8455 Fountain Ave (90069)
Fountain & La Cienega
Condominium w/94 units
THE CHALLENGERS:
6 Units on the market
Lots of data points here. These are larger units; there are four 2+2 units for sale, ranging from 1350 sq ft to 1800 sq ft, and two 3+3s at 1900 and 2200 sq ft.
Don't have time to post on all of the units, but let's look at two that are comparable from a size perspective:
Unit #203
$600,000
2+2, 1351 sq ft ($444/sq ft)
HOA: $450/mo
On Market: 107 days
"Needs TLC"
Sold: 6/76 (yep) - $57,000
Listed: 1/09 - $525,000
Changed: 2/09 - $600,000 (did they get indications this was priced too low?)
Unit #527
$589,000
2+2, 1439 sq ft ($409/ft)
On Market: 15 days
Appears to have some upgrades (kitchen)
Sold: 11/95 - $109,000
Here we have one of these situations that doesn't seem to make sense/may involve a delusional seller. Unit #203 appears to have a ton of pricing flexibility given original purchase price and what appears to be little to no upgrading. However, after an initial price INCREASE (?), it's still on the market with no price change for a few months.
Now here comes #527, which appears to be comparable in terms of size, has pricing flexibility (although not as much given original purchase price and what appears to be some upgrading), and undercuts #203.
It would appear that #203 needs to wake up to the current market - both generally and right on their doorstep.
3 comments:
When I see listings like this, in light of the real comps (as in, what's actually selling, as opposed to what everything's listed for), I have to wonder whether there's "peer pressure" out there among condo dwellers to keep listing prices above a certain level. These two sellers -- unless they've been using their homes as ATMs over the past decades -- can likely afford to list their abodes for something in the $400 -- $450K range and get the deal done in a reasonable time frame. But I've seen two bedrooms languish for months at around $600K in better buildings.
So what's up here? Pressure from the realtor to keep the price high? Or pressure from their newer neighbors not to send them underwater on their mortgages?
Bubblewatcher ... maybe a bit of both?
Meaning, especially in condo buildings like this with a lot of units, I think you tend to see the same few agents representing buyers and sellers. Don't have time to do the research on this one, but if that's the case, in general, maybe agents are reluctant to signal recent buyers with whom they've worked that prices have "really" come down.
A bit like hiding an elephant in a room ...
Wow. Really good point -- there's a situation like that going on in our building -- same agent for the majority of listings, advertising themselves as a "specialist" in our particular dwelling. In fact, the realtor in question is also a recent owner (2006 vintage). Pain, pain and more pain indeed!
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