In speaking with prospective sellers directly, as we do from time to time, it's not unusual to hear the opinion that the market is up 15% or more since... not very long ago at all. Pick your reference point.
Median prices haven't moved like that, but medians don't capture a lot. They speak to the city as a whole,…
In speaking with prospective sellers directly, as we do from time to time, it's not unusual to hear the opinion that the market is up 15% or more since... not very long ago at all. Pick your reference point.
Median prices haven't moved like that, but medians don't capture a lot. They speak to the city as a whole, not individual properties.
Our
most recent data show that SFRs west of Sepulveda jumped only 1.5% – that's one-point-five percent, not fifteen – last year, based on median price.
Now there's a new listing out that reflects someone's sense that the market's up nearly 30% since... not very long ago at all – Dec. 2011, in this case.
|
3521 Walnut |
Just 13 1/2 months ago,
3521 Walnut (5br/4ba, 3250 sq. ft.) sold for
$1.435M.
It's a nice custom Craftsman
(another Craftsman?!) that ran for 5+ months on market from June 2011-Nov. 2011 before posting a deal. We reviewed it nicely
in this June 2011 post.
At the 3-month point on market,
MBC said of 3521 Walnut:
This may be the signature example of an almost-unforgettable home that seems utterly forgotten in the Tree Section mix.
Back then, it was one of a few listings north of Valley that were lingering for a few to several months. (Lingering is something houses used to do in the markets of the past. The concept recently has been redefined as hitting 30 DOM.)
Bullishly, it would seem, the new listing for 3521 Walnut starts now at
$1.850M. Much as it began in June 2011 at $1.899M.
And yet, why not?
It's one of a total of
5 active listings in the Tree Section, and one of 4 of those 5 with a significant location issue. (Refinery proximity and views, in this case.)
Low inventory, lovely home, maybe you reach a little bit and just wait to see what happens. Reaching for 30% more than Dec. 2011... we'll see how that plays out.
Worth noting: The next-door neighbor, a slightly newer and larger Mediterranean at
3525 Walnut (4br/4ba, 3500 sq. ft.), ran a long time on market alongside 3521 Walnut back in 2011, and eventually sold for
$1.340M. Both sales sure look like steals in the rear-view mirror.
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 19th, 2024 at 2:30am 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.