Friday, April 10, 2009

Cheapest in Palisades

The cheapest listing in Pacific Palisades is this 2 bed / 2 bath 1,288 SF house at 616 Las Lomas Ave, asking $798K, described as:

"Motivated Seller! This is a probate sale. Any offer should be made on a probate form. Only the agent who represents the final buyer will be eligible for the commission. There is not an accepted offer on this property. The seller is very motivated."

Yes, this seller is actually acting "motivated" with three price reductions so far. It started out at $1,150K last November, perhaps based on the 3/23/07 sale of similarly-small 478 Wynola for $1,150K. Las Lomas has a rather pretty and quiet location, but it isn't a block from the bluff's ocean view like Wynola is.

They're positioning it as a tear-down, not unreasonable considering its worn condition and peculiar add-ons. The yard is a tiny 3,790 SF - the photo above shows how small, also how the back of the house is a story lower than the front. But there's not much of a market for new spec houses on tiny lots.


Jim said...

What could be more typical of the madness evidenced by Westside sellers? Having lived in PP, SM, WLA, Old Bel Air, BH and B'wood over 40+ years, it is stunning that sellers yet believe in their entitlement to a special price. In most of this country, $798,000 is among the highest priced homes for sale. Whaat I don't see is what's so different? Pleasant Summer evenings? Little crime, lack of homeless and other riff-raff? Yes. And then what? Easy driving? Great schools? Proximity to the cultural/sports venues, shops or restaurants? To buy this place takes $150 to $200 K down and $6-7K a month for all its associated costs. Why would someone with that level of income want to live in a little dump like this?

Anonymous said...


PP is too far a commute -

Anonymous said...

how can you fault the seller. it's the fool that buys it that bothers me

Anonymous said...

But why pick on the palisades? why not the dumps in other neighborhoods, maybe this one has a small lot and is good for nothing?