I last featured 937 23rd back in January 2010.Previous Purchase: 1/6/06 - $1,560,000
Listing History: 7/13/09 - $1,899,000
Reduced down to - $1,600,000
...then it expired
Re-Listed: 6/23/10 - $1,499,000
...and after just 4 days on market it is "looking for backup"
The description says the house was updated in 2005. But if the upgrades were done in 2005 then there haven't been any since the early 2006 purchase and we can look at this on an apples to apples basis. The current $1.5mm price tag suggests an earlier 2005 rollback which is about where the market is but I would consider late 2004 prices to also be in the range of current market prices (and I believe prices will fall later this year). We'll have to stay alert and see where this sells.
As for the other two "Bermuda Triangle" properties...907 22nd is still choosing to ignore reality and is now at 166 DOM with no price cuts on its re-list. I believe the pending sale of 937 23rd will illustrate just how overpriced that listing is.
Finally, 2320 Idaho is still a "pending" short sale...Shit or get off the pot already! This thing has been sitting forever in short sale purgatory.
Sucker paid about $200,000 too much, he's going to lose his whole downpayment and then some as the real estate market is still halfway through its correction for the Bubble. $1.3 million is actually a little high for this tired little place, $1.5 is just foolish.
ReplyDeleteArti, you are truly delusional. "Sucker paid about $200,000 too much, he's going to lose his whole downpayment and then some as the real estate market is still halfway through its correction for the Bubble"
ReplyDeleteHalfway through the Bubble? lol So you expect this property to sell around $1.1-$1.2 in a year or so given your all to often repeated "double dip" thesis. This house is a bargain for 8000 sq ft on a great block in 90403 especially with that 800 extra sq ft of converted garage space.
Hey Warchest, I drive my 2320 Idaho all the time and wonder the same thing. I notice that someone appears to be living there (perhaps a renter?) Maybe the bank is happy to keep the renter who is paying something hoping that the market will drive prices back up. No idea if this is what is going on in this case but it sure seems like the bank is taking its sweet time with this one.
ReplyDeleteMy friend is a neighbor to 2320 Idaho. They were trying to flip it, but got caught. I don't know their whole story, but yes they still live there.
ReplyDeleteArti, the house went "looking for backup" after 4 days on market. Granted, they have had to play the re-list game and continue reducing price, but it seems they have found the market clearing level. Considering how fast it went looking for backup I would imagine they have an offer close to list price.
ReplyDelete2320 Idaho is a flip gone wrong which I have featured a bunch of times before as has Westside Bubble. All parties involved need to suck it up and take losses and move on.
Arti is absolutely right. The bears have been right for the last three years, and we're still right now. The irritated denials have become predictable and tedious.
ReplyDeleteIt's not about the year of the rollback or trying to guess an estimated price based on inflation rates from an arbitrary year or (at least we haven't heard this in a while) the rate of the dollar and the foreign billionaires who will be buying all of Santa Monica. House prices in SM, and throughout LA, are still way out of line with incomes and rents. The former have been stagnant for the last decade, and now we have massive unemployment; the latter are falling. Housing prices will fall until the numbers approach their historic norms. The math is obvious, no matter how loudly you might want to shout to deny it.