Monday, December 1, 2008

Sunset Park 16% off in 2 years

Aarrrgggg - too many graphs! Remedied by an email tip from reader Lori about the 4 bed / 3 bath house at 2450 Euclid in Sunset Park (second block north of Ocean Park Blvd.).

Originally listed 9/26/08 for $1,375K, three price reductions later it's down to $1,175K.

The kicker is, Lori noted it last sold 11/22/06 for $1,400K (quickly, I'd add, after being listed about 11/10/06 for $1,410K). That's at least a 16% reduction in 2 years.

And a mystery we hope one of you can help with. Its description begins, "$100k Reduction! Agents please see private remarks." What is hidden in the private remarks that mere bloggers don't have access to?

Also, I finally figured out that if I upload a bigger photo you can click on it for more detail. Duh! So I'll start doing that with this one.

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Our condolences on Tanta's passing at Calculated Risk. You can measure a life by how many others it has touched. What a tribute to her that her delicious writing connected with so many others! She will live on in our hearts and minds.

25 comments:

latesummer2009 said...

This house looks like a hunchback! Homes with bad additions will flounder in this market, as the pool of buyers shrinks. Only the best homes in turnkey condition, at a big discount will sell.

I'll say below 1 million for this one. Private remarks are probably some hidden incentives for re agents. RED FLAG...

Latesummer2010 said...

There are always private remarks in listings. Sometimes these include additional details, disclosures and showing rules, as well as property access information. Things like amount of notice, whether there is a dog on property, location of lock box, etc. Sometimes there are red flags sometimes not.

Anonymous said...

The private remarks say Potential Short Sale.

latesummer20?? said...

Does a realtor own this one too?

Anonymous said...

A. Latesummer clearly has no idea what he/she is saying and is quite possibly one of the more annoying commenters I have ever come across.

B. This house is not that bad in my opinion. I toured it a few weeks ago and, while I thought it was overpriced even after the price cuts, it still seemed like an attractive little place to live. Nice yard, nice roof area that would be great if fixed up a little, decent rooms, pretty clean, and on a good little stretch of Euclid. There's not a lot of traffic on that street. I like that the seller is being somewhat realistic here. They are still a few hundred thousand off from where I think it should be, but all in all it is a better deal than other properties in the area.

latesummer2009 said...

Anon 12:35 Why don't you post your name instead of anonymously? Apparently you like bad additions? Why buy somebody elses mistake? And only a couple hundred thousand off, but a better deal than most of the others in the neighborhood?

You sound like an agent and a bad one at that. If so, no wonder people have such bad opinions about realtors...

Anonymous said...

I am considering my options in terms of a pool for this summer -

i don't want to give up a chunk of my back yard for a pool my family will only use a few days a week

the public beach club web site says that they will charge about $38 a day for a family to use their pool and changing room - (10 each for parents, 10 for two kids and 8 to park)

Are there other "pay by the day" options in SM that are nicer than the public beach club - for example, will any of the hotels let non hotel guests use the pool for a day rate -

or do some of the hotels offer a pool membership of some sort ?

help me understand my options here

Anonymous said...

Shutters Hotel has/had a policy allowing day use of their pool, I paid $20 per person a year ago. You have to check and see if other hotels have a similiar policy.

Anonymous said...

Loews Hotel also allow use of their pools for a day. I paid $25 a few years ago, the fee also allows you to use their fitness facilities.

Westside Bubble said...

Thanks, Anon 11:04. But surprising that "Potential Short Sale" wouldn't be in the public description!

Anon 12:35 and LS, please be polite. We all appreciate divergent useful opinions about a property, but without personal criticisms.

I like that block of Euclid for its quiet and proximity to a view west. Haven't been in the house, although its 2-story addition in the rear reminds me of one on Hill last year.

Anonymous said...

latesummer-

somewhat realistic in this market can easily mean only 15-17% too high, which is pretty much what I said. Most sellers I have noticed lately seem more overpriced. If I were in the market for a house in Sunset Park then I would probably consider that house for around $975k. It has potential and there's not much wrong with the addition. I could easily make that house into something nice with a relatively simple remodel. You see, I'm not a broker, nor am I a flipper. I am a real estate investor with a focus on redevelopment. So, I have an interest in real estate, declining values used to hurt before I liquidated, but I'm not a broker. People on these sites are always so quick to label someone a broker if they say anything good about a house or express a view other than one steeped in doomsday outcomes. I think we have much further to fall in Santa Monica. I probably agree with a lot of what you say. I just think you are annoying for reasons unrelated to your interpretation of the real estate market.

Anonymous said...

I too agree with the last poster. People are quick to assign anyone who says something bullish or says something positive to be a real estate industry related person. Just back off. We are here to learn and share, not attack. Keep the communication flowing with ideas and information and we will go far with this blog.

Anonymous said...

Here here. Let's all get together at the Daily Pint and sing about the old days.

Anonymous said...

Check out the Rustic Canyon pool in summer. It is a small and funky old local pool that is part of the Los Angeles system. It is dirt cheap, my son took a daily summer long lifeguard class there for $30 total and had use the the pool before and after class. It is small and not super deep, but there are 2 lap lanes and it is very empty.

Anonymous said...

This pool comment is very helpful

for an economic option the rustic canyon pool sounds like it can't be beat

i will check with Shutters and Loews to see prices for summer of 2009 - i can imagine wanting to go for a few days over the summer to use their luxury facilities including hot tub

Westside Bubble said...

Not to mention Rustic Canyon Park is just a really pretty place.

On other public pools, don't forget Santa Monica College and the Santa Monica and Westside YMCAs.

Anonymous said...

SM residents need to take a lesson from their comrades in west Pennsylvania and start installing above ground pools. There's nothing quite like them.

Anonymous said...

Cutting costs by paying to use the pool at a luxury hotel. Nice.

Anonymous said...

I think paying to use a pool occasionally surely beats the expense of having a pool installed at your home.

Anonymous said...

it sure does
the cost of a pool at home is huge and most homebuyers won't pay you for it when you sell your house

what a waste

Anonymous said...

i'm new to this. what's a "potential short sale?"

ghae said...

The private remarks say it is a short sale. It is also set to go into foreclosure Dec 7th.

Westside Bubble said...

Thanks, ghae. I wonder exactly what happens on December 7? They're certainly not going to close escrow by then!

Anon, since they paid $1.4M for it two years ago and can't sell it for that much now, we presume the sellers would have to put up additional cash to pay off the mortgage upon sale, unless the lender agrees to accept some of the loss (= a "short sale").

The "potential" part doesn't give much clarity about whether this lender is so willing, or if the seller is just hoping.

Anyone have current experience on how interested lenders are now to do short sales vs. foreclosures?

Anonymous said...

FYI - Latesummer used to be a real estate agent, and may still have a license....so why does he bash his own professon? Because he doesn't sell houses anymore and still rents....Hmmmmmm.

latesummer2009 said...

I consider the field of public education a bit more rewarding, than selling houses. And yes I do have a broker's license, but I choose to blog, instead of selling something I have no confidence in, nor, would buy myself. I don't need to sell real estate to others and wouldn't, because it is so overvalued.

Why don't we debate the issues of the real estate market, instead of making personal attacks.