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Westwood Hills REO Home At 355 Thurston Ave Closes This Week

In the comments section a reader pointed out the Westwood Hills home at 355 S Thurston Ave., LA CA 90049, just sold for $850,001. I believe the reader felt that the new buyer stole this property at that price. However, I have a different opinion. Lets run down the listing history first;

Date Status Price
1/24/08 New Listing $1,550,000
2/24/08 Price Change $1,490,000
3/31/08 Price Change $1,250,000
5/22/08 Price Change $1,150,000
7/10/08 Withdrawn
9/12/08 New Listing (REO) $939,900
11/11/08 Accepted Offer (Pending)
12/08/08 Sold $850,001

The property started off a normal sale and then turned into a short sale situation. Obviously not selling in the short sale situation it turned into a foreclosure property and sold that way. The property spend 60 days on the market before finally receiving an accepted offer. Lets look at what I believe to be the major contributing factor to the reason this house finally sold where it did.

As seen in the overhead satellite photos from Google Maps, the house sits right next to Sepulveda and the 405 freeway. I believe this is the main cause for the huge discount in price this home had to get in order to sell. The house is very noisy from the yard and possibly in the house if you have the windows open. The backyard is sloped and hardly usable. Additionally, its a possibility the city could take a bit of your land away from the proposed 405 widening. So in summary, the house sold for $850,000 which I think was reasonable for the house and where it sits. Also, the house was 'fixerish' inside as well.According to the MLS, the home is a 3 bedroom / 2 bath, 1,691 sq ft of house on a 6,900 sq ft lot.

Anonymous said...
December 11, 2008 at 11:04 PM  

Just over half the original asking price - just shows that the original agent likely didn't know what they were doing.

Will be interested to see how many more houses sell for less than $1mm north of Wilshire.

December 11, 2008 at 11:40 PM  

They were definitely way overpriced to start. In a difficult market, a house with that big of an obstacle will only sell with an exciting price tag. Otherwise it will just sit and age on the market.

I think prices under 1 million north of Wilshire will not likely happen unless its another house that has extreme issues like 355 S. Thurston.

Anonymous said...
December 12, 2008 at 5:54 AM  

Hi Scott,

I would add one more point as to the percieved low sales price on 355 Thurston. Earlier this year, a house just several homes north of 355 on the same side of the street has it's back yard slide onto Sepulveda. Not sure what caused the slide. I'm sure its being litigated. Could not have helped 355's cause....


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