Sorry, I've too busy to post much. And we know the bigger story that's unfolding: prices are (finally) headed down.
For some comic relief, how about this new Mar Vista listing, the 2 bed / 1* bath house on a half-size 25 x 100 foot lot at 1830 Walgrove Ave., cheapest in Palms-Mar Vista at $390K, as the Worst MLS photo ever?
"CORPORATE OWNED!! SOLD IN AS-IS CONDITION. CUTE 2 BED 2 BATH HOME WITH 1 CAR GARAGE. PERFECT STARTER HOME. IN GOOD CONDITION"
Redfin shows these previous sales:
1/22/08 - $479,524 (foreclosure?)
1/2/07 - $710,000
4/26/74 - $27,000
I also logged a listed about 1/30/07 for $720K, reduced to $695K and taken off the market 6/07.
* Listing data says 1 bath, description says 2, and my old listing called it a 3/2. Whatever.
Wednesday, March 11, 2009
Worst MLS photo ever?
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8 comments:
So funny... I saw this last night on the MLS and said to my co-worker that I think I have found the worst MLS photo ever.
Looks like no more than a small apartment. Ultimately goes for $250k.
Half lots suck. Unless it's half an acre.
Oh, well, might as well index this one against Case-Shiller, as well.
01/07 C-S 280
12/08 C-S 175
01/07 $710,000
12/08 $443,750 (C-S indexed value).
Assuming there was no fraud with the 01/07 purchase, and given that the market has likely dropped since 12/08, I'd say this is quite fairly priced for today at $390K.
Of course, we don't know how much further sub-par houses like this will continue to fall, so if someone buys at this price, they'll probably end up a bagholder.
"I saw this last night on the MLS and said to my co-worker"
You're still working? In the real estate business?
I've noticed some extremely poor photos for REO lisitings.
Some of them leave you wondering if the agent who is representing the house wants them to look as "bad" as possible so that they can get the bank to lower the price.
One thing I notice is that some of them have been re-painted (sloppily) in some very obnoxious colors. I sincerely doubt that a messy lime green paint job is what a homeowner would have had in mind.
People have crazy tastes. I wouldn't put it past anyone to paint their home any color.
What kind of imbecile paid $720,000 for two bedrooms in Mar Vista? Is this an example of fraud? I've been hearing that there was a lot of fraud during the bubble, explaining these kinds of surreal prices.
You could probably rent a beautiful two bedroom in a much better neighborhood for a ton less per month than it costs to "own" this place. "own" = "renting from the bank"
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