'Amazing' REO Sets New Low

Posted by Dave Fratello on Monday, April 11th, 2011 at 9:54pm.

The lowest Tree Section values are consistently those around the periphery – right on Rosecrans or nearby, or sometimes on Oak.

A new closed sale fitting that description marks quite nearly the lowest SFR sale price since March 2005 in the Trees.

The sale of 3608 Maple, a tired, small house (2br/1ba, 925 sq. ft.) just a few doors off Rosecrans, came in Friday at $689k.

Only 2 other SFRs have sold below $700k in the Trees since March 2005 – both with Rosecrans addresses.

Only 1 cost less than 3608 Maple. The cheapest purchase in that time: 958 Rosecrans, an REO that went for $650k in early 2009. (The remodeled version of that home is up now at $890k, nearing 3 months on market.)

We gave the way-back machine an order to go find the last non-Rosecrans SFR purchase below $700k, and here's what we got back: 2501 Elm (corner at Marine), selling for $550k in Jan. 2003. We'll expect that this search missed a bunch of lot sales in the period of 2003-2006, but it's valid for what it is. Tree Section SFRs simply haven't been publicly traded at this level in years.

As to the Maple house we're discussing here, we took note of the listing in November last year for the way the home was oversold. (See "'Amazing' REO, Or Not.") MBC said then:

[T]he listing describes it like some kind of treasure or rare find.

It's "Right near the BEACH!"

The home is "Amazing."

It's even "walking distance to the Manhattan Beach Village Shopping Center."

Check out the listing pics yourself. It's an old place with a weird, wood-paneled kitchen with avocado appliances, featuring cheap carpets and blinds in the bedrooms and living areas. Not amazing.
But by hitting a new low in the past 6 years' worth of local real estate sales, we're now prepared to say that maybe Maple was amazing, in its own way, after all.
comments powered by Disqus