2202 VETERAN AVE -- REO -- VS. 2148 CAMDEN AVE --Probate--
A reader pointed out that we have an interesting comparison on our hands with the REO set to go to auction at the corner of Veteran and Olympic and a probate that just came to market at the corner of Camden and Olympic .
Lets first start with the stats;
2202 Veteran Ave., LA CA 90064
- REO
- 3 bedrooms
- 1 bathroom
- 1,312 sq ft
- 6,740 sq ft lot
- built in 1927
- asking price-- going to auction at $319,000
- Probate with court confirmation
- 2 bedrooms
- 1 bathroom
- 936 sq ft
- 6,750 sq ft lot
- built in 1924
- asking price-- $600,000
Now I want to briefly point out the sales process and asking price for both properties. As pointed out here on my blog, 2202 Veteran Ave is set to go to auction in the beginning of November. The starting bid is $319,000, however there is likely a hidden reserve price. What this reserve price is, I don't know. A commenter on this blog mentioned the hidden reserve price may be the new list price in the MLS of the home announcing the auction, which is $724,900. Regardless of the reserve, the home should get bids substantially over the starting bid even though the location is sub par. But the question is how much over??
2148 Camden Ave. is being sold as a probate that needs court confirmation. Once an offer is accepted, a petition of the sale is filed with the court and a date is set for the hearing. The court hearing usually takes place 30 to 45 days after the petition is filed. Then this is where the process gets interesting. At the hearing in court, the property is then subject to overbid, like an auction. So its very possible that the first person that had an accepted offer could get overbid by someone showing up to the court hearing. Bids are made in incremental values set by the court.
So what property do you think is worth more and should achieve a higher sales price?
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October 21, 2008 6:32 PM
wow interesting post. I would have to say that Camden will sell for more money. Olympic and Veteran is a double whammy.
October 21, 2008 7:34 PM
It's kinda cool to see that the previous sale was $26,000 in 1968 and they paid only $188 property tax in 2007!!!!!
Also, is there a 90064 or South Of Olympic "penalty" that you're seeing for fixer/tear-downs?
October 21, 2008 7:44 PM
Will the courts accept a $600,000 offer?
Also, is it easy to find out when the court hearing is?
My parents bought a home down the street in probate over 20 years ago...they submitted an offer and nobody showed up at the hearing. Doubt that will happen nowadays with ZipRealty, The MLS, etc. Even though its a crappy location, it's still 90025/North Of Olympic.
October 21, 2008 8:17 PM
Anon 744pm
Usually the court will accept an offer that is at least 90% of the Probate Referee's appraisal. So if this list price is their appraisal or within 10% of it, then they should accept $600,000.
After an initial accepted offer, usually the listing agent will advertise the date and time of the court hearing for the property. So it shouldn't be too complicated to find out.
October 21, 2008 8:26 PM
anon 734pm..
Yea that is crazy that someone paid $188 in property taxes for a home in 90025 zip code.
I really haven't seen a 'penalty' yet in the 90064 section of Westwood. Both 90025 & 90064 are averaging in the $8's for teardown type property.
October 21, 2008 11:30 PM
Well, if 2367 Greenfield (aka the Norms house) can sell for $820k, the I think Camden should sell for close to that amount ($795k?). Even though the Greenfield house is bigger, the location is MUCH WORSE (I would rather be on a busy street than near a 24hr commercial property).
October 21, 2008 11:36 PM
I vote that Camden will sell higher than Veteran as well.
Camden= $735,000
Veteran= $705,000
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