Languishing in Westwood

We know that homes are taking a long time to sell these days. But some homes ARE selling.  Which ones?  Agents tell us time and again that in a buyers’ market, your home must be in prime condition (so it stands out from the crowd) and priced aggressively (so a buyer knows it’s a good deal).

A few homes in Westwood have been on the market for many months.  Others probably have been on for just as long, but agents are known to take homes off the market and relist them days later.  That’s called “refreshing” the listing, and it’s done to avoid the appearance that the house has been sitting around unsold for too long.

Why haven’t the listings on these homes been refreshed?  It could be that the (deluded) owners are willing to let them sit there indefinitely until that one buyer comes along. Their agents have probably thrown up their hands and moved on (while, of course, still holding on to the listing).

Examples:

10362 Louisiana Avenue has been cooling its heels on the MLS longer than any other listing in the 90025 ZIP — 303 days.  It’s a three-bedroom, two-bath house priced at a plump $1,450,000.  It looks like a lovely property (pink and green bathtubs excepted), but $1.4 mil is a tad high for Westwood these days.  In fact, very little in the $1 million-plus range is selling in Westwood other than multi-unit buildings.

The lisiting description for 1726 Stoner Ave., #109, on the market 292 days, says the owners have taken a “huge reduction” because they have “bought another.” Oh-oh.  This three-bedroom, 2.5-bath condo’s reduced price is $1,049,000 — down nearly $200K from its original asking.  However, down the block at 1615 Stoner is another 3+2.5 condo for $734,000 (on the market 220 days), and also nearby is a 3+3 at 11879 Nebraska Ave. sold in November for $770,000.

The owner of 1809 Overland Ave., #3, a four-level townhome, bought the place in 2005 for $849,000.  It has been on the market since June, first at $899,000 and now $860,000.  Its market value has certainly dropped in the 261 days since its listing, but its owner apparently is not ready to face the music.

1522 Saltair Ave., #205 is a brand-new 2+2 that has been reduced $46,000 to $599,000. The developers also are offering a full year of HOA.  This doesn’t seem like a bad price for the area, particularly for new construction.  Square footage isn’t listed, but judging from the pictures (including the faux dresser in the master bed that looks about 4 inches deep), I’m guessing it’s small.

More price reductions would be — refreshing.