Tuesday, August 21, 2007

Another Mar Vista flop

Third place in the Ancient Listings of Mar Vista, 210 days now since its 1/23/07 listing, is this 3 bed / 1 bath house at 3778 Colonial Ave., asking $785K.

Red arrow marks the house; nothing like an aerial view to set its context. You know I like showing a different perspective than the listing photos. (Click for larger Live Search image.)

"Completely turnkey Mar Vista home.Priced to sell,property just appraised for 825k!Move right in,or expand and make a very nice profit.In addition to being completely remodeled,the home has great up value potential.Homes within a few blocks have sold from 1-2 mil. ..."

Not so sure about the "Priced to sell" or the "very nice profit". It last sold 7/6/06 for $695K. Originally listed for $835K, it's been reduced three times, but only 6%. It was passed over during the busy spring selling season, and has now racked up over a year's carrying costs.

Remember that other flopper back on April 30, "Mar Vista flipper in a hurry", asking $1,299K for 12566 Woodbine? It's still available, "REDUCED AGAIN, SELLER MOTIVATED!" But a whole 5% doesn't yet seem motivated enough.


Mikey said...

I would estimate about 220k in about 3 years.

Terri said...

This from an agent trying to sell me a $839k fixer in Mar Vista..."from where I stand the Real Estate market is humming along and although the pace may have slowed there are plenty of willing buyers and willing sellers. Many people in the Los Angeles area are buying upwardly and using the equity in their existing homes as their deposit or have saved over the years. I think this speaks to what most people hope and strive for and that is their own home. Because to most people a home is a commodity like no other and is more than just an investment it is an investment in the future as well as a place where people build and make their lives and memories.

Also, in relation to the house on Inglewood and what a good opportunity this could be, a developer built the beautiful Craftsman in the 3700 block of Inglewood earlier this year. It sold within two weeks for just about $2 million. Can you see the potential and possible opportunity?"

Am I really missing something or is this realtor insane?

Westside Bubble said...

An agent wishing the hot last few years were still here? Sure, borrow your equity to "invest" in an asset that will lose value.

I have the feeling that sales in Mar Vista have slowed a lot after an active spring, especially with mortgage money getting harder, and expect it to only get worse. Inventory and days-on-market are both rising.

That sounds like 3641 Inglewood, 4 bed / 4.5 bath, listed 2/14/07 for $1,975K, sold 3/28/07 for $1,960K. But see Mar Vista Hill for what hasn't been selling lately.

You could ask this agent about what's happened to Jumbo loan availability, and why inventory is rising.

That would be a good one for the REIC as things fall apart: the insanity defense!

Mr.Mortgage said...

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Jeff Bowman

Bubblewatcher said...

I believe at this point that the phrase "insane realtor" is, in fact, an oxymoron.

I made an observation over on Ben Jones's blog that both the quality and quantity of buyers changes radically when "actual" cash is required. Not only are buyers with cash fewer and farther between, they're also way less likely to, for example, consider a $2 million house in Inglewood (!) as an investment.

New dataquick numbers are out. Ugly, ugly, ugly. These cash-happy would-be buyers don't care who they hurt while they patiently wait for prices to come down...

Bubblewatcher said...

Whoops. "insane realtor" isn't an oxymoron at all. In fact, it's redundant. Sorry about that.

Anonymous said...

Hey Bubblewatcher- ON Inglewood Blvd, not IN the city of Inglewood. but point taken.

Anonymous said...

"New dataquick numbers are out. Ugly, ugly, ugly. These cash-happy would-be buyers don't care who they hurt while they patiently wait for prices to come down..."

Maybe you missed Santa Barbara county, the whole county is up 60% (i.e., one month's worth of numbers means nothing).

Westside Bubble said...

I value your blog's insights, Mr. Mortgage, and added you to my blogroll last week. (Should it remain under "T" for "The Great Loan Blog"?)