

Real address: 13465 Margate, Van Nuys, 91401.
Last sale: 06/21/2006: $700,000

UPDATE: The listing has the right zip code now (but still says Sherman Oaks). And it has a new MLS # :08_301921. Just a coincidence?

Monday, August 04, 2008

Damn, I am good!

So, y'all might remember a little house I wrote about back in June. Here's the relevant part of the prior post (for those of you too damn lazy to click the link that I conveniently provided for you):

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.
Well guess what? They reduced again. Uh-huh.

Price Reduced: 06/24/08 -- $649,000 to $619,000
Price Reduced: 08/01/08 -- $619,000 to $589,000

But I gotta say, I think they'll have to come down to about $500k at this point. The peak is pretty much behind us and this house is just not a hot property. Time will tell.