I have featured
2619 Washington many times over the years. In its currently updated form, it is a fairly attractive property, but the owners have refused to price it near a realistic level. Thus, this updated 3 bed/2.5 bath 2,037 sq ft house has been listed many times since November 2008 when it was first asking nearly $2.3mm. It was listed in October 2009 for $2.0mm and then again in early 2011 for $2mm. The house has at times been rented out, but it seems like this routine is getting old. There seem to be fairly long stretches where the house sits empty and now the market is probably a little softer.
The last listing expired after 173 days on market but alas, the property has recently been relisted at a lower price.
Re-listed: 7/21/11 - $1,895,000
Reduced down to - $1,829,000
So the new listing started out $100k lower than the last price it was listed for. And since this was still too high, they cut the price down to $1.829mm. There is no question that there are buyers out there for this property...it isn't perfect but its a pretty nice Spanish house. The real problem is still price. Keep cutting, otherwise I suspect this will continue to rot on the MLS.
While 2619 Washington rots, 1514 Maple sells. You were spot on in your 8/20/11 posting regarding 1514 Maple and its fair market value. Per Redfin, it sold 9/23/11 for $675K, exactly 25% off its previous $900K sale on 6/10/05.
ReplyDeleteI visited the funky Maple place two years ago when it was asking near a million. It was livable but priced ridiculously. So, what happens next with similar properties in the 90405? Do they go up or down?
Regarding junky 1037 Hill, it just does not sit on enough California land to warrant the $700K. And it does abut busy cut-through 11th St.
Yeah, it really comes down to price and the fact that even for crummy properties there is no defect that a (low or lower) price can't fix. That Maple house was goofy and odd and deserved to sell for a deeper rollback than "market". As for 1037 Hill, yeah the lot is small but really it is just so challenged due to location. 11th is super busy in the afternoon/evening. Tough sell. Keep bringing the price in though and eventually someone will call it home.
ReplyDelete2619 Washington is a neat house. It has some minor flaws but I walked through it and liked it. Its just price that is the problem when it comes down to it though. The owner is being too stubborn and it has cost them value (and significant opportunity cost) in my opinion.