In the landscape of the mind, Encino rubs shoulders with those privileged communities that seem above the fray of the real estate downturn, where home prices continue to hover in the stratosphere, untouched by distress outside their gated compounds.
In the real landscape, not all Encino homes have held their value so well, particularly those north of Ventura Boulevard.
A bank-owned 3-bed, 2-bath traditional single-family home on the market just two days. It sold in November 2006 for $775,000; the list price represents a 43% reduction in value in 16 months.
A total rebuild from one wall (the traditional construction loophole to avoid a costly tax re-appraisal), this 3-bed, 2.5-bath SFR is impressively bright and open, with all-new gleaming and polished surfaces throughout. Many thoughtful and tasteful custom touches. But after six months on the market without a taker, the price has been whittled down from almost $700K to $640K. It’s hard to imagine that someone isn’t taking a deep, cold bath on this home, given that it last sold in September 2005 for $725,000.
Billed as a “builder blow-out,” these 24 brand-new luxury units come outfitted with all the expected amenities. The developer maintains they were expected to hit the market at $100K+ more than they are; that’s not difficult to believe. Time will tell if the new pricing will find ready buyers or not. Even at an attractive price-to-sq.-ft. ratio of just over $300, there may well be more room for negotiation.