We featured the short sale of the 2BR/2BA, 889 sq ft unit #102 at 960 Larrabee Street a few posts ago where we highlighted the somewhat bitter description which included the phrase "bank to discount only a small amount" from the $460,000 owed on the property.At the time, the price had been reduced to $429,000.
Now the unit is back with a fresh price reduction to $399,000.
A couple of things - although in general, there's nothing really of interest -
1) Be careful what you wish for ... in other words $400-and-something-thousand for a small 2BR 1st floor condo is not, and never should have been, reality. The bank is down about 15% from what's owed in what appears to be a condo-as-ATM situation
2) Are we approaching rental levels here? Despite my cynicism, this is in a decent part of WeHo and seems to be reasonably upgraded. Pre-tax monthly with some realistic assumptions is about $2500. I think similar units probably rent around $2000, so maybe in the low to mid $300s this starts to make sense? (Cue the crowd who hates the idea of owning ANY condo ...)
5 comments:
Rents are dropping almost as fast as prices, but $2K is in the ballpark on what it would cost to rent this place. Personally, I'm not crazy about the location -- Larrabee can get busy.
Any idea what the HOA dues are on this place? And did you take them into account when you came up with that monthly figure?
I was a little lazy, to be honest, so assumed HOA of $300/mo, but per the MLS it's actually $314 (lucky guess). So yes, at 5.5% with 20% down, you're looking at about $2500/mo pre-tax (including HOA and taxes)
I'm copying this comment here in case it's never seen in the original post on this listing:
When I see "short sale" in the ad, to me it just means "don't bother." Do any of these ever sell under those conditions?
Have you thought of devoting a post to the longest-running listings? I've been blowing by the listing for 901 Orange Grove forever. According to realtor.com it's been listed for 562 days. The listing says it's "one of a kind!" Apparently that's true.
Any idea what is going on with 1426 N. Fuller, in Weho-adjacent? The price seems reasonable for a two-unit but it's been "pending sale" for months. Is this a go-nowhere short sale? A realtor.com computer error?
When I see "short sale" in the ad, to me it just means "don't bother." Do any of these ever sell under those conditions?
I don't have any stats showing what % of sales recently have been short sales ... will try to find some. Although anecdotally, I think we all hear the same "don't bother" line, for 2 reasons: 1) the process can take a while - although maybe it's gotten shorter recently, and 2) the short sale price being set by the banks is still delusional, despite their posturing, as we see in this posting. Better to just wait for it to go REO and spend your time on that process.
Any idea what is going on with 1426 N. Fuller, in Weho-adjacent? The price seems reasonable for a two-unit but it's been "pending sale" for months. Is this a go-nowhere short sale? A realtor.com computer error?
Can't find any info on Redfin or PropertyShark, my two primary sources. Both show a "Last Sale" date of 6/27/06 for $1.1mm, and the Refin entry shows "the most recent listing has gone off the market".
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