Anonymous said...
October 14, 2008 1:22 PM  

Hi Scott,

To build new 4,000sq ft could easily cost you $1,000,000-$1,200,000 leaving you on a small lot all in at over $3,000,000. Do comps support that? Adding a sq ft to the existing home plus updating would run $250,000-$300,000 for the addition and another $150,000-$200,000 to update or all in at $2,300,000-$2,400,000. Don't you think that is a more compelling upgrade for this home?

Anonymous said...
October 14, 2008 1:23 PM  

oops...sorry...i meant to say "adding 1,000sq ft to the...."

Anonymous said...
October 14, 2008 2:24 PM  

I have a better idea -- if this house is a real fixer, or even a TEAR DOWN, maybe the owner should GET REAL about the price. The current price tag (even after the reduction) is not reasonable given the traffic flowing on this street and the location and size of lot/house.

Anonymous said...
October 14, 2008 2:44 PM  

Isn't club view a nice street? Last time I checked it faces the golf course. That must have some good value. While I have not seen this home, I imagine fixing it sounds like the more reasonable solution.

Anonymous said...
October 14, 2008 2:59 PM  

Nice enough street, and less traffic in the morning than there used to be due to changes at SMBLVD, but tons of folks drive past this house daily from Century City on their way home. Too much traffic for my taste - why this does not more fully impact values on this street is anyone's guess.

SCOTTMCINTOSH said...
October 14, 2008 4:56 PM  

Hi All,

Anon 122pm

I agree with you that adding on and remodeling the place sounds like a better alternative and more cost effective. There have been a few sales that have closed on this street this year. 1555 Club View, 4+3, 2,583sqft, 8,100sqft lot...sold for $2 mil on 8/20/08. This house is on the non-golf course side and was in need of updating. It was very clean and liveable, but at least needed remodeling in the kit & baths. 1324 Club View, which is on the same side of the street of the subject property, is a 5+4.5, 3,134sqft, 7,187sqft lot.. sold 4/22/08 for $2,045,000. This home was slightly updated but needed a bit of TLC. Only one new construction home has sold nearby and that was a home on Comstock that sold 2/28/07 for $3,210,000. The same builder is building next door to the previous new construction home and is about complete. The plan was to put that home up for sale, but I haven't heard any recent updates regarding that home.

I thought the seller on the subject property was way overpriced from the get-go and was dreaming to get $2.2. They are starting to get more reasonable at $1.9. However, this home would need a ton of work and I would suspect this price is gonna have to come down a tad bit more to get sold. But the caveat is that golf course view homes are fairly limited and this new price might attract some appeal. How much less then the asking price is a good question. Maybe I will start a poll for this home and get some guesses from the readers on where it will sell.

I also have to agree a little with anon 259pm. The street does get some cut-through traffic from Wilshire to SM. But the neighborhood still remains a prestigious portion of the north of Santa Monica Blvd section of Westwood, keeping the values high.

Anonymous said...
October 14, 2008 9:16 PM  

I agree, great area, beautiful homes and golf course view.

I vote it sells for $1.825

Anonymous said...
October 15, 2008 9:28 AM  

$1,800,000

Ron L. said...
October 15, 2008 10:57 PM  

I don't see the poll, so I will vote here.

$1,768,006

Anonymous said...
October 17, 2008 12:40 AM  

$1,845,000.. only because it faces the golf course.

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