Wednesday, September 12, 2007

Unusual pricing in Mar Vista

This 3 bed / 2 bath house at 3512 Greenwood Ave. in Mar Vista is asking $849K this week. Next week it'll be $10K less. That's what's happened about every week since it was listed July 25th for $919K.

I can appreciate the theory from Econ 101, drop your price in increments until you just reach the demand curve. Unless you've already bored potential buyers by being overpriced with inadequate reductions, not to mention chasing the falling market. We'll see.

For the record, its description includes, "Wonderful location [uh, 3rd house from Palms Blvd.]. 1 sty traditional home with open floor plan. Gourmet custom kitchen w/center island open onto the dining area(with built-in storage), that flows into the main living area. 3 bedrooms + 2 bas. Tile floors thru out main living area, ..." Leftover slate tiles used on the front, below the vinyl siding?

10 comments:

Bubblewatcher said...

This is completely weird, but according to Zillow it was sold on 8/6 for $667K. WTF???

Anonymous said...

Are we talking about the same house? what a roller coaster 2 yrs tax free :-)

Assessor -Latest Sale Date 06/27/2006
Indicated Sale Price $830,008

compare TO:
3460 GREENWOOD AVE
LOS ANGELES CA 90066 02/06/2007
$795,007

3464 GREENWOOD AVE
LOS ANGELES CA 90066 05/09/2006
$808,008

3493 GREENWOOD AVE
LOS ANGELES CA 90066 03/21/2006
$890,008

Anonymous said...

The for sale sign in the front yard of this property was taken down several weeks ago. I thought the owners had taken it off the market since the sign had been there for months, and there was no "sold" placard on it before it went missing.

Westside Bubble said...

No kidding it's weird! The Assessor shows a sale on 6/27/2006 for $830K. I see the 8/6/07 sale on Zillow for $669K.

Yet there it is on the MLS and Zip Realty, listing date of 7/25/07. The latest price reduction is on the MLS today, not yet on Zip Realty (they're usually a day behind). I haven't noted any days off the market.

Anonymous said...

I think they will find a buyer soon

Not a realtwhore said...

check out the name of the buyer from 8/6:

"Buyer: BUY CA FORECLOSURES.COM LLC (Company/Corporation)"

Anonymous said...

I am wondering who is pricing these homes, sellers are realty clerks? If I am a realty clerk I would not take a listing unless it is going to be priced for a sale. To buy this home at that price you need to make $300,000 per year. Not many of those kind of buyers around today.

Mikey said...

http://en.wikipedia.org/wiki/Dutch_auction

Anonymous said...

"To buy this home at that price you need to make $300,000 per year. "

Not really. Assuming 20% down, 40% DTI, and 7% interest rate, I come up with about 165K of income. Not quite 300K. Bug difference.

That doesn't mean that this house isn't a piece of crap or that it won't fall another 100 - 200K, or that someone with 165K of income should buy it.

Anonymous said...

I went to an open house when it first came on the market. This place needs to be gutted and redone. It was one of those - need to shower as soon as I get out of here experiences.