Thursday, October 02, 2008

Getting a bit more realistic on Benedict Canyon

So a couple of days ago I wrote about this house and today it's reduced even further.

4224 BENEDICT CANYON DRIVE, Sherman Oaks, CA 91423
MLS #: F1776216

Beds: 3
Baths: 2
Sq. Ft.: 1,246
Lot Size: 5,449 Sq. Ft.
List Date: 07/22/08
Last Sale: 05/20/99
Sales Price: $319,000 (so it doesn't look like a short sale, but perhaps they pulled out "equity")

Price Reduced: 08/12/08 -- $749,000 to $685,000
Price Reduced: 09/05/08 -- $685,000 to $649,000
Price Reduced: 10/01/08 -- $649,000 to $599,000 ($480/sq.ft.)

"Big reduction!! Must go!!!, now seller is in default on the mortgage!!! & vacant go direct south of the boulevard, great open floor plane,fireplace in l.R. Hard wood floors, tile kithen and bathrooms, french doors, was remodeled about 7 years ago included roof and a/c, alarm system with camera,washer dryer and refrig. Are included, dixie canyon school district, walking distance to ventura blvd. But yet very quiet, back yard with spa, yard need some work."

I still think it's a bit high for this market. But they may accept $550k. Personally, I wouldn't pay that much for this house but it never ceases to surprise me that somebody else will.


Ousizch said...
This comment has been removed by a blog administrator.
locust said...

$319,000 sounds about right for Southern California but it won't surprise me at all to see a later sales price around $275,000 for the same or comparable house within a couple of years. $550,000? Pthbbbt.

But then, I think prices are still way too high in relation to income.

Anonymous said...

One of those buy and then refi until the banks stop letting you refi.

They claim that a full price offer won't be a short pay. So basically, this is a short pay.

locust said...


Let me ask you a question. Do you wake up smiling every day because you didn't buy a house at the peak of the market?

Anonymous said...

I almost purchased this house at 4224 Benedict Cyn, SO, but backed out of the deal when I hired an independant inspector to check out the house. I wa shocked to see that the house had a leaked sewer pipe , leaking under the foundation and probably moles all over as many bathroom had leaks all over. I will post the inspection report if I am able to. Estimate repairs to be approx. $75,000 or more. The floors were uneven as it is probably sinking. Too many problems and to much work needed.

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