Here’s a house near West Hollywood, at 7531 Fountain Avenue, that’s fallen on hard times. It’s a two-bedroom, one-bath, built in 1920, with 877 square feet on a 1,954-foot lot. And only a thin sliver of sidewalk separates it from the traffic whizzing by on busy Fountain Ave.
On March 1, 2006, the house sold for $620,000. That owner apparently put it right back on the market; it sold again on May 31 for $810,000.
Well, you can guess what happened next. In October 2007, the bank took possession of this house, paying $694,542. In November, it was back on the market, with an asking price of $619,900. Since then, it’s been reduced four more times. The latest reduction happened within the last week. It’s now listed at $499,000 — nearly 40 percent less than it went for two years ago.
How low can it go? The listing description urges wannabe buyers to “Submit!!! Submit!!!! Submit !!!!!” Sounds like someone could come in with a pretty low offer and get this thing.
There are a few properties that have sold nearby, but the only one that’s truly comparable, because it’s on the same street, is 7612 Fountain Ave., which sold in November for $745,000. But it’s a three-bedroom, two-bath, with nearly 1,500 square feet.