I clicked on an old Redfin post of mine yesterday (well, from last week - even a week ago can be ancient history in the free-falling real estate market these days) and discovered that the asking price of a featured property had been reduced since the blog post eight days before.
No big surprise there. But it made me wonder how many other homes that I’d mentioned in recent posts have had price reductions as well. So without further fanfare, here’s a look back into the not-too-distant past to see how some featured properties have fared.
15536 Briarwood Dr
Sherman Oaks, CA 91403
A rare south-of-Boulevard hillside Sherman Oaks REO that was initially offered at $805,000 post-foreclosure. A week later, it’s down $40,250. (Redfin post Foreclosure Creep Comes to Prime Valley Housing: May 12)
3416 Dorothy Rd.
Topanga, CA 90290
This bank-owned property deserved a full blog post on April 22 because of the lessons in its fascinating 20-year sales price history, reflecting past and present housing cycles. When I wrote the original post it was listed at $723,500. Now reduced to $688,000 it’s down $51,500 from the initial asking price.
18350 Hatteras St.
Tarzana, CA 91356
When I profiled this troubled condominium mega-complex in Tarzana on April 18, about 16 units – 10% of the total number – were listed on Redfin. Now, a month later, at least 20 are on the market - a 25% increase. Most of them appear to be underwater and distressed – short sales or foreclosures. Surprisingly, though, many are fresh listings. I expected to see the same listings lingering on and on, but most of the older ones are no longer listed. Sold? Gone to foreclosure? Simply taken off the market for want of buyers? It’s unclear, but the high churn at this complex is still unsettling.
In early April I featured three properties in North Hills, two long-on-market bank-owned REO’s and a fresh short sale. Both REO’s are now off the market, one of them presumably in escrow.
Since my post, the bank made two more price cuts totaling $70,000 down to $289,900 on this house on Lassen Street. That’s $230,000 off their original listing price of $519,900. Apparently, the ”price discovery” point was reached and attracted a buyer. But with about a third of all sales in the region falling out of escrow for credit and lending problems, it’s not over ’til the fat banker sings.
The other foreclosed North Hills home from that post, now delisted, shows a byzantine sales record that would take Sherlock Holmes to untangle. It appears to be in the hands of a corporate entity, not an owner-occupant.
The short sale, characteristically, has changed neither price nor hands, languishing in short sale limbo.
Looking back at the properties in those posts, there’s one recurring theme: gravity sucks.