Friday, June 19, 2009

Paging Willard Scott ...

A quick post here in response to an Anon's comment:

Have you thought of devoting a post to the longest-running listings?

Well, let's see ... anecdotally, a 6-month supply is historically considered a "balanced" housing market, meaning 6 months is the "average" time on the market for a property if you ex out recent years.

So, in looking at stats on properties listed longer than 6 months in WeHo:

SFRs: 16 (out of approx 75 total on market).

Condos/Townhomes: 46 (out of approx 250 total on market)

In each case, roughly 20% of the properties have been on for more than 6 months.

The "winners" ... errr ... "losers"? A/K/A the "WTF?!?" awards ...

SFR:
901 N. Orange Grove Ave
$594,000
1BR / 1BA (sq ft not listed)
Listed: 1/3/05 (563 days on mkt)
Reduced multiple times from $699,000 to $594,000
Last Sale: 1/05 - $579,000

Condo/Townhouse:
8380 Waring Ave #103
$599,000
1BR / 2BA, 1382 sq ft
Listed: 7/15/07 (705 DOM)
Reduced many times from $749,000 to $599,000
Last sale: 8/02 - $365,000

I actually feel like it's a waste of time to even focus on listings like this, since there's clearly no acceptance of reality.

In the SFR case, we know that we're at least at 2005 rollbacks, if not 2004, so any price above the last sale is out of line with current market. Forget the fact that we're talking about a 1BR/1BA bungalow.

In the condo case, we don't know if there's been a home-as-ATM situation. If not, get your listing off the market - you have room to drop the price to current market if you're really serious.

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