Stale in 90403

Address: 2620 Washington - 90403

Details: 2 bed/2 bath 1,380 sq ft house, 6,807 sq ft lot, "recently updated"

Description: Located North of Wilshire in the Franklin School District, this Charming 2 bedroom, 2 bathroom home has been recently updated. Brand new kitchen features granite counter tops and stainless steel appliances. Step down living room with fireplace and formal dining. Newly remodeled bathrooms and all new double pane windows. Bonus room off garage with bath and laundry room. Spacious grassy backyard. Also for lease at $4,600/month.

Listing History: 6/3/10 - $1,387,000
Reduced down to - $1,299,000


As you can see from the description, this house is also available for rent at a price of $4,600/month. You can also see that they have put a bit of money into the house with some upgrading.

The problem here is that they are asking too much money for a non-pristine location and a somewhat smaller lot. This house is on Washington just 4 lots from the traffic circle on 26th and the lot size is just 6,800 sq ft.

Compare that with 838 25th which sold earlier this year for $1.385mm. 838 25th was a slightly larger house, but also 2 bedroom and somewhat upgraded. However, it was in a more prime location and the lot size was significantly larger at 8,000 sq ft. You can go ahead and build a real mansion on 8,000 sq ft and when you are in a more prime location. For the Washington house, the economics of future building don't work quite as well.

This Washington house is now looking stale as it sits at 152 days on market with just a minimal price cut. They need to get serious and bring a healthy sized cut.

Also, another stale listing in 90403 that I haven't mentioned in a while is 2507 California. You will remember that I titled the post "no reason to hurry" because I said it needed price cuts. As it stands, it is now at 85 days on market with no price cuts. It is materially overpriced and the sellers are doing themselves a serious disservice by letting the listing get stale like this.