Monday, October 13, 2008

Where o where can the bottom be? O where o where can it be-e-e-e?

No doubt you'll be hearing people say: "Now's a great time to buy! Prices have rolled back five years!" And they have rolled back about five years, at least in the flat parts of Sherman Oaks. Behold an average Zestimate graph for the area:


But does that mean it's a great time to buy? Well, I don't think so. Because check out the graph of that same house for the last ten years:



Yeah. Uh-oh! We've got another price dump coming up. The credit crunch and the DOW are strangling out even the most obstinate buyers and so I am pretty confident that another round of meaningful reductions will come. I'm recommending not buying for another 6 months minimum (but I suspect we've got another 12 to 18 months to get serious about buying).

Thursday, October 09, 2008

OMFG

Okay, okay. Are you like sitting down? Seriously. This is one of the reasons the Valley is so coolio. Here it is:

13630 ADDISON ST, Sherman Oaks, CA 91423
MLS #: 08_314527




Yeh, I know! It's like supercrazyfantastic right? Yeh, it's whackadoodle. But I still kind of want it. Because ... it could be super cool. And check out the stats:

Beds: 4 '
Baths: 3/0
Sq. Ft.: 3,388
Lot Size: 13,500 Sq. Ft. (Yeh! Not a typo!)
Built: 1977 (You know Rachel Zoe totally wants it now too!)
List Date: 09/18/08
List Price: $799k
$/Sq.Ft.: $236

And look at the fireplace:



And the bizarro 'Children of the Corn' wall mural!


They didn't even bother to paint over that. They were like: "What? That is totally some sweet mural! Keep it up!"

Wowsers.

Remember this house on Blix? They listed it at $925k on March 28, 2007 then reduced down around $800k. Well it sold! Ayup. It sold last August. Guess how much? Go ahead. Guess. I'll wait.

Waiting ...
Waiting ...

Okay, I can't take it anymore. I'll just tell you! You, lazy reader, You. I bet you didn't even click on my link above. I can tell, you know. I can! I have that kind of tracking going on here. Anyhoodle. It sold for $635k. And the owner paid $725k in '04. Uh-huh, they did! And I suspect they did all those fancy upgrades. Oopsie! Some people shouldn't invest in real estate. Right?

WAKE UP, PEOPLE!

*yawn* No, Virginia, your condo is NOT worth $800k.

4179 SUNNYSLOPE AVENUE #102, Sherman Oaks, CA 91423
MLS #: F1785991



Beds: 3
Baths: 3/0
Sq. Ft.: 2,073
List Price: $799k (Baaaaaa! hahahahah!)
List Date: 10/08/08
$/Sq.Ft.: $385
Last Sale: 06/14/05
Sales Price: $745,000 (Yup! They want more than they paid in '05! HAHAHAHA!)
Zestimate™ $675,000

NEXT!

13131 MARGATE STREET, Sherman Oaks, CA 91401
MLS #: F1786032



Beds: 3
Baths: 3/0
Sq. Ft.: 1,819
Lot Size: 7,200 Sq. Ft.
List Date: 10/08/08
List Price: $839k (Hi Delusional! You are talking North of Magnolia here!)
$/Sq.Ft.: $461
Last Sale: 11/13/03
Sales Price: $580,000
Zestimate™ $675,000

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.