Typos High, Typos Low

By Dave Fratello | July 1st, 2011
So it turns out that 1500 Lynngrove did not sell for $93 million.

Can you believe it? There was a typo. A few – no, just 2 – extra zeroes. It was $930k. So much for that overbid.

Our thanks to the several alert readers who pointed this out privately, before the listing agent corrected the sale price. (Is he being sarcastic again?)

On the very same day as our $93m story, 2 new Tree Section listings popped up at <$200k.

1308 Oak: $200k, then $1m
1308 Oak (2br/1ba, on a 4480 sq. ft. lot) came up at the bizarrely precise price of $194,058.

Neighboring 1312 Oak (2br/1ba, on a 4480 sq. ft. lot), a corner lot, offered a bargain even more compelling. You almost wanted to go rush to the ATM to literally buy it with cash – bills in a briefcase. The start price: $126,732. (You would hope they'd make change from a stack of 20s.)

If you were a netbot scanning and evaluating data on local home prices these last few days, you'd have been quite shocked (if netbots are ever shocked) to see the disparity between East MB and the (treasured) region west of Sepulveda.

Liberty Village: Big dollars.

West of Hwy. 1: Declining into oblivion.

Sorry, robot, for the confusion.

The actual (corrected) start prices:
We saw both of prices get corrected – maybe not enough – after a routine inquiry to the listing agent.

Turns out, these 2 residential properties (income-producing rentals) are part of a commercial real estate package deal that includes the small mattress store at the corner of 14th/Sepulveda and the coin-op DIY car wash next door. (We'd be sad to see that go.) The total commercial/residential package of land: $4.995m.

But you can grab either Oak house separately. You just might want to work on those offering prices.

Curiously, precisely the same package of 5 separate commercial/residential parcels (the car wash is a double) was offered way, way back in 1997, first at $1.6m, then down to $1.4m, and settling at $1.295m. In that package deal, each Oak home sold for $250k. That was then.

And yes, we've learned our lesson when it comes to reported list/sale prices: Trust, but verify.

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