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Monday, September 26, 2016

Eastside Property: Another week, another price cut for an Angeleno Heights home

Photo from Redfin/CRMLS

Date Price
Dec. 7 $575,000
Dec. 17 $445,000
Dec.  21 $435,000
Jan. 5 $430,000
Jan. 10 $425,000

Many home sellers are reluctant to cut prices once a property hits the market. Not the owners of this 107-year-old Angeleno Heights bungalow, which has seen its price cut four times since it was listed at $575,000 in early December.  The first price chop – a whopping $130,000 reduction – came only after 10 days on the market, leaving the Calumet Avenue home priced at $445,000, according to Redfin.  Since then, the price has been reduced almost nearly every week, with the most recent reduction bringing the asking price to $425,000 or more than 25% below the original asking price.  Will another week bring another price cut or will $425,000 finally attract a buyer?



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10 comments

  1. Probably has something to do with: 1) being overpriced for that street; 2) being close to the freeway; 3) the poor state in which its presented (i.e. a green pool). I live in the neighborhood, but I cannot imagine paying that much for a house that clearly needs a lot of work (though allegedly all cosmetic).

  2. Is that a fish pond in the backyard?

  3. I’ve seen this property. Unfortunately, the seller whose family has owned it for many years, is in a tough spot and has to sell. It’s sad. The seller is not motivated to sell which is why it’s in such awful condition, presentation-wise. It’s really a great house. The pool is nice, but not something many people want and it really does take over too much of the yard. The person who is going to buy this will likely need 20% down because a lender may not lend on it in it’s current condition. Fixing a house is not really that difficult, it’s pretty strait-forward. If this house got fixed it would be worth somewhere in the low 600’s. I bet it needs $80,ooo worth of work – some of which could be done over time. It’s really a great property… full of character and great floorplan and great location. It’s a good deal now and I bet it goes into multiple offers.

  4. Seems to be a classic case of poor presentation…with buyers that lack imagination. That being said..I have not been personally in the listing. I own/live in a property…just a few doors down from a house on W. Edgeware that just sold for 565K.. is about the same size house..on about 1/3 the size of land.. Maybe they should consider a new real-estate agent?

  5. Seems dean was writing the same time as me… from what i saw (here)..and from what he wrote… unless the agent for the house is not qualified to help this family out/sale of this property.. seems it should sell in the mid to high 400’s.

  6. with all those price cuts u can smell the desperation, which means people are going to stay away. agree, these folks need a new agent.

    • Actually, Todd, the situation IS desperate… the seller NEEDS to sell. This is why the agent is cutting the price so drastically and so quickly. The price will drop to a certain point (I actually think it’s there now) and then it won’t keep people away… quite contrary, it will bring in multiple offers and the price may even go up a little. The agent is doing a great job, I think. He’s getting the price lowered in a timely way and pricing it low enough to generate interest.

  7. Actually, that house sold for just slightly under the average price of $450,000-$475,000 for the 90026 ZIP code, which is not only Echo Park but a lot of Silver Lake too all the way over to Sunset Junction. (The average price for each ZIP code is published in the Los Angeles Times ever month.) The average house goes for the average price. If you happen to know of a house that sells for more, it is somewhat more than the typical house, not the average house at the average price in Echo Park now.

    For instance, I know of another house, this one in very good condition, that just sold by Sunset Junction (856 Hyperion Ave.) for $471,500. That’s the price range now.

    People who are convincing themselves this area is $600,000+ are just fooling themselves. You can see that Hyperion house sale, in the Property History listing half way down the page, at:

    http://www.redfin.com/homes-for-sale#!search_location=856%20Hyperion%20Ave.%2C%20Los%20Angeles%2C%20CA%2090029

    And prices around here are expected to be FALLING in the year coming up, as the banks, which have been holding a huge backlog of foreclosed homes off the market, are planning to start dumping the huge backlog all this year, really pushing prices down. So anyone buying today better realize the price of what they buy is going to be somewhat less in a year, so better not pay more than the price it will be a year from now or they will be suffering a fast loss.

  8. I spoke with this agent about 2 weeks ago and they pulled the listing in order to prepare for it to hit the market again possibly around April 1st. I agree with you, Dean ( Hi Dean!) – the agent reduced in a timely enough manner ( at least it kept my buyer interested and watching it, which was how I found out about the possible relist after April) to keep people interested enough to keep an eye on it. The backlog of unleashing the foreclosed homes has been a rumor for some time now and nobody really knows if or when that will happen. Don’t forget in Angeleno Heights you also have huge tax savings if you comply with the Mills Act’s exterior requirements ( to be reviewed by the HPOZ Committee) which you will never ever see in Sunset Junction. Value is all perceived, and fixers – like homely girls and awkward boys- are always one to look twice at for everything it can offer not just today but for long term value. True- financing will play a major and crucial part in whether or not a buyer will pull the trigger or even close this deal, but if you weigh everything out, it could still be the right house for the right family. My best wishes to the sellers in a bind.
    Respectfully- PINKY, KWLF

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