Friday, February 23, 2007

Staged on 17th


Continuing a story from Bubbletracking about a listing on 17th Street in Santa Monica:

It was originally listed 7/06 for $1,899K, then reduced 8/06 to $1,849K. Nothing happened.

Then they made what was described as a "rediculous reduction" 12/06 to $1,649K. That's "rediculous" as in still overpriced.

On 1/25/07 a new description began, "Some Of Us Look Better Dressed!We staged it...." And they raised the price $46K to $1,695K.

Hmmm ... it wouldn't sell, and now the buyer is expected to pay more for furniture they're not even getting?

It's on a corner of busy 17th Street, on the hill in Sunset Park. Nice view from the upstairs balcony, but you hear the airplanes climbing from Santa Monica airport.

Still no action for this vacant and staged house, now sitting 7 months.
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There's more ... it's now listed for $1,595K. Do they finally have the price right? We'll see.... (Thanks, dwr!)
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Update: It appears to finally be in escrow as of 3/1. We'll see if it stays, and what the final price is.

10 comments:

ocrenter said...

amazing how they want the buyer to pay for the expense of staging!

it is as if the car dealership raising the price because they had to spring for extra ballons to draw in buyers.

(btw, you forgot to mention the kiddies will have to go to ghetto John Adams Middle School for that $1.6M price tag.)

good job on the blog, keep up the good work!

Craig said...

Wow ocrenter,

I love the ghetto John Adams comment...looks like you are pretty familiar with the area. I myself went to Lincoln middle school and I can say that upon entering Santa Monica High there was definitely a bit of a "rivalry" between the two schools.

dwr said...

I've been through this house- I have to say it's about the worst layout I've ever seen in a home. But it would've sold 12 months ago for at least $1.7M, IMO. Now, maybe $1.5M (at least the planes stop flying at 10PM, give or take 45 minutes).

dwr said...

You might want to feature 1314 Ashland, which sold in very early 2004 for $1.5M and again last month for $1.7M. That's another one that IMO would've sold for over $2M 12 months ago- it's on a 10-12,000 SF lot with incredible views.

13% appreciation in almost 36 months- not quite what the bogus median statistics show. As far as I know, it's the only home that's sold in the last 4-6 months that also sold 2-3 years ago, so it gives a good idea of what the market is really doing.

Westside Bubble said...

Thanks, dwr, I've been wondering about Ashland. The County doesn't show it yet, but Zillow does, and I didn't have its previous sale price.

It's a good example of reduced expectations, originally asking $2.2M in 7/06, dropping in steps to $1.8M in 9/06, finally going into escrow late December for $1.7M.

ocrenter said...

craig, I'm tempted to ask what class are you, as I'm an alumni of Lincoln and Samo as well. but then I hate to reveal too much as death threats against bubble bloggers seem more and more common these days as the flippers turn increasingly desperate

dwr said...

C'mon ocrenter, flippers are harmless, except to people who've invested in mortgage-backed securities.

Samo class of '87! Go Vikings! (I also attended Adams, but when it was less "ghetto").

Craig said...

OC,

I figure that I am younger than you so we probably don't know of each other. I will shoot you an e-mail.

dwr said...

WOW! Check out this "new listing"

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=07_164421&page=1&property_type=SFR&mls=mls_so_cal&cKey=19lxzw39&source=CLAW

dwr said...

Here is a shorter link:

http://tinyurl.com/2yhg3y