Address: 609 7th - 90402Details: 5 bed/4.5 bath 4,044 sq ft house, 7,450 sq ft lot, 2006/2007 construction
Description: Romantic, custom Spanish 5bd+4.5ba completed in 2007-designed by John Andrews. Totally quiet & private Villa behind hedged, gated entrance. Reclaimed Italian tile entry & handcrafted roof tiles, oak hardwood floors, recessed lighting & wired for sound thru-out. Step-down living rm with fireplace leads to private courtyard with tile fountain. Formal dining room, butler’s pantry w/wine fridge & custom built-ins. Chef’s kitchen features limestone counters, center island, stainless Viking appliances & breakfast area. Family rm leads to both courtyard & backyard through French doors. Gorgeous backyard perfect for entertaining w/firepit, speakers and outdoor Viking kitchen. Spacious master suite with fully appointed walk-in closet, balcony & luxurious bath w/steam shower & spa tub. Large rooftop deck with private mountain and westward views. One-of-a -kind craftsmanship and detailing thru-out! Also avail for lease $14,000/month.
Previous Purchase: 5/11/07 - $3,395,000
Listing History: 7/15/10 - $3,495,000
"also available for lease $14,000/month"
I find it highly laughable that someone who bought a spec house in May 2007 thinks they are going to be able to actually make a profit 3 years later. Big price cuts are in order.
I also think the lease amount they are asking is too high. A very recent rent comp could be 933 25th which just got rented out at $16,000/month. 933 25th was way bigger, had many more beds and baths, was on a quiet street instead of busy 7th, and was brand new. It had cut its price down to $3.9mm. If we guesstimate it is worth about $3.5mm or something around there, it should be obvious that that this house on 7th which I don't think is worth over $3mm is asking too much for rent.
The funniest thing about the rental amount is, depending on interest rate assumptions, it would only support a mortgage in the vicinity of $2.4-$2.7 million, even ignoring all maintenance costs, property taxes, insurance, etc...
ReplyDelete80% of 3,395,000 is just a bit more than $2.7 million.
ReplyDelete7th street has had a flurry of listing activity of late. There are three other (smaller homes for sale within a couple of blocks, another that was listed but apparently never sold and a fifth home for lease at 7th and Georgina.
ReplyDelete