There's quite a bit not happening in Pacific Palisades worth mentioning, but these two stand out. First is 680 Bienveneda Ave. (above), the fourth lot below busy Sunset Blvd., a 3 bed / 2 bath maybe-attempted-flip going noplace. Last sold 4/26/05 for $1,369.5K, it listed 8/6/08 for $1,549K, presumably expecting some profit for a fix-up. Oops. Three reductions later it was down to $1,349K two weeks ago.
"FIRE-SALE! Seller says "SELL!" Major $200,000 PRICE REDUCTION on the CUTEST house on the BEST street in the Palisades! Recently renovated w/exquisite detail, this cozy beach bungalow features hardwood floors, a fireplace, French doors, granite countertops, stainless steel appliances, custom closets, Waterworks fixtures, Bose surround sound speakers, plantation shutters & an al-fresco dining patio w/outdoor fireplace - perfect for entertaining! BEST 3 BEDROOM HOUSE IN THE PALISADES FOR THE MONEY!"
Then there's the current record oldest listing below $2M in Palisades, 1104 Via de la Paz (above), the fourth lot above Sunset (a pattern here?), a 2 bed / 2 bath house now reduced 38% to $1,399K, 412 days since being listed 11/2/07 at $2,250K. Hard to say what its last sale price was: the Assessor has it Recorded 8/15/05 for $1,545K, while Zillow shows a sale 5/23/08 for $1,736K. The latter may be the sale to the bank.
"BANK OWNED REO!! CONTEMPORARY SINGLE STORY IN THE HEART OF PACIFIC PALISADES JUST STEPS FROM VILLAGE, SCHOOLS, HIKING TRAILS AND MUCH MORE. NEW CARPET AND PAINT. SHOW AND SELL !"
More coming in low-end Pacific Palisades....
Thursday, December 18, 2008
Not selling in Palisades
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8 comments:
its still about location, location, location.....
"its still about location, location, location....."
I'd say "it's now back to being about location, location, location..." whereas 3 years ago it was "Buy anything, anywhere, you can't lose".
Pali at 2003 pricing if you want it to actually sell. Of course that's today, it's still falling with no end in sight. Lots of stuff listed at 2005 and later just sitting and sitting and sitting. Chasing the market down just like in Riverside... it isn't so different here after all.
Many of the homes in the Highlands have been on the market for over 6 months, some listed at 2005-2006 prices. Sellers refusing to reduce and as a result the homes just sit. I wonder how many are up against their loan amounts. Also, is the foreclosure moratorium keeping the prices artificially high.
"Also, is the foreclosure moratorium keeping the prices artificially high."
How many Pacific Palisades homes purchased over the last few years have Fannie or Freddie mortgages?
I thought California was trying (or did) pass some foreclosure moratorium which would have affected all loans. Also, I wonder if banks are reluctant to foreclose opting to keep the homeowners in the home with loan mods.
"I thought California was trying (or did) pass some foreclosure moratorium which would have affected all loans."
I forgot about that plan (there have been so many) but I believe it's still in the discussion stage.
I think the loan mods/foreclosure rules are going to affect the landscape of home buying. Not sure how, but it will.
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