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'Little Holmby' Home Gets Price Reduction

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We have a price reduction of 4.4% on this 'Little Holmby' home in Westwood, down to $2,199,000. According to public records, the property at 924 Thayer Ave LA CA 90024, is a 4 bed/ 4 bath, 3,407 sq ft home on a 7,623 sq ft lot. The property was listed 76 days ago on 2/14/08.

5 comments:
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Emma said...
July 31, 2008 at 11:14 PM  

Hi Scott,

It seems this home underwent another price reduction in June to 1,995,000, which appears to be a 13.2% reduction from its original Feb listing of 2,299,000. It's now been on the market for 160+ days. Why do you suppose this home has yet to sell and do you think it will go through another price reduction? Would love to hear your review of the home.

Emma

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SCOTTMCINTOSH said...
August 1, 2008 at 2:14 PM  

Hi Emma,

This house has been mostly difficult to sell because of the floor plan and lot. You have a split level floor plan with 3 bedrooms on the main/entry level floor and then the master bedroom is downstairs from the entry level floor. This poses a problem for a lot of families to have the children bedrooms on a different level. Also, the lot is down sloping so the backyard is tiered and not really usable. Additionally, the condition is considered mostly a fixer. Not that fixers don't sell in this area, but a fixer with a challenged lot and floor plan are not doing well. I would assume the price may have to come down a little more for this house to sell if the owners would like to sell it. The sellers seem to have made it difficult as well for the agents by not allowing any open houses or brokers tours. That narrows the exposure for the house.

Hope that answers your question.

Scott M

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Emma said...
August 3, 2008 at 6:29 PM  

Hi Scott,

Thanks for your insight on 924 Thayer. Another property nearby (661 Warner) is also currently listed for 1,995,000. The selling difficulty for this one seems to be that it is currently leased through 5/2009 and is a fixer. Are there other thoughts you have about this home and it's pricing?

Thanks,
Emma

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SCOTTMCINTOSH said...
August 3, 2008 at 7:48 PM  

Emma,

Well I think you touched on the major issue right there about the house being leased out till May of '09. That right there will turn off most people if they want to buy a home to live in. The house is also right across the street from Warner Elementary School. That could be a good or bad thing depending on who you ask. A family with little kids, could see this as a huge convenience. But a buyer without little kids could see this as an annoyance. To be honest I don't quite remember the interior since I haven't seen the inside since the last time it was on the market in 2006. The home is a very stately Southern Colonial that needs some updating. It seems appropriately priced, however the major stumbling block is the lease.

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Anonymous said...
August 14, 2008 at 6:40 PM  

What is DIRT value in Little Holmby (on a flat lot)?

Could the Thayer lot be re-graded to be flat? Without taking down the house?

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