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 between 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.
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.
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.