February 13, 2008

For $1.2 Million, How ‘Bout Another Bathroom?

At first glance, the property at 458 N. Martel Ave., Los Angeles, looks promising.  The oversided backyard looks like a resort, with a huge, inviting pool and spa.  The rooms look updated and beautifully decorated. The neighborhood, within walking distance of The Grove and Melrose shopping, can’t be beat.

The asking price of $1,189,000 is high, but certainly not unheard of for this neighborhood.  That is, until you start examining the listing details and realize that this lovely home has two bedrooms and ONE BATHROOM.

Is there really anyone out there willing to spend $1.2 million for a home with one bathroom?  If so, please get in touch with me. I would like to see what you look like and interview you for this blog, not to mention find out what you do for a living.

This home was purchased in $847,000 in 2003.  Selling for asking price would mean a 40 percent profit in five years — a lot, considering that many homes are selling at 2004 or 2005 levels.

But, as agents always say, a house needs only one buyer. We’ll have to check back in to see whether that lone person — one without high regard for bathrooms — has shown up.  In the meantime, let’s see what else has sold lately in the area.

721 N. Poinsettia Place, Los Angeles
Sold for:  $855,000 on 12/11/07
2 bedrooms, 1 bath, 1,166 square feet
Notes: Let’s face it:  $855,000 is an insane amount of money for an 83-year-old two-bedroom, one-bathroom house, but it’s still a lot less than $1.89 million.

547 N. Detroit Street, Los Angeles
Sold for:  $759,000 on 10/17/07
2 bedrooms, 1 bath, 1,344 square feet
Notes: This home, a few blocks away, sold for $430,000 less than our featured property.

603 N. Martel Avenue, Los Angeles
Sold for:  $1,042,000 on 10/17/07
3 bedrooms, 2 baths, 1,584 square feet
Notes:  Sure, it’s over $1 million. But you get TWO bathrooms.