Price Reduction At 10704 Ashton Ave., LA CA 90024
This house at 10704 Ashton Ave., LA CA 90024 just received a 4.3% or $73,000 price reduction, down to $1,625,000. According to the MLS the home is a 4 bedroom / 3.5 bath, 2,268 sq ft home on a 8,189 sq ft corner lot. The home was originally listed 7/9/08 for $1,698,000 and has been on the market 68 days now. This is the first price reduction during the current listing term. To give a little brief history about the house, the home was purchased last year, 5/17/07 for $1,400,000. From previewing the house when it first came on the market, it looks like the current owners did some minor remodeling on the inside since its purchase.
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September 16, 2008 10:37 PM
OK, I'll bite - so why do the owners think they will get more than they paid for this house? Did they get some odd bargain, or was the market value $1.4mm then, and therefore about the same (at best) now plus the value of the minor improvements. Maybe you can get their agent to reply.
September 16, 2008 11:29 PM
When they bought the property last year, comps indicated they paid a reasonable fair value for the home given the location, condition, layout, layout of the yard, etc. I don't believe it was any odd bargain. I too was surprised to see when the listing popped up with a $1.7 price tag. $300k more than last years purchase. Before seeing the house or pictures I figured there was some major changes to the house. But nothing that I could see other than some minor cosmetic fixes. I doubt they will close to the $1.625 they are now asking after this price reduction.
September 17, 2008 1:47 AM
Thanks for your quick reply! Perhaps more agents like you will help "unplug" this non-marketplace. There are simply too many nutty/greedy/unrealistic/upside-down (choose your favorite) folks who call themselves sellers but won't accept a market price for their product.
September 17, 2008 1:48 AM
Given that the "sellers" are selling, did they ever intend to stay? This is the disease that must be cured.
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