Norms Guesthouse At Last Gets An Accepted Offer At 2367 Greenfield
**Update** ...11:50 a.m. 9/10/08. The home entered escrow just a few days ago and was reported as sold today. The property closed at $820,000.
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The flip property at 2367 Greenfield, LA CA 90064 finally entered escrow at the end of last week. This latest listing period lasted a moderate 42 days on the market before going into escrow. And with the low price of $840,000, the home did not have to reduce the price any further to entice an offer. However, the language in the listing remarks said 'Submit all offers-serious seller'. The property was originally listed 3/6/08 with the asking price of $1,049,000, the property spent 109 days on the market with several price reductions down to $899,000. The property had no luck obtaining a buyer during the first listing period. The home then returned to market with a new agent and the new low price of $840,000. According to the MLS, the home is a 3 bed / 2 bath, 1,500 sq ft of house on a 5,793 sq ft lot. One of the main reasons it has had dificulty selling is the home's location, which is right at the end of Greenfield where it meets Pico and the Norms Restuarant. Take a look at this Google Satellite view of the property. The red 'A' is the marker for the house on Greenfield. Then you have an alley and then Norms Resturant on Pico Blvd.
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September 9, 2008 10:10 AM
Great! Keep adding those maps!
September 9, 2008 6:58 PM
It looks like the flipper paid $720,000 on 6/12/2007. Any idea how much he spent on the flip? At a sales price of $840,000 he may have lost money considering improvement costs, carrying costs, and sales commissions.
September 9, 2008 7:05 PM
I am not sure how much they spent on the flip, but just by walking through and seeing the inside, it looks like lower end cheap materials. Again they will be lucky to break even if it sells close to the asking price.
September 9, 2008 8:08 PM
In the last 12-18 months that I've been going to open houses in 90064, 90025, and 90034 this is easily one of the worst remodel jobs I saw. It's too bad they didn't just leave the house alone.
What do you think would be a good tear-down price for this home given the location?
I hope for the buyer's sake that this closes well below $800k.
September 10, 2008 11:26 AM
Anon 8:08pm
I agree this was probley one of the worst remodel jobs I have seen as well.
Given the current market today, lot size and the location of this property, I would have to say the price would have to be below $800k. Currently, there is a teardown in equally a bad location on Prosser for $756k. This is an REO property on a 5,706 sq ft lot. That would make this property on Greenfield around the same price if it was a teardown.
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