Friday, January 02, 2015

The saga of poor little 11485 Moorpark #17 in Studio City

This semi-charming townhouse was listed by me back in early October and finally sold in December after three, yes, three escrows.  Although it is only a little over 1000 feet and needs some upgrades, it has two bedrooms, two and a half bathrooms, and two balconies.  Best of all, it's in Tujunga Village.  Because of the needed repairs, we listed it at $399k, which was $10,000 the most recent (and smaller) sale in the building.  You'd think it would fly off the shelves, right? Everybody wants to live in Studio City and that's an excellent price, right?

We had lots of activity the first few days and got three offers.  Two were over $400k, and we picked one.  Those buyers backed out after their inspection.  Too much work for them, even though the price was right.   Dang.  Three weeks later, we received another offer.  A brand-new Realtor was the buyer.  I should have had a hunch that she wasn't sincere when she seemed more interested in a lower price than the actual condo.  She danced us around for awhile and finally cancelled after almost three weeks. Ugh.

But -- one of the original of the three would-be buyers noticed that we were back on the market and reinstated her original offer! Her offer had been $390 and the sellers took it.  The escrow went relatively smoothly and she closed just before Xmas for $390.  I hope she'll be very happy in her new home.  I loved working with my sellers, too.  Takeaway: Surprise! Even properties in hot areas at low prices can languish on the market.


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