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Monday, September 5, 2011

More 90405 Rollback Action

Address: 2015 Marine - 90405

Details: 3 bed/1.75 bath 1,598 sq ft house, 7,000 sq ft lot

Description: Enjoy year round fun in this cheerful 3 bedroom 2 bath Sunset Park charmer! Bring your sunscreen, sit back & relax in your private pool & spa! This home features bright living spaces, fireplace in LR, colorful dining room & eat in kitchen - 3rd bedroom has its own private entrance - flexible usage as an office. Embrace California indoor & outdoor lifestyle with a covered patio just perfect for pool side entertaining!

Previous Purchase: 10/26/04 - $1,100,000

Listing History: 7/8/11 - $1,195,000

SOLD: 8/22/11 - $1,025,000

This property was clearly listed too high to begin with. But to the seller's credit, they quickly accepted a bid which was more in line with fair value.

This is probably an early 2004 rollback. Certainly a little deeper because of location...remember, the worse a location is, the deeper the rollback should be as we have continued to observe poor locations lead to the downside. In this case, you have airplanes taking off right above your head. And someone still paid over $1mm for this. I think that is crazy...Think about the pollution and noise!

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