Down in Reseda

Like its neighbor to the east, Van Nuys, and Northridge directly to the north, real estate in Reseda has been beaten up badly in the downturn.  The February numbers from DataQuick published in the L.A. Times show single-family home prices down 26% from February 2007; condos down 21% (but just eight condos were sold last month, probably not enough to base solid statistics on). 

While the median asking price of SFR’s in the area is nearly $450,000, actual sales prices are less than $400,000.  The gap reseda.jpgbetween condominium list prices and sales prices is much narrower: both hover right at $300,000.

Two listings, one recently sold, the other nearing four months on the board, illustrate the stress Reseda’s market is under.

17918 Saticoy St.
Reseda, CA  91335
Sold March 14: $241,500

This 3-bed, one-bath 1,080 sq. ft. single-family home near Saticoy and White Oak was sold in April 2007 for $464,000.  Its sale two weeks ago for $241,500 is a 48% cut from that price ($224 a sq. ft).  Astoundingly, it sold for even more, $535,000 in January 2006, so the latest sale is 55% off that high-water mark.

18345 Schoolcraft St.
Reseda, CA  91335
List Price:  $364,950

This is a 1,780 sq. ft. 3+2 ranch house with a number of updates, including kitchen and baths.  It’s a lender approved short sale property, and has been on the market 113 days as of this date according to Redfin.  The price has been reduced eight times since it was originally listed last December for just under $500,000.  The current asking is a 27% discount – so far.  And at that price, it’s a remarkable $205 per sq. ft.

  • calin

    The first one looks really strange to me. Why would Morgan Stanley Series by it for $464,019 and sell it for half the price?

  • Tim Hebb

    Thanks for pointing this out, Calin. I looked up the previous sales using PropertyShark.com and confirmed that Morgan Stanley Series is recorded as the previous owner.

    I will try to look into it; any other readers with ideas on it, please let us hear from you.

    Tim

  • http://losangeles.redfin.com/blog/author/tim.hebb Tim Hebb

    I’ve asked real estate professionals about the sale of the Saticoy St. property in April 2007. The consensus is that the “sale” for $464,000 represents the foreclosure by the lender, Morgan Stanley, essentially “buying” the property back from itself. Then, acknowledging the market reality, they listed and sold the home for about half of their “investment” in it to clear it off their books.

  • http://www.edhardyworld.co.uk ed hardy

    I will try to look into it; any other readers with ideas on it, please let us hear from you.