Tuesday, September 30, 2008

Amestoy's competition...

5359 OAK PARK AVENUE, Encino, CA 91316
MLS #: F1782718

Beds: 6
Baths: 8
Sq. Ft.: 7,500
Lot Size: 17,250 Sq. Ft.
$/Sq.Ft.: $573
List Date: 09/11/08
List Price: $4,299,000

At $573/sq.ft., I'd say this listing will give the Amestoy listing (below) a good run for it's money. Who says the high end hasn't felt the pinch yet?

Why not chop a cool million off the list price?

Back in May, I posted about this pretty little number in Encino. At the time, it was listed at $7.9M. Well, hold on to your horses:

5266 AMESTOY AVENUE, Encino, CA 91316
MLS #: F1754357

Price Reduced: 04/17/08 -- $7,974,000 to $7,495,000
Beds: 7
Baths: 10
Sq. Ft.: 9,000
Lot Size: 37,100 Sq. Ft.
$/Sq.Ft.: $766
List Date: 02/14/08
Price Reduced: 07/03/08 -- $7,495,000 to $6,895,000

Uh huh. That's a $1.079M reduction over 5 months. But at $766/sq.ft., it's still mighty pricey. Donchya think?

Seriously. No shortage of good listings under $700k

3605 WILLOWCREST AVE, Studio City, CA 91604
MLS # 08_276885

Beds: 3
Baths: 3
Sq. Ft.: 1,934
Lot Size: 8,997 Sq. Ft.
$/Sq.Ft.: $361
List Date: 04/30/08

But beware: this home has "geologic" issues.

Another one that would've blown my mind back in '07

4731 BURNET AVE, Sherman Oaks, CA 91403
MLS # 08_310299

Beds: 3
Baths: 3
Sq. Ft.: 2,033
Lot Size: 7,650 Sq. Ft.
$/Sq.Ft.: $344
List Date: 08/25/08
List Price: $700k
Last Sale: 12/29/06
Sales Price: $725k

At $344/sq.ft. this home is moderately priced. It's a lovely little neighborhood and if the market were more stable I'd be all over this. It's a nice big lot. Sure the house needs some updating but it's got good square footage. You never would've seen this type of listing in '07. Note that they've only held the property for less than two years and it's a short sale. I am seeing foreclosure all over this one. Look for it to be listed under $700k soon.

And so it begins...

I am suspecting that a lot of the overpriced listings I tracked last year are going to pop back up as foreclosed homes. Listings like this one that I blogged about last year (it was originally listed at $815k! HA! Click link for details).

3909 LONGVIEW VALLEY ROAD, Sherman Oaks, CA 91423
MLS # B2103672

Beds: 3
Baths: 1
Sq. Ft.: 1,256
Lot Size: 6,307 Sq. Ft.
$/Sq.Ft.: $490
List Date: 07/22/08
Sale History:
05/30/2008: $625,523
10/25/2005: $740,000
05/21/1986: $182,000

Price Reduced: 08/26/08 -- $669,900 to $646,905
Price Reduced: 09/25/08 -- $646,905 to $615,559

I'm thinking this would sell at $550k. You?

Under $700k SOB

4224 BENEDICT CANYON DR, Sherman Oaks, CA 91423
MLS #: 08_298951

Beds: 3
Baths: 2
Sq. Ft.: 1,246
Lot Size: 5,450 Sq. Ft.
$/Sq.Ft.: $521
List Date: 07/22/08
Last Sale: 05/20/99
Sales Price: $319,000

Price Reduced: 08/17/08 -- $749,000 to $685,000
Price Reduced: 09/06/08 -- $685,000 to $649,000

I wouldn't say this is a bargain. But when I was actively house hunting, this would've totally blown my mind. I don't think $521/sq.ft. is appropriate today -- at $450/sq.ft. this home would be closer to $560k. But look out because $350/sq.ft. is just around the corner. If this seller were smart they'd drop the price before it's too late.

Monday, September 22, 2008

Oh. I have a blog?

Sorry, Peeps. A lot has gone down here at May 5. Mr. Kate and I are going through some changes. Erm... that kind of sounds like he's having a sex change surgery, huh? Well, he's not. Sorry to disappoint. And I took a long trip to Italy that two words describe: "endurance contest."

And the market has just been limping along. I'm going to try to get back to posting real soon. That is, if y'all will forgive my absence.