Grading the Newest Crop of Price Reductions
30 Tuesday Oct 2012
The other day a client asked what I thought about the shocking $92k price drop on 2956 Adelbert in Silver Lake. “Awesome, ” I replied. “I’d give it an A+” And, since I’m Asian and like grades, I figured I’d share my take on the current crop of price reductions beginning with:
2596 Adelbert Ave., Los Angeles, 90039
2br/2ba, 1053 sq. ft., 5040 sq. ft. lot
Days on Market: 50
Old Price: $582k
New Price: $490k ($92k drop)
Adelbert is in it to win it! Yes, you have great treetop views and a glorious vista of…a freeway, but, at $465/sq. ft., you’re nearing rock bottom for being in Silver Lake. For the price of a bad flip elsewhere, $490k for a nice floor plan and great architectural details is a steal.
2958 Swan Pl., Los Angeles, 90026
2br/1.5bath, 898 sq. ft., 1957 sq. ft. lot
Days on Market: 36
Old Price: $629k
New Price: $619k ($10k reduction)
C’mon Swan! Over a month on market and $10k was the best you could do to generate interest? Yes, you’re in a pretty clutch location, but you’re also a teensy weensy house on an even teensier lot. Recommendation: take it off and re-list at $579k with fanfare and see the buyers come in droves.
5219 Live Oak View Ave., Los Angeles, 90041
4br/2ba, 1796 sq. ft., 7505 sq. ft. lot
Days on Market: 62
Old Price: $565k
New Price: $559k ($6k reduction)
I don’t know about you, but when I think “MOVE-IN READY!” and “TURNKEY!” as the listing notes, it usually doesn’t come with popcorn ceilings, bad carpeting and ugly vinyl windows. While it’s in Eagle Rock north-of-Colorado, it’s the part across from Target and adjacent to a massive new development. Recommendation to the flipper: Cut your losses, list it at $499k and move on with life. Whoever buys this house still has work to do.
3311 Larissa Dr., Los Angeles, 90026
3br/1.5ba, 1352 sq. ft., 2439 sq. ft. lot
Days on Market: 15
Old Price: $599k
New Price: $559k ($40k reduction)
Yes, yes, yes! We’ve got another hot one! Larissa just came on 15 days ago and she’s letting you know she’s ready to welcome a buyer home for the holidays. Walk to Sunset Junction? Check! Gorgeous street? Check! Private garage? Check! So why isn’t this an A+? Because $549k for a $50k drop would have been nicer.
For more info or to see any of these in person, let me know.