972 N. San Vicente$1,295,000
2 Units
Lot Size: 6900 sq ft
Two Original Craftsman bungalo's on one lot in prime West Hollywood location. Front house approx 1400 sq ft. Back house approx 900 sq ft as well as a large Storage rental area. Surrounded by beautiful speciman trees and flowers. Perfect for a developer to convert up to 7 condo's. Newly developments within area selling quickley. Time is of the essence, this is a property you do not want to pass up !! Co-Listed
Last Sale: 6/10/05 - $1,220,000
A couple of things here. First, the petty side of things ... there's been a fair amount of ongoing discussion over at SMDM about the level of (ahem) intellect in the REAL-tor community. I personally do believe that US American REAL-tors are like any other profession - plenty of bad apples among the good. However, each time I see a listing like this - replete with misspellings - I am reminded that this is a "profession" one can enter through a multiple choice exam.
Moving on ...
The more interesting thing here is another seeming act of delusion. I won't continue beating the rollback horse, but I'll give it the whip slightly here ... look at the 2005 price. Should we really be above that level?
And, I won't pretend to know anything about developing properties and knowing the costs involved, but, despite the spelling, to say that "newly developments are selling quickley" is just a joke - how many examples have we pointed out of languishing new condos that have been forced to cut their prices significantly - and are probably still overpriced.
Point being, I do think you need to be pretty smart, and have a lot of cojones, to be in the real estate development game. During the bubble, I'm sure a lot of people got "in the game" who didn't have much skill, but got lucky with the huge run-up. Many of those have (or will have) busted out, never to return. I'm guessing the developers that are left - although they may have taken some lumps - are those who've been through cycles before and now have even a sharper eye on the financial side. Don't we think they're paying attention to the market, and the current "realistic" levels?
Maybe someone with RE development experience can chime in and tell me that I'm off base and show the group how the numbers would work for a property like this ...
2 comments:
I am consistently amazed that with all the information currently available at the click of a mouse today, that *anyone* would actually believe this kind of crap. But, incredibly, people still do.
Personally, if I'm planning to take on a mid-high 6 figure amount of debt, I'm gonna spend some time and money researching the market. You know, just to see who's telling the truth. For the most part... realtors aren't.
I find it especially hilarious that this one is "co-listed". You'd think with at least TWO realtors on the case one of them would know someone who could spell and proofread.
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