In early November, we greeted a new listing at 2500 Oak (3br/2ba, 1350 sq. ft.) with the suggestion that its successful sale might mark "A New Low" for values west of Sepulveda.
That story has now panned out pretty much as expected. The sale has closed at $738k, off a bit from the start at $824,900 (-$87k/-10%).
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In early November, we greeted a new listing at
2500 Oak (3br/2ba, 1350 sq. ft.) with the suggestion that its successful sale might mark "
A New Low" for values west of Sepulveda.
That story has now panned out pretty much as expected. The sale has closed at
$738k, off a bit from the start at $824,900
(-$87k/-10%). That makes 2500 Oak the lowest-priced full-lot (4840 sq. ft.) Tree Section sale in the last 6 months, and for a long time before that, too.
A smaller house (2br/1ba, 875 sq. ft.) on a bigger lot (5350 sq. ft.) at
772 Rosecrans sold for a trifle more,
$744k, in late January.
Meanwhile, a 2br/1ba, 850 sq. ft. home on a half-lot at
3119 Valley fetched
$720k last August, the low-water mark for the area, it appears. (MBC initially reported a price of $760k, which we believe came from the MLS, while tax records show the sale at $720k.)
2500 Oak, you will recall, has a screaming liability of a corner location at Marine/Sepulveda. The other 2 sales mentioned here are on busy streets as well, which will tend to mean they'll come in lower to account for location.
Despite the price, we're not expecting to see Oak razed. Increasingly, we're seeing buyers taking less-desirable but lower-priced homes and tidying them up for someone to live in – maybe themselves. As the cost of entry drops, more people who want in will take what they can get, even if that means pouncing on smaller homes with big challenges.
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UPDATE: Shortly after this story was published,
2111 Valley hit the market – listed as a full lot (4400 sq. ft.) with a "major fixer" 3br/1ba, 1000 sq. ft. home on the land. Price:
$638,000.
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 24th, 2023 at 5:46pm 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.
