Details: 3 bed/2 bath 1,585 sq ft house on a 6,300 sq ft lot, pretty ratty condition
Description: Charming 1920s Sunset Park home with details like tile fireplace & casement windows. Large DR opens through french doors to spacious kitchen. 3br, family room & fun attic space with great light. Nice backyard area, just needs green thumb!
Listing History: 6/6/11 - $949,000
Reduced down to - $875,000
SOLD: 9/6/11 - $814,380
This was a good example of why it is necessary to do your homework. If you had gone to the first open house and seen the really beat up condition of this house and then looked at the asking price of $949k, you may have been confused, disheartened, mad, etc.
But if you had been doing your homework, you would have known that right across the street there was a similarly beat up old house which sold in March for just under $800k. If you had known that, you could have instantly looked at the asking price of this one and completely ignored it. Of course, when the agents holding the open house either don't know what the sales price of the house across the street was or try to lie and pretend they don't, then you really gotta wonder about proper representation here...
Anyway, the comp across the street was 1109 Maple which sold on 3/10/11 for $798,000 after also starting out too high (at $858k).
More Maple Musings:
ReplyDelete*1044 Maple, sold 8/25/11 for $873K (3/3, 1,958/6,600 sqft),
Then, as pointed out here, 1114 Maple just sold for $814K.
But way back when in 2002,
*1204 Maple, sold 9/04/02 for $817K (4/2, 1,826/7,000 sqft).
Looks like some homes in the 90405 Maple area are now flirting with 2002 prices.
And, regarding doing your homework, you betcha! However, agents in Santa Monica at least do tend to know which elementary or junior high school your kids would attend. In other nearby cities/areas, however, you would be amazed how often the agents say "Check with the city." They can't even provide a map of attendance areas.
Also, it would be interesting to see if agents at 90405 open houses know about the small student-piloted plane that recently crashed into the house at 21st and Navy. We know about location discounts on busy 26th, for instance, but what's the location discount nowadays for all those Santa Monica Airport flyover streets in Sunset Park (Ashland, Hill, Marine, Navy, etc. and the numbered streets that cross them)?
Unless the pictures for 1114 Maple are highly deceiving (i.e., they make it look far better than it was), 1109 Maple was in far, far worse condition. 1109 appeared to me to be something close to a crack house that had, perhaps, multiple mothers living there, each of whom lived in a bedroom with their kid(s). The interior walls were disintegrating, the floor was destroyed, there were weird additions, and it was filthy (I was worried about hanta virus). After seeing it I thought it would sell in the $6's, but when it sold that same weekend just below $8 I thought we were back in 2005. All else being equal, based on condition alone it would seem that 1114 represents a significant discount from where 1109 sold at.
ReplyDelete"Looks like some homes in the 90405 Maple area are now flirting with 2002 prices."
ReplyDeleteYou do know that some houses in 90405 were selling in the 400s in 2002, right?