Oh there are bidding wars, and overbids, and shocking sale prices.
And then there's the case of 1023 Dianthus.
This is a smallish 50s house on a lot that's very small for the Hill Section (3br/2ba, 1250 sq. ft., 4425 sq. ft. lot).
The location is sub-sub desirable. We won't call it an 'F' location, but you…
Oh there are bidding wars, and overbids, and shocking sale prices.
And then there's the case of 1023 Dianthus.
This is a smallish 50s house on a lot that's very small for the Hill Section (3br/2ba, 1250 sq. ft., 4425 sq. ft. lot).
The location is sub-sub desirable. We won't call it an 'F' location, but you know, if there's going to be a grading scale, some properties have to be more at one end for some others to rate an 'A.'
Here Dianthus is a fairly busy street and the corner lot suffers for that. It's in sight of traffic from MBB, and during heavy traffic times, some will dive off MBB onto Dianthus rather than wait for the light at Sepulveda – boosting rush hour traffic on this block. It's also pretty darn far east.
The house itself – you'll see it online and maybe think, "scraper." But not necessarily. It's an older place (one of Dave's clients called it "a Grandma house") but could be refreshed. The little courtyard is a nice touch.
When they put this one out at $987K, back in May, we knew at once that it would get overbid.
That seemingly precise asking price was low for the Hills and low for Spring 2013. But how low?
This being a probate sale, there was a most interesting way to find out.
First, the public listing went under contract for $1.170M in June.
Next, there was a "court confirmation" process in which the property could get overbid – again. Right as the market, even for lots in the Hill Section, was moving up.
And it did get overbid again.
That's how they got to $1.379M, the posted sale price from this week. The confirmation process requires any overbids to be at least 5% higher. This one was 18% higher.
Call it $1.4M for a fixer in a subpar location. Wow.
So in the end, the overbid was nearly $400K, and 40%, on top of that start price.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 10:56pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.