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.


Anonymous said...

This appears to be one of those houses bought forever ago and just equity milked to oblivion. It's a short sale now owing about $720,000. The mls says its being rented for $3,000 a month.

sfvrealestate said...

Kate, that house was never even worth in the $600's in the condition it's in.

LakerLand said...

It seems from property taxes that the owner bought it at least 30-35 years ago... for about $50,000 so they "had" a lot of equity. They CASH refinanced it, and pulled about $720,000 just on Feb 2007. When you call it a short sell, not necessary true since, the owner has the capacity to bring in the missing $200,000 plus to the escrow table to close the deal. Heck, they pulled $700,000 the peak.
But if the seller is smart, they should just walk a way from this drop page shack. The bank will foreclose, and they sell it for $300,000 to some specuvestor....
The current owner walks away with $720,000 in cash full pockets... NICE JOB!

Kate said...

SFV Real Estate writes:

"Kate, that house was never even worth in the $600's in the condition it's in."

Well, right. That's exactly what the original post was about. However, the condition is not the only thing keeping the value of this home down. The location is awful. You can gussy this home up all you want, but you can't move it.

Rational Renter said...

Who in their right mind would put down their hard-earned $117,800 (20% down) on that P.O.S. The bubble days are gone, people are wising up. Thank god.

Anonymous said...

Wrought iron must be expensive...