Catching up on some previously-posted SFR sales.We featured 955 Vista in our "At What Price Reality?" post back in February.
As a reminder, this is a 3BR + 2.5BA, 1558 sq ft "cosmetic fixer" that had "been rearranged" (?) and "needs TLC".
The property had been sold in Dec 2005 for $827,500 and then a price of $1,200,000 was recorded in November 2006, although that could have been a cash-out refi.
It was first listed in August of last year at $815,900 and reduced to $759,900 in January.
SOLD: 6/22/09 - $700,000
11 comments:
Reviewing the previous post on this home, comments focused on how homes like these should be in the $400K-$500K range ultimately. That "ultimately" looks like it will be a long time coming, if this sale at $700K is any indication. Even in these tough times, buyers appear, just like in nearby Santa Monica, where a tear down in the select north of Montana neighborhood just sold for $1,400K. Somebody's still willing to pay. And, if and when prices in WEHO come down to $400-$500K, don't you think just about everyone who's been on the sidelines will come rushing back into the market, thus gobbling up inventory and increasing sale prices? How are 1,000 pent-up buyers going to be sated when there are only 100 homes?
@ 12:11
It would appear that many of those waiting on the sidelines are expecting prices to drop to 1980's prices, meaning these houses will become available for $150K to $250K. I suppose if they don't these people will be banging on homeowner's doors and demanding that they be sold a house at a price they want to pay.
The market is self~correcting, but a lot of people are waiting to buy into the west~side market. The west~side has the best weather and the least amount of smog in the LA basin.
One of the subjects that is not being covered by the media is the large number of prospective buyers out there who want to buy and are prepared to buy the moment the market bottoms. Whenever that may be.
Some people are going to be waiting for a very long time. Of course time is on buyer's side. Forced sales will bring prices down. But as we can see there are buyers for forced sales.
The price of 3 bedrooms like this will, eventually, fall below $500,000. I've no doubt. In the meantime, this was the second lowest priced three bedroom sfr for sale in all of WeHo, according to the MLS. And there's another on the same street at $849K looking for backup. I think the lure in these instances is probably lot size and square footage compared to the other 3 bed listings, as well as price.
It also bears remembering, for comparison, that there are an awful lot of 2 and 3 bedroom condos on the market in WeHo now that are priced for close to what this sold for. So I'm not surprised that someone found this to be reasonably priced, although it'll likely be a long, long time before they recoup their investment.
"on't you think just about everyone who's been on the sidelines will come rushing back into the market, thus gobbling up inventory and increasing sale prices? "
"One of the subjects that is not being covered by the media is the large number of prospective buyers out there who want to buy and are prepared to buy the moment the market bottoms."
Um, contrary to popular delusion, I think you'll find that there aren't that many buyers on the sidelines. Meaning buyers who can even afford the (lower) price, qualify, and have DP and reserves. This mess is gonna take a long time to play out.
Virtually the only stuff moving at all is at or below the "conforming jumbo" limit. Given the sorry state of the GSE's, that prop isn't gonna be around forever.
Yay, the realtors have finally found this blog! That'll bring life to the comments! I'm afraid a lot of those folks on the sidelines will have a different set of attitudes (and also probably a different set of capabilities) as this economic cycle continues. I agree that the $400K-$500K range for east Weho houses is where things will end up, if not worse. And it should not be forgotten that the new low will be quite a large stair step above the mid-$200K range for the same area at the bottom of the previous slump. This $700K level is for the magical thinkers.
Is this property still in the market today in this year 2012?
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