Thursday, February 7, 2008

Mar Vista REOs

I promised more Mar Vista distress. First (above) is this 2 bed / 1 bath REO (short for Real Estate Owned by a bank) at 3504 Corinth Ave., asking $649K.

"REO. Bank Owned Foreclosure. Wonderful, traditional cottage located on a tree lined street with a good corner lot location. The home features hardwood floors, large white tiled kitchen with adjacent earing area. The full bath has white tiles and a pedestal sink. There is an inside laundry. Alley access to the carport. Yard has an abundance of fruit trees..."

Cute house, not-so-cute apartment building behind it on Sawtelle. Zillow says it last sold 1/15/08 for $594,150. Is that the bank's foreclosure auction? The County Assessor lists a $753,780 value with Recording Date of 8/9/05, which is probably its last sale before foreclosure. That's a big haircut, not that far from Santa Monica.

Another is the 2 bed / 1 bath REO at 4377 Westlawn Ave., asking $693,950, that I wrote about on Nov. 15, when it was asking $737,500. Last sale was 4/6/06 for $715K. It's gotta be a flip gone bad with that granite; I have it first listed 2/26/07 for $839K.

"*BANK OWNED* REDUCED TO SELL NOW!*redone traditional * Granite kitchen * Hardwood floors * great starter home * Great yard with deck + separate guest house for office, rec. room, ETC. Nicely landscaped. All buyers to be pre-qualified by specified loan rep. call for details. Seller will credit $12,000 closing costs to Buyer!..."

4 comments:

Anonymous said...

Maybe I've been here too long but this actually looks decent to me. I think this is within Mar Vista Elmentary's district, no?

Anonymous said...

Yes, it is in the Mar Vista Elementary School district.

dwr said...

Bingo, you hit the nail on the head first anon, you have been saturated with insane prices to the point that only slightly less insane prices sound reasonable. Allow me to put things into perspective:

Property Address: 3504 CORINTH AVE, LOS ANGELES, CA 90066

**************************** SALES INFORMATION *****************************

Sale Date: 4/10/2001

Recorded Date: 4/26/2001

Sale Price: $ 319,000 (Full Amount Computed From Transfer Tax)

Anonymous said...

Ha! My husband and I bought that house in 1998 for 225k and sold it in 2001 as listed above. Before we purchased it, it was abandoned, nearly red-tagged, we replaced EVERYTHING. The house is a mere 868 square feet, but the lot is immense by neighborhood standards...you could really add on.

But as another poster said - the apartment building behind was a dealbreaker for us- even though my huband planted ficus that are now very high, there is still a clear view from the balconies. And the people parking in front of your house, working on their cars, etc. It feels transient (this house is on a corner).

But the neighborhood is great in terms of the people and schools.

And I have wonderfully fond memories of my kids playing in the yard (we didn't put in those 77 trees!!!)