Thursday, November 04, 2010

1435 N. Pass, Burbank: real price or auction price?

Update 11/9/10: I just spoke with the listing agent on this and he has five offers in. 1435 N. Pass in Burbank, CA is a 3+2, 1154 sf. house with a pool that just listed for $400,000.  I had sold the house two doors away at 1441 N. Pass in February for $480,000.  This new listing has one extra bathroom, a teeny bit more square footage, and is nicely done inside.  It has only a one-car garage where 1441 had a two car garage.  1441 also had an unpermitted guest unit with a bath.  Therefore, these houses are quite similiar; what gives on such a low price on this one?

I predict this is an "auction" price.  The sellers may have wanted to sell quickly and price it low to get a lot of offers really quickly.  And they will -- I also predict that they will have multiple offers by this weekend.

If you're a buyer that wishes to purchase this house, here's my advice: bring your A+ game and don't mess around.  Start high with your offer (certainly no lower than $460,000.  That's right.  $460,000.) and plan to go up to $475k or $480k.  I know the truth hurts, but trust me: this will go fast and will go out around that price.

1 comment:

  1. tbgpalisades9:29 AM

    I don't know...Case-Shiller was 78.51 in Nov '97, now stands at 180. I'd take 10% off of that, as prices appear to be still falling a bit. That puts fair value at $390,000. Add in 20 cents on the dollar for the incurred maintenance (confused by many realtors as improvements)...and $400,000 is about right. Still many people in bubble mentality, so will probably go for more, just saying, be careful out there.