patrick.net

So I noticed this house for sale in one of the areas that I like in RWC. For a 5/2 1970 sq ft house on a corner 6300sqft lot to be listed at $768K in this area, I figured something fishy must be going on. (Please note that I still feel this is a couple hundred thousand away from what its actually worth). My curiosity caused me to start digging...

It wasn't on Redfin yesterday when I first started looking into it, but from the pics, I could see it is hilariously outdated. It appears that while the owner of record is a real estate lawyer from Thousand Oaks, his elderly father was actually living there until he died this past June. Around that time, it got re-assessed for a lot more money.

The redfin listing says "Court confirmation may be required", so I guess the best offer will get presented to the surviving relatives for a chance at buying it themselves. There's an open house tomorrow, so I might go check it out to see what the agent says.

sorry, meant to post the redfin link

to me, the asking price seems to be at market value at the moment. I wish you good luck trying for wait for another 26% drop.

A nearby house, .. but should give you some idea how much prices were in that region.
at nearly $800K up from $80K, an extreme example, of overpriced home with little to justify it
current "Value". Currently at 143 days on the market, the current owner cant be too happy!
What were they even thinking when they paid $850K for this home? Unbelievable!

Property History for 2444 PALM Ave
Date Event Price Appreciation Source
Oct 01, 2009 Listed $799,950 -- MLSListings #80946951
Jan 09, 2009 Delisted -- -- Inactive MLSListings #1
Sep 26, 2008 Listed -- -- Inactive MLSListings #1
Mar 04, 2005 Sold (Public Records) $850,000 19.6%/yr Public Records
Feb 11, 2005 Delisted -- -- Inactive MLSListings #80504269
Jan 29, 2005 Listed ** -- Inactive MLSListings #80504269
Jun 19, 1992 Sold (Public Records) $87,000 -- Public Records

I went to the open house with my wife out of curiosity. I feel like a complete interloper walking into open houses, but the agent on site (not the listing agent) seemed surprised (and happy) that we weren't just a couple from the neighborhood checking it out. Back patio, but no back yard. The floor plan is kinda weird - 5 bedrooms, yet no master. There's an enormous closet where you'd think the master bath would go. While well maintained, the house hadn't been touched since the 60's and would need a ton of work in all areas. If I did most of the work myself, it would still probably cost me $100K.

They'll be accepting an offer on 3/19 and from there it will undergo court confirmation. I'm looking forward to seeing what happens, because I do like the area. Two doors down, there was a strangely upgraded house (weird 900sq ft master suite) with an asking price of $1.375M. Good luck with that one, buddy.