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.
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.
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