Monday, August 13, 2007

Muskingum lot value?

This new 2 bed / 1 bath listing at 719 Muskingum Ave., Pacific Palisades, is asking $1.8M. "Approx 10,561 property w/amazing potential for expansion. Fabulous opportunity to build your dream home or remodel existing one. Charming ranch style with original oak floors. Updated kitchen w/granite counters opens to deck. FDR, Living room w/fp, separate brick patio, huge backyard, copper plumbing, recessed lighting & more. Don't let this rare opportunity pass your clients by...."

But this 1951 house has only 1,100 sq.ft., and it's the sixth lot south of Sunset Blvd. (red arrow on left of photo above), much closer to apartment buildings than the canyon that Muskingum houses overlook farther south. Are they claiming $1.8M is lot value? Nearby sales with three bedrooms such as 741 El Medio (3/2, $1.44M, 2/2/07) and 16050 Aiglon (3/1.5, $1.445M, 2/22/07) suggest it's not. And 16056 Aiglon (corner of Muskingum, 3/1.5) just reduced its price again, to $1.575M.

Our tiny Sunset Park house at 2416 21st St. is rather like this one, with upgrades but mostly valued for its lot. It just dropped its price again last week, $49K to $1.05M.

5 comments:

war chest said...

Yea this is one of those that the Irvine blog would give the "WTF Award"...let it rot on the market

In other news, how about that commercial paper market? Tomorrow could be interesting.

150 multiple choice questions said...

Dreamin' is free. Oh, wait not when you have carrying costs.

This will drop at least 200-400k in a month or two and still not sell. Especially considering what is not selling for 2.2 a couple blocks away on Almar.

150 multiple choice questions said...

More joy for a potential buyer of this to think about...

16320 Akron just came back on the market, you may remember it featured in a not so distant auction...

http://www.piatelli.com/akron/auction2005akron1press.html

March '05, it sold for 1,561,823.00

surprise... it was an 'investment', and the owner is now "motivated"

Hope he eats it.

Westside Bubble said...

Hmmm, '150', I don't see 16320 Akron on the MLS.

150 multiple choice questions said...

I saw it listed yesterday so might take a bit to work through all the systems, (I used http://guests.themls.com)

Oh, and 461 Puerto Del Mar appears to be back as well.. Good times.