Hmmm ... let's see ... the real estate bubble brought us so many great things, like agents-turned D-list celebrealityites with their own shows and plastic-surgery enhanced faces, "owner has real estate license" listings, and of course, the flip for a quick buck.
How 'bout a listing that encapsulates them all? Without further ado, we present ...
8828 Rosewood Ave (90048)$1,249,000
2BR/2BA
1159 sq ft ($1,078/ft)
Days on Market: 202
Make Me An Offer. Rare Opportunity to own "FLIPPING OUT's" Jeff Lewis original design. Designer done traditional with newer kitchen, stainless steel appliances, roof, plumbing, electrical, dark hardwood floors, central heat/air, paint, landscape and hardscape, newer baths, interior and exterior spa tub, guest house. Easy to show. Adjacent to trendy shops and restaurants. Owner has a real estate brokers license.
Sold: 10/02 - $595,000
Sold: 3/03 - $715,000
Listed: 10/08 - $1,299,000
Reduced: 1/09 - $1,249,000
I think my head just literally exploded. First off, based on public records, it appears that our "flipper" did his work (and likely made some money) between the 2002 and 2003 sales. So, the question is, did the existing owner do anything to the property after that? You'd have to assume so, I mean, they couldn't be so delusional as to think that the exact same place that sold for the $700s in 2003 is now worth over $1.2mm?
You know what, who cares if they did do a bunch of work. "Make you an offer?" OK, I offer $716,000.
6 comments:
wow. i just looked at the mls listing. i thought it would at least be well designed...but it is a crappy TINY place. over $1000k a sq ft??!! absolutely ridiculous.
i think it's time to stop following the real estate market for awhile - too infuriating. maybe i'll try again in 6-9 months when some reality has set in...
Anon 10:30, I reached that conclusion a while back, with respect to West Hollywood. Even though I live and own in Weho I seldom look at the listings here. I look in Los Feliz and Silverlake where reality is beginning to intrude into people's consciousness, even if not as fast as I'd like it to.
I used to get infuriated by stuff like this, until I realized that if we're right, and economic fundamentals prevail (as they always do), this owner will suffer mightily for his or her delusion, by the by. All we can do is just kick back and watch the horrorshow.
Still, a grand a square foot for fewer than 1200 square feet in the 90048? What are they smoking down on Rosewood, exactly?
Seems like Rosewood is always smoking. Back in early 2004 teardown 8909 Rosewood went for $400K at a time when similar props in area were fetching $800K or so. Now that was a deal suitable for an Alfred Hitchcock Presents half-hour -- something about a sick widow and a local hospital, I think. Wonder if we'll ever see such smokin' prices again....
"Back in early 2004 teardown 8909 Rosewood went for $400K at a time when similar props in area were fetching $800K or so..."
What a coincidence. . . 8909 Rosewood just had an NOD filed against it last week.
JBR at 2:48--Like the coincidences in Hitchcockian half-hours. Remember 8909 Rosewood being gutted, redone, and selling for close to a million during the bubble's big rise. The $400K buyer sure made a nice profit redoing it, but that's what happens when you're on top of things with access to deluxe info. And now to hear of an NOD? Wow, how things evolve!
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