A New Low

Posted by Dave Fratello on Monday, November 10th, 2008 at 5:25am.

Something to think about on your commute in the next couple of days...

The value for a home in one of the most challenged locations west of Sepulveda is now up for determination.

2500 Oak (click for pics & details via Redfin) shares the triple-whammy challenges of being on Oak (on the "wrong" side, no less), bordering Marine Ave. and being potentially hazardous to a resident's health.

The location is a car-exhaust magnet during the morning rush. Cars lining up to turn at or cross Sepulveda can stack up pretty far down the hill at Marine then, and there are often several cars lined up next to this house waiting for lights at other times of day. (On a brighter note, when everyone switches to hydrogen or electric cars, one liability of the location will be lessened.)

The home itself is on the small side, with 3br/2ba and 1350 sq. ft., and it's pretty dated, showing its 1950s vintage. The listing does not feature an exterior shot, but MBC has helpfully provided one.

So what's the home worth? It starts at $824,900, which is already $15k less than any Tree Section since MBC started up in Spring 2007.

3301 Valley
, a smaller home on a half-lot, got $840k in June, while another half-lot home at 3119 Valley got $760k in August.

Among full-size lots (4480-4640. sq ft.), the recent low is 3612 Poinsettia, a much smaller home than Oak with less of a location challenge, which got $849k in July.

Since this story first appeared, a few readers have noted that 3529 Walnut hit the market a couple days ago at $779k, not quite $50k less than 2500 Oak. If either one sells, they're sure to set a new low in the local RE market. And after that...


---------------------------------------

UPDATE: One additional sale and one additional active listing were added since the first version of the story appeared. Thanks to multiple readers for the additional information.
comments powered by Disqus