There are plenty of statistics, reports and graphs dealing with the current real estate market in Los Angeles. However, sometimes studying one individual case can present a clearer picture than all the combined data.
This bank-owned home is currently available for sale. It is just over 1,400 square feet; a modest 3 bedroom, 2 bath structure in the heart of Highland Park. The original siding has been stuccoed over, which is always a detriment in an historical neighborhood, and it needs some repair..
It is currently offered for sale at $309,900.
In 1998 it was refinanced for $129,000.
It was listed for sale in April of 2005 for $539,000. It did not sell at that time.
It was refinanced in January of 2006 for $400,000.
It was refinanced in July of 2006 for $508,500.
It was listed for sale in August of 2006 for $565,000. It did not sell at that time.
It was listed in February of 2007 for $535,000. It did not sell at that time.
It was listed in July of 2007 for $545,000. It did not sell at that time.
The Notice of Default was filed in June 2008.
The Notice of Sale was filed in December 2008.
The Trustee Sale took place in January 2009.
The property is currently listed for $309,900.
This article is not intended as an advertisement of any property listed by another brokerage firm. It is intended as a report of current real estate market conditions. However, if you are interested in purchasing a property in today's market, we have a staff of highly qualified agents ready to assist you.
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Wow - hard to believe that house was listed for $ 565K. Price inflation was at work...
Even harder to believe they took out a loan of $508,000. Oh, my. :-)
I have been doing one of these each day for one of my other blogs. It has been quite a learning experience.
I think most of us were running so hard just to keep up with the day-to-day chaos back then -- 2005, 2006 -- that we didn't often take the time to step and say "HALF A MILLION DOLLARS FOR ~~THAT~~ PLACE!!??!!". And of course, you wouldn't dare say something like that to a seller.
And then, the Kool-Aid ran out.
Honestly, I will welcome the return to a stable, balanced market.