Patrick.net

http://www.redfin.com/CA/Tarzana/18828-Hatteras-St-91356/unit-A/home/4049004

When I first walked in I was held hostage at the breakfast bar by a tall, French, Realtor Pierre. The first thing he said was: "People think the price is too high" I said: "How much is it per square foot?" He had to look at the printout, $209, not too bad, I have seen worse. The usual questions. I fired back with statements like 'Prices have been dropping slowly for 3 years'. He said inventory is low now. I said: 'Oh, why is that?' With my best innocent look. He said: 'Because people got all the good deals last year'.

Somehow, I managed to escape from the breakfast bar and walk around. No doubt, the place is nice, spacious, updated, private, and has some upscale features.
I look at the printout. 'Regular Sale huh? So, investors got it cheap somehow and they want to flip, huh?'. He snorted and said twice 'Yes, um, a group of investors'. I say: 'Yeah, well, that's the only people selling these days, the banks, fannie or freddie (Which got another snort out of the realtor) and investors who want to flip!'

I'm standing on the other side of the breakfast bar now, I am immediately dumped for the black woman who walks in. He does not ask me to sign the visitor sheet. I say I have a realtor friend, he does give me his card.

Bottom line, it is overpriced, investors snatched it up for 221K in November 2011 and want me to finance a 100k for their enjoyment. Patrick's calculator puts the value at 197K and is a big, red house.