A Blow to The Pig

Posted by Dave Fratello on Wednesday, July 13th, 2011 at 3:28pm.

It's often an interesting little drama when two comparable, neighboring homes are on the market.

We found that sort of drama in one of MBC's first posts over 4 years ago (see "A Tale of Two Townhomes") and in a recent follow-up wrapping up that long arc (see "Punishment on MBB").

Now, it turns out The Pig has some neighborly competition.

860 12th Ct.
More concretely, it's the pig's home, 860 12th Ct. (3br/2ba, 1200 sq. ft.), which hit the market last week as a short sale asking $935k. (Clarification: the pig pic was removed in the last few days, after it received some significant coverage on MBC and on Curbed LA as a result.)

Nearby, for about 5 months there has been a listing at 837 12th Ct. (3br/2ba, 1200 sq. ft.) offered without much ballyhoo at $995k. Given the similarity of the properties, you could say that 860 hit the market trying to undersell 837.

And now something has changed. 837 has cut to $925k, and the shortie no longer looks quite as good.

837 12th Ct.
Beyond the surface similarities in bedrooms and square footage, the homes also both boast some updates over their late-40s vintages, including kitchens that are more of the 80s or 90s than mid-century.

At 860, the lot is slightly bigger (5120 sq. ft. compared with 4980 at 837) and stretches continuously back from the house, whereas the yard at 837 is accessed through the narrow side walkway and consists of 2 tiers, a grassy area walled off from the lower, concrete patio area.

Locationwise, obviously the homes are quite near each other, though 837 has a sunny corner lot and 860 backs up to a commercial property parking lot. 837 is impacted by Pacific Elementary's playing fields right across the street. During our first tour a few months ago, school was on recess and kids were outside running, playing, laughing, shrieking – this is either music to your ears (as it is to ours) or an annoyance 10 months out of the year (bah, humbug!). And don't forget soccer on the weekends.

In our first tour we heard an agent say something about 837 basically being a toe-dipper – they'll see what they can get, maybe they sell, maybe not. But now, with the $70k cut, the listing says it's, "Reduced $70K for quick sale."

One thing's for sure, it's now the lowest-priced offering on the block, with the sellers of the shortie – and their lenders – needing to watch closely. 
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