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I've been keeping my eyes on the Los Angeles real estate market with the hopes of buying sometime in the near future.
I've been noticing a lot of people seem to be listing their houses for well over market value. What is the deal with that? There are some nicely redone houses listed in the mid 500s, but there are more houses in the 6-700 range that are in horrible condition and needs tons of work.
The nice houses are having a hard enough time moving. What is possessing these people to list so high? Don't their realtors tell them theres no way?
Here are examples:
This first house I've been watching because I like it and it hasn't sold since October https://www.redfin.com/CA/Los-Angele...2/home/6999674
Both houses are in the general neighborhood so I don't think location has anything to do with it.
The house on Monterey really doesn't seem to be too far off from reality. The most recent comparable sale, 3925 Monterey, sold in September for $585K ($433/psf). Same investor/flipper.
Another flip a few houses down, 3801 Mckenzie, sold for $590K ($410/psf) in October.
Your second example has a bigger price tag, but a much lower price per square foot. It's also in a different neighborhood. This would be a more accurate comparable active listing:
Wow, those California prices are crazy! For a half million dollars, I'd expect much better schools!
I know right. Sadly I now look at the $550k house and think 'hey, that's a good deal'. I remember looking back in 2011 before I was even close to being ready to buy and the same price could get you a lot nicer place. My parents freaked out when they saw the houses I'm looking at. Literally you couldn't pay me to live in some of the houses listed around here for $700k plus.
We bought our first home in Cupertino Ca (heart of quality area of Silicon Valley) for $13,750. 3 bedrooms, 2 baths.
I saw it listed 10 years or so ago, for $850,000. When we moved up we paid $27,500 4 years later for a bigger and nicer home. Today would go for about $1,000,000.
Sister in law paid $17,750 for her home west of Sunnyvale. She still lives in it, and has been offered $1,000,000 for it as a tear down just to get the lot.
California prices in choice areas do not make sense to people living in other parts of the country.
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