Here’s the wrap-up of my open house yesterday in Mission Hills, which went better than expected, but still facing a big hurdle with the foundation. Sellers in this predictament should accept their fate, and prepare for lowball offers. Lowering the price last week by $10,000 (to $419,152) didn’t help, because the previous price was already among the lowest in the area, and buyers will want a bigger discount:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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I know the ex-owners of the house right next to that steel canyon castle. It has been like that for as long as I can remember, 5+ years. It looked abandoned then and looks abandoned still.
Call 1-800 Blazenheimer & Burnupski.
Thanks Jim, I learn a lot from your site. A client of mine is closing on an REO in a week, and contrasting how you handle yours,and how he handled his…Not identified as an REO on the MLS until you look at confidential remarks. described as a “Custom” home,it isn’t. No sign, ever. Not on the broker’s tour and no open houses. The price ended up being quite nice.
Tom,
By “nice”, do you mean nice high or nice low?
I live in the neighborhood, and Lucha Libre is a good taco shop, but I haven’t been there since it was featured on Diners, Drive-Ins, and Dives. Sometimes the line is down the street–it’s good, but not worth waiting an hour for a burrito.
Good luck Jim. I cannot imagine, but if this bungalow goes for under 4, watch out North Park, South Park, and University! These not as desirable neighborhoods are loaded these types of houses all asking high 4’s to 6’s
Donald, I agree with you and have been saying the same thing for a while now on piggington. The Mission Hills premium and cache has dwindled particularly for these lower end properties.
This Hunter listing is looking like a great buy for an owner/occupier willing to wait a while to have the foundation fixed. Excellent street and neighborhood (very walkable) with a decent K-8 school (Grant) particular by urban standards.
That steel house looks like Escher’s Relativity:
http://www.mcescher.com/Gallery/back-bmp/LW389.jpg
Cube, not quite $100k less than the closest comp. This is a semirural area with extremely diverse home types and low turnover. Pricing is very tricky indeed and more a matter of gut feel than an analytical process when a market is declining. Remember that an Appraisal is a reasoned opinion of value supported by evidence and made in conformance with the uniform standards of appraisal practice. Good for a loan, not good for determining sales price.