For a while there, we had two listings in the Hill Section on the same street that were in foreclosure and up for sale at the same time. We were half-expecting a third, but now there are none.
One of the houses, 402 Larsson (first pic), is now in escrow – the cheapest Hill Section listing we've seen this year at…
For a while there, we had two listings in the Hill Section on the same street that were in foreclosure and up for sale at the same time. We were half-expecting a third, but now there are none.
One of the houses,
402 Larsson (first pic), is now in escrow – the cheapest Hill Section listing we've seen this year at
$1.1m. With 3br/3ba and 1800 sq. ft., the home offered, shall we say,
tremendous remodeling opportunities. And for the seller, a million bucks should make those bad loans go away – at last.
Only one home in the Hills has sold for less than $1.1m this year, and that was
234 Larsson, a townhome that was listed at $1.3m but sold for
$1.075m.
Why the Larsson discounts? Have you ever driven on Larsson? It's the Hill Section's version of Oak Ave. in the Trees – Sepulveda-adjacent with all homes on one side of the street backed up on businesses. In its defense, we can say Larsson is actually wide enough for traffic and parked cars to share the road, unlike Oak, and it has a cute little park (the "Parkette," in fact).
Over on the "right" side of the street, for several months we've been watching
601 Larsson. This home was purchased for
$2.0m in Sept. 2005, and came on the market again less than 2 yrs. later at
$2.695m (March 20, 2007).
It's a distressed-seller situation, full of foreclosure notices and several scheduled auctions (all postponed, so far) and
an attempt on Craigslist to get someone to take over the loans and, ultimately, a last-ditch effort to go with a short sale (at
$1.899m, guaranteeing a loss of about $150k – maybe more – to the holder of the 2nd).
Alas, this home is not worth what it was 2 years ago, and demand for homes with compromised locations is minimal. Nothing has worked to sell 601 Larsson, and now it has canceled off the MLS again. Its fate would appear to be REO, in which case we could see it back next year at $1.5m-$1.7m.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 23rd, 2024 at 6:25pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.