Tuesday, August 05, 2008

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?


Anonymous said...

Technically, Burbank Blvd. is the line that divides Sherman Oaks to the south and Van Nuys to the north. So this house IS in Sherman Oaks proper according to the postal code (google maps says something different), and they just have the wrong (North Hollywood) zip code listed.

Anonymous said...

Very interesting, Kate.

How about the Realtor trick of magically increasing the square footage?

Exhibit A:

4133 Bellingham, Studio City, languished for months earlier this year, advertised on MLS at 1,077 square feet, 3BR/1BA for $849,995. (LA Assessor says it is 1,033 sq. ft., 2BR/1BA.)

A different agent now has relisted it for $799,000; 3BR/1BA. And the new advertised square footage? 1,344.

House sold 1/2005 for $680,000 and, after a little flip action, resold in 5/2005 for $800,000. So at the wishful $799,000, it's not priced correctly.

Kate said...

Dear Anon 11:51 --

As it turns out, "technically" there was a lobbying effort to expand Sherman Oaks into 91401 (a neighborhood that was traditionally known as Van Nuys) in an effort to get the property values up. I guess we could call it "New Sherman Oaks."

90069 is not in the Valley. You are perhaps confusing the neighborhood of North Hollywood with the City of West Hollywood (which includes the prestigious Sunset Plaza). They sound the same, but the difference in price per square foot are staggering.

AndyA said...

Would you all accept the position of the street-side neighborhood signs as a conclusive border? I know I've seen them, but can't remember exactly where. I can drive by and send a photo...