New Construction On Comstock Ave Sells Just Over Asking
Labels:
90025,
New Construction,
Over Asking,
Quick Sale,
Traditional
STATUS UPDATEAbout two weeks ago I reported that this new construction home on Comstock Avenue came on the market and received an accepted offer in the first week. Well the property closed on 8/26/08 for $1,000 over asking, at $2,500,000.
This new construction traditional home at 1883 Comstock Ave, LA CA 90025 came on the market 8/1/08 and spent just 5 days on the market before going into escrow. According to the MLS, this 2008 built home is a 5 bedroom / 4.5 bath, 4,200 sq ft of home on a 5,270 sq ft lot.
Per the request of one of the comments, here is a satellite image from google of the property.
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August 27, 2008 9:21 AM
Hope I'm not asking for too much, but can you please include a map link, preferably Google Maps?
August 27, 2008 11:21 AM
I think the spec builders are kissing the ground that they got out.
I wish the new owners the best on that 5,000 sq. ft. lot. Is the dirt worth $1.5mm? That is the question, cuz you can build the house for $1mm.
August 27, 2008 11:44 AM
wow, I am suprised they got that much for the house.
August 27, 2008 12:56 PM
11:12 -- I see your logic, but you see this a premium pretty often for quality new construction. The lot is probably worth closer to $1 million than $1.5 million. (Comstock is a really nice street.) Still, people routinely pay more than the aggregate retail construction cost and value of the land, when they can get something that is totally new, totally ready to go, etc. The buyer doesn't have any of the headaches of doing the building /remodeling themselves. There has been other new construction in the area that has sold for more. So, I don't think this is crazy, given current market conditions and some buyers' proclivities for new stuff. It wasn't going to sell for less than $2.4, imo.
August 27, 2008 1:55 PM
Anonymous 921am,
I posted a satellite image from Google and link in the original post for you. Hope that helps.
August 28, 2008 5:51 PM
SCOTTMCINTOSH, I am the first anonymous commenter. Thank you so much for adding the map. I was expecting a simple link taking me to maps.google.com but this certainly works!
BTW, I learned yesterday that zipcode 90024 saw an INCREASE of 32.6% from July 2007 to July 2008. Bizarre!
http://www.dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx
August 29, 2008 4:09 PM
Anon 551pm,
Thank you for contributing stats and a link. However, I would like to point out that comparing month to month can be a little misleading, especially when dealing with so little of a sample (# of sales). A couple of high priced homes or low priced homes can skew the data easily with a small sample set. I like to look at year-to-date instead because you are dealing with a much larger sample set. And while year-to-date isn't foolproof, I feel you get a more accurate picture with the larger set of data.
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