Friday, February 1, 2008

"Partially demolished" in Mar Vista

There are getting to be a number of distressed properties in Mar Vista that are interesting to cover. No, the Westside is not immune.

Let's start with 4260 Michael Ave., a 3 bed / 2 bath house, asking $799K. It's across Maxella Ave. from the 1970s-or-so apartments / condos east of the Marina. Its description is blunt:

"Distressed property*****Home has been partially demolished for remodel. Seller has plans for completion available. Short Pay sale subject to Lender approval...."

Got me curious: what does "partially demolished" look like? Turns out, above, the first-story original pitched roof is gone, as is the entire garage behind the garage door. Rooftop deck planned? Two-story addition on the back?

It last sold 12/21/05 for $989K. Will the lender go for a $190K (=19%) haircut? Will someone offer even that much?

Is it something about that location? Immediately behind is 4263 Alla Road (beyond photo to right), a two-story 5 bed / 4 bath house asking $1,100K (already reduced 3 times from its $1,260K listing on 1/2/08). It too is a short sale:

"subject to lender approval all conditions of a short sale .great master suite with cozy fir ,custom vanity , hardwood floors ,gourmet kitchen +island stainless appliances granite counter tops, walk to marina park shops..."

It last sold 7/25/06 for $1,115K, although I don't find it in my MLS log from last year. That doesn't sound like much of a short sale, unless it had over 100% financing. Wonder what happened?

More of these to come....


Sac_boomer said...

There is simply nothing about this property that warrants anything remotely resembling this price point. This is now a scraper. They have effectively created a lot.No amount of realtor talk, granite slabs or "gourmet" features can alter this.

Anonymous said...

"They have effectively created a lot."

It's even worse than a lot. There is $50K worth of demolition just to get up to lot value!

WarChestSM said...

Mar Vista is going to get so hammered. Wow, wow, wow. I look forward to seeing more of these...I'm sure it won't be too hard to find them.

sexy said...