We first profiled 955 N. Vista St. in the "What Price Reality" post last month.As a reminder, this is a bank-owned 3BR/2.5BA SFR on a small lot that "has been re-arranged", "Needs TLC" and "sold 'AS IS' ".
A number of commenters on the first post referenced other comparable SFRs and what the affordability of this place should be (remember one of our themes here).
Well, now we have an updated price that falls into our favorite "death by a thousand papercuts" category.
Listed - 8/08 - $815,900
Reduced - 1/09 - $759,900
Reduced - 3/09 - $715,900
It's amazing that in the current economic environment, and especially with the issues at banks, that they're holding onto these price levels for dear life. This place is easily $100k overpriced even at these levels, and I have no issue seeing it go to the low to mid $500k range in the next 12-18 months if a transaction doesn't happen.
At over 200 days on the market, this is getting stale fast, and sorry bankers, an approximately 5% cut ain't gonna get it done.
2 comments:
Agree, this schlocky City of Los Angeles property has a ways to fall before it's picked up.
Agree, who do they think will pay three-quarters of a million for this?
Also agree that 5% price reductions are silly. If someone wanted it at 5% below the previous list price, they would have offered that. 10% is barely enough...
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