8467 Willoughby Ave (90069)$889,000
3BR / 2BA
1,562 sq ft ($569/ft)
On Market: 421 Days
Reduced $50k! Back on Market and Seller is Ready to Sell! Escrow fell through due to buyer financing problems. Seller says SELL NOW and has priced accordingly. Inspections from cancelled escrow show virtually pristine property condition, even zero termite work needed! WOW. What a clean property! Owners have taken meticulous care of this fully updated home. Be the lucky buyer who steals it! Granite+stainless kitchen, ebony hardwood floors, updated systems, rooftop deck+private yard.Move in+enjoy!
We last featured this property in our "Wine and Cheese" posting back in February in discussing properties that were sitting on the market with little to no price reductions. Well, now we have a recent price reduction (apparently the seller is really "ready to sell!") and are starting to see a trend of SFRs heading first below $1mm and now below $900k. Of course, readers know that at WeHo Homes, we still think decently-sized SFRs in decent neighborhoods will settle in the $700-750k range. Whether that nominal level is reached in the next 12-18 months or is inflation-adjusted over the next several years remains to be seen.
It would be interesting to know the price at which this went into escrow. I'm still of the belief that REAL-tors are not market pricing (driven primarily by delusional clients), ,and so I wouldn't be surprised if the in-escrow price was lower than the current listing, and they still think they can do better. A reminder for all: the price at which a property will sell is a price at which someone will close a deal, not the price at which the seller thinks it will sell. This property is at least a 2006 rollback, depending on when upgrades were done. Since we have already seen 2005 rollbacks, there's nothing here to "steal", despite the listing description.
As a reminder, the "death-by-1,000-papercuts" price history on this property is below, preceded by the last 2 sales, including a low $600k (assuming pre-upgrades) in 2003, already a couple years into the bubble:
Sold: 4/03 - $630,000
Sold: 11/06 - $925,000
Listed: 4/08 - $1,030,000
Reduced: 6/08 - $999,000
Reduced: 9/08 - $969,000
Reduced: 2/09 - $949,000
Delisted/Relisted 4/09 - same price
Reduced: 6/6/09 - current price
2 comments:
I saw the house when it was on the market back in 2006. The house had been nicely updated at that time (refinished ebony-color wood floors, for example), so the updating was done BEFORE the last sale.
Love the blog.
I see this phenomenon constantly-everyone is reluctantly dropping prices to a new market rate. Over 1mm would seem absurd now for most 3/2s, just as over 900k will seem in due time. It's a slower process than I'd like, but it's sure as the sun rises
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