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

16 comments:

Ace said...

You are getting all worked up about nothing. This is obviously just a teaser and will not sell for anywhere near this price.

The house has been listed on and off since last March with a listing price as high as $1,699,000.

The Realtor is just playing games with you.

The owner is not gonna let this one go for less than a million.

Kate said...

Ace:

So what do we think here? They dropped a "1" by mistake? Or it's completely intentional?

I'm leaning toward mistake.

Anonymous said...

Sometimes when the owners next price cut puts them in Short Sale territory they cut the price a lot since at that point they are losing other peoples money. Is it a short sale?

Ace said...

Nah, probably not a mistake. The agent that has the listing is probably the top agent in the Valley. He knows what he is doing.

They are basically just looking for any offers they can get on the property. It looks like a flipper that got caught. The property is currently leased for $5900 per month. At one point they were looking for an offer of about $1.3 million (probably the flippers break even point).

They have two mortgages with IndyMac for over a million bucks.

They are just looking for offers to submit for a short sale.

Anonymous said...

This house is on the corner of Fulton and Magnolia and sits right behind a bunch of bus benches. It looks more like a big town house than a standalone one since there is little grass in front and the back is all driveway and garage - all hardscaped I also don't believe these pictures are really from this house knowing the listing agent. In any case, the house isn't worth a penny more than the listing price.

Anonymous said...

like anyone would pay a million in this market to live at that cross street. it's not priced that low for the location.

Anonymous said...

I like how it says "Potential Short Sale" now. Like if they get a full price offer it wouldn't be a short sale? The short sale flag isn't set and the private comments don't mention the standard short sale language. They also set the sell side commission a bit high, all of this screams short sale but I think the way its listed is a bit disingenuous.

Anonymous said...

"They also set the sell side commission a bit high, all of this screams short sale but I think the way its listed is a bit disingenuous."

Everything about the listing agent is disengenouous!!!!!! It's now showing as "do not show"

Anonymous said...

Well, folks...word has it that the house is being leased to a bunch of people who have torn it up good...

Also, the other posters are right- the owner IS playing games, hoping to get multiple offers...if it's too good to be true....

Anonymous said...

Well now it's showing as cancelled. Strange history on this one.

ProblemWithCaring said...

Heehee. Silly silly realtwores.

I love that their "fantastical teaser" listing price so closely approximates what the ish is actually worth.

Of course they wouldn't be in realty if that irony wasn't lost on them.

Richard M. Johnston, Realtor said...

House is off the market.

Anonymous said...

I think we're going to start seeing more of these ridiculously low list prices to generate interest. There have been a couple of homes that my husband and I have taken a look at recently priced under 300k...by the time we get there to look, there are multiple offers (of course!) and it appears that the house will sell for well over the original list.

Like a previous poster said: savvy agent.

Emil said...

I made my usual rounds on ziprealty.com and propertyshark.com and behold: Most of the sellers at this moment are people that bought their houses in the past 8 years. Many of them with no money down and/or adjustable interest rate loans. Surprise? Not really, it just reiterates current LA market conditions.

Prices are being slashed left and right, but only by small amounts. Naturally, people want to minimize their losses and cannot cope with the correction. Call it natural resistance. It's still going to take a while until we see the majority of the market inventory being sold by sellers who did not buy in the last 8 years or with adjustable interest rate loans. Will it happen? Yes, tiny teaser payments on adjustable interest rate loans are adjusting to amounts that many people cannot pay, being forced to sell or declare bankruptcy. Problems is, many of these people still bought in 2006 and 2007, and their payments still need to adjust in the next couple of years, extending therefore market correction.

Be patient & save, be patient...

Vanda said...

Hey, I just found your site and love it! I live in the NoHo/Burbank area and have been flummoxed by local real estate. Now I'm watching the Altadena and Pasadena market - it's sliding but slowly.

AndyA said...

Hey Kate,

I hope you're well! I've decided that a month of silence is enough for us to check in on you. Tell us you're OK and just busy.

Cheers!

Andy A