Saturday, January 26, 2008

Reduced 20% in Mar Vista!

Another example of a flip gone bad is this 4 bed / 2.75 bath house at 3832 McLaughlin Ave., asking $879K.

"MAJOR $61K PRICE REDUCTION! VERY MOTIVATED. Gorgeous renovation with exquisite attention to detail and no expense spared. Bring your pickiest buyers. 2000 sf with open spacious floor plan. Custom granite countertops and Alderwood cabinetry in kitchen plus state of the art appliances and cabonized vertical cut Bamboo floors, Beautiful master w/ walk-in closet, hi-tech steam shower and Indian slate tiles. Double paned windows, Brand New AC unit, Redwood deck in backyard...."

This seller has at least acted on their motivation. Originally listed for $1,100K on 7/20/07, it was reduced to $995K in September, $899K in October, $940K in December, and the current $879K last week.

But it's on busy McLaughlin Ave. (Barrington becomes McLaughlin south of National Blvd.), four doors south of the mini-mall at the corner of Venice Blvd. I'm not so sure how the "pickiest buyers" will feel about its location or architecture.

Like the 28% in Ocean Park, what were they thinking on their initial asking price?! This one was bought it on 12/29/2006 for only $594K, so there's lots of room to respond to that motivation to go lower.

6 comments:

Anonymous said...

3832 McLaughlin: public record says it's 859 sq ft house 2+1 (does the listing really say 4+2.75?).

those listing prices: what were/ARE they thinking?

Anonymous said...

I know that street very well and it's very busy and noisy. There's no parking in front since there is a huge apartment complex across the street. Terrible location for such an expensive house.

Anonymous said...

It must not help that the bathrooms on this flip are also out-of-control hideous. Not sure what they were going for there.

http://www.mlsfinder.com/kwls/kw/index.cfm?action=listing_detail&kw_id=4030855&domain=nancyrosenberg.yourkwagent.com

Anonymous said...

I agree, hideous bathrooms. Do flippers really think that people are so stupid as to fall for an obviously staged home? What a joke--no one is living in this POS that comes directly from a cable TV flipper program.

All you have to do is step outside and you'll see that your neighbors' houses are ugly and that Venice Blvd is just a stone's throw away.

It isn't a million dollar neighborhood. This house is proof that speculators were responsible for much of the bubble, especially in California.

Anonymous said...

This is a total joke. That neighborhood is very working class and the asking price just isn't. Sorry, sellers of California, I'm going to keep sitting on the sidelines until your prices make sense.

Sac_Boomer said...

I grew up two blocks north on McLaughlin, ideal in the fifties, now very busy, very noisy, and apparently detached from reality. But it's walking distance from piece o' pizza, so that should be good for an extra 100G. I thought the area was high in 1980. The market will not be kind.....