Wednesday, November 28, 2007

It's ba-ack on 6th

Remember this 2 bed / 1 bath 720-square-foot tear-down at 2724 6th St. in Ocean Park from July?

Sold 6/20/06 for $1,089K (financed with a $871.2K fixed first and $108.9K credit line), it was back on the market 9/06, asking $1,190K, reduced 10/06 to $1,095K, and off the market 11/06. Relisted 2/19/07 for $1,125K, it was reduced 4/07 to $1,075K, and finally 7/07 to $999K. It went "Looking for Backup" in early September, never left the listings, and is again active. Wonder what happened?

10 comments:

Appalled said...

you are good! it's hard to keep track of all the delisting and relistin going on. You're doing a terrific service and I thank you!

Anonymous said...

The problem with this house is that it is outside of the 90402, and therefore it is subject to the same economic forces that the rest of real estate is subject to.

flopsy said...

hey, anonymous, why are you so fixated on 90402? Plenty of other great neighborhoods. Get a life!

FlipperWasADolphin said...

While you're in the neighborhood take a look at 2606 Highland Ave asking $3,475,000. It's a beautiful modern house with a cool exterior but c'mon, it's a two bedroom overlooking Ocean Park Bl on a tiny (almost) 4000sqft lot with not a square foot of backyard. My bet says it sells in '09 for less than 2Million.
OHH wait, it's also for lease for $13,500 per month! Am I nuts or is there some serious delusion going on inside the owners head?

miss monica said...

Oh, there is definitely serious delusion going on in the head of the owner of 2606 Highland: It was built by Peter Mullins of AP Real Estate as a personal project. I believe he initially planned on living there himself, but is now selling (good timing!). His listings for other clients always carry obscenely high prices--and these days, they just sit and sit and sit for months.

As for calling it a "beautiful modern house," well, I guess beauty is in the eye of the beholder. It looks like a metal shed/fortress to me. I live nearby, and my neighbors hate it. It could not be less hospitable or appropriate to its surroundings. My father-in-law drove past it and exclaimed, "Wow, that house looks like a bad junior college."

I'm sure it has nice ocean and sunset views, but I can't think why anyone with $3.5 million would want to live beside the traffic of Ocean Park Blvd., with a bus stop right outside your window. Traffic noise never gets better over time.

sm/re watcher said...

Sorry for the continuation of the off-topic thread, but I've always been fascinated by the places that are so poorly priced that you just laugh out loud when seeing them (I know there are many on this board that feel that way about every current listing in this market). Westside Bubble, how about a new feature called "Guess what it will sell for" on some of the more egregious listings? Good call on Peter Mullins, Miss Monica. He should be the first inductee into the "they're asking what?" Hall of Fame. I'll go with a sale in late Spring '08 at around $2.3 million on the Highland place. I'll also nominate 710 23rd St. for the 90402 fans. It was originally listed for $3.3 million more than four months ago, and has been lowered only $150k to $3.15. The place is has 2 BRs down, 1 up, and a small guest house in the backyard. The place is nicely done, but pretty much unlivable for a family. Plus, construction is about to start on a McMansion on the vacant lot next door. I'm going with a $2.65 million sale price in Summer '08. The place is listed by a kindred spirit of Mr. Mullins -- Ellen Conrad. I noticed that two of her listings recently went "looking for back-up" after $600,000+ reductions.

Mr. Monica said...

Thank you for Westide Bubble, and also to you, Miss Monica. Peter Mullins (AP Real Estate) has 3 props in foreclosure coming up to trustee sale this next month. To examine just one of them, he 'purchased' it at more than twice the market price in 7.24.2002. $925,000 for a 468 sq ft shack on ca. 3000 sq ft lot next to a used car parking lot on Lincoln Blvd. in Santa Monica. Now with a large building on it, the prop debt totals over $2.39 million in 5 mortgages. Mullins owns many other props--a castle in England for example. Where do you think he got the money to purchase them all?

If appraisers didn't go along with price demands, they would never work for him again. Everyone participated in the profits--mortgage brokers, RE agents making a percentage of the outrageous sale prices.

When the public becomes aware of this widespread appraisal and mortage fraud (of which Mullins is just one example)--housing prices will plummet to more realistic levels. And that will give lenders and real buyers the confidence to come back into the market.

Antoinette said...

P. Mullins pretty much gets slammed here, but would you use him to represent your property?

Anonymous said...

I would just like to take some time too Thank everyone for doing what you do and make this community great im a long time reader and first time poster so i just wanted to say thanks.

Anonymous said...

I just want too take some time too Thank all the people for doing what you do and making the community what it is im a long time reader and first time poster so i just wanted to say thanks.