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Price Reduction For The Westwood Spanish Home North Of Santa Monica Blvd.

Posted by Scott McIntosh Labels: , , , ,

The Spanish home at 10584 Kinnard Ave., LA CA 90024 had a price reduction last week of 2.6% or $46,000, down to $1,729,000. The home was listed on 9/18/08 for $1,775,000 and has been on the market 38 days as of today. According to the MLS, the home is a 3 bedroom / 2.5 bath, 2,219 sq ft of living space on a 6,760 sq ft lot. This home has a very open floor plan and has been nicely remodeled.

6 comments:
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Anonymous said...
October 27, 2008 12:05 PM  

No air conditioning = please lower your price.

____________________

What is land value only (tear-down value)

A. south of Wilshire on an approx 6,500 sq. ft. lot, and

B. north of Wilshire on an approx. 7500 sq. foot lot?

Going by $$ per sq. foot would be great in addition if you can.

I know that you can only "guess" and give a range, but it would be good to share here, no?

I am not commenting on this house in particular, as I have not seen it, but it seems to me that is where a few of these houses should be priced, as many of them are not in condition acceptable to someone who can afford them...

October 24, 2008 5:32 PM

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SCOTTMCINTOSH said...
October 27, 2008 1:02 PM  

Lets start with (A). Its a little bit easier to quantify at the moment. On Kinnard over the last few months we have had 3 sales with semi different states of condition. All of them Spanish, all on 6,760 sq ft lots and were about +/- 1,860 sq ft of house. The house that was fixed up the most sold in 9 days for $1,791,000 and closed on 7/9/08. The mama bear house sold for $1,540,326 in 8 days and closed on 7/29/08. And the teardown sold in 27 days for $1,250,000 and closed on 9/10/08.

So right about now a teardown north of Santa Monica Blvd is in the $1.2-1.3 range for 6,500 sq ft lot. Which is approximately ~$190 Avg Price/Lot size.

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Anonymous said...
October 27, 2008 3:14 PM  

so should they lower the price by the $10-15 grand or so that it costs to put in the A/C?

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Anonymous said...
October 27, 2008 3:15 PM  

That question was directed at the first poster, not you Scott.

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Anonymous said...
October 27, 2008 9:59 PM  

to anonymous 3:14 PM


I hear what you are saying, and sometimes it is that simple, BUT often (a) it is not so easy to add the A/C and the new electrical needed, and (b) a lack of A/C is often indicative of overall "oldness" or lack of maintenance of the entire house. If the sellers have never upgraded to A/C, it is very likely they have old plumbing, old electrical, old roof, small-house or poor layout, etc. No A/C tells you about the seller - not much really done to the house over a long period of time. Not always, but often. And the price of the house should reflect it. How often do long-time owners put lipstick on a pig (fix up one bathroom or put a new countertop into a kitchen) and then ask the buyer to pay for it or even worse ask top-dollar as if it were new construction when the buyer really will end up gutting the place?

If you think I think these houses have a long way to go on the downside, back to where they were in 2000, you are correct.

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Anonymous said...
October 28, 2008 5:33 PM  

Well I agree somewhat with your point. However, A/C isn't that necessary and I can see why someone hasn't upgraded that and spent money else where. I use my A/C only a few times a year when it gets unbearable. I went to an open house on this house in particular and it is really nice. They seem to have spent alot of money upgrading the house. It could be priced high, but I am not that clear on what it should be priced. Other than that people who want to buy want it lower :). Which is always the case.

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