Saturday, April 12, 2008

3612 Poinsettia: MB Trees Open Sunday 1-4

Best priced home west of Sepulveda.... $ 849,000



Please join me Sunday from 1-4 pm to view this starter home in the Manhattan Beach Tree Section ....

3612 Poinsettia Manhattan Beach CA..




This is a sweet little home on a wonderful lot with a little view....

12 comments:

Anonymous said...

Kaye

3301 Valley is a starter home. Small, but very nice. I think your
seller should take a look at what
26k more will buy someone and lower
their price....or stop calling it a sweet starter.

Kaye Thomas said...

Anonymous 11:02,
Guess it depends on your point of view.. Valley is a cute little house.. but it is only 193 sq ft larger and the lot is 2144 sq ft smaller.. 2496 sq ft compared to 4640 sq ft.

I'd rather have the larger lot and slightly smaller sq ft. As I said depends on your point of view..

Anonymous said...

hi kaye,

i agree with you-lot size does count, but you need to factor in that there are no updates here. it's also been around for 144 days. houses that are priced right are selling-even in this down market. i think this house is not priced right. if you've told the seller this & they are not budging then i would dump them.
looks like a cash out to me, why be so greedy (seller)?

Kaye Thomas said...

Anonymous 11:47,
Fixing a kitchen or bath is easy.. adding twice the land is a bit more difficult.

The property was in escrow to a builder who bailed a week before close of escrow. The property is the least expensive west of Sepulveda.

Anonymous said...

Hi Kaye,

Anon 11:47 here. Like I said, I agree with you on the lot size. That is very important. And yes, you can update a bath & kithen-you can't make the lot bigger, but what I was saying is the reason I think it is not selling is the price without doing any updates. Just because something is the lowest price west of sepulveda doesn't make it a good value. it just makes it what it is-the lowest price house west of sepulveda. i think if the sellers truly want to sell, they need to "discover" that price. i'm not saying that the price should be 400K-i'm saying maybe 800k or such-i have no idea. like i said, since there are no updates & this looks like it hasn't changed hands in a while. to a "buyer", this just looks like greed.

Kaye Thomas said...

Anonymous 9:06,
The price isn't set in stone...Make an offer.. you never know.

Actually I think this is an issue for a number of properties.. so let's take this a bit further..

The house is currently the lowest priced property west of Sepulveda.. you have suggested a value not far off the asking price.. so if you were a buyer for a home like this why grip about the price.. why not just make an offer.

The seller can't guess what price you have in mind..the seller lowered the price by a lot...so if the house is of interest to you.. then as the buyer you need to make a move..

Anonymous said...

Kaye,

Even by your standard, that is a nonsensical argument. What's the land worth? That's the only question when considering this house.

Kaye Thomas said...

Anonymous 5:54,
This is about land value..

Anonymous said...

The land is what someone is willing to pay. If builder's are pulling back, what is it worth? Certainly less than before. After seeing the resurrection of the sub-1M dollar house in MB, I am now fairly convinced that builders snatched up almost all of the low-end stock, which had the effect of inflating the low-end. Once the builders pull-back, you will have to go through "price discovery" to find out what one is willing to pay to live in the current property. As I've said before, this is a different person purchasing, probably younger with a single very small child. You'd better figure out what they would be willing to pay. How much could they be making? I don't know, assuming they are a early thirty couple with both professionals, maybe 150-200 K household income? I don't think a lawyer, surgeon or financial person would be interested in this property. What could they pay? 3-4 X income? Puts value at 450-600-K. What about value as a rental? My guess is this is a 2,500 $/month rental. At 200X rental rate, that puts it at 500-K. And that is at the very high end value for a rental.

But who knows, maybe things get lucky. It is surprising now how many sub 1-M properties there are now in MB. Quite a few will get snatched up.

Kaye Thomas said...

Anonymous 9:47,
No question builders drove up the price on lower end properties. You are also right about having to "discover the price" at this end of the market.

Another facet is that these buyers are very unsure about what they want to do. I have buyers who come back week after week who want me to call them if I get an offer. It's as if they need someone else to tell them it's OK to want to buy this one.

I suspect this will be one of those places that sits and sits and suddenly winds up with multiple offers... although not necessarily multiple offers over the list price. Where this one winds up will set new price level for the trees.

MBisbest said...

Price level for the Trees? Look out below, Kaye. It is going to be quite a ride.

Kaye Thomas said...

mbisbest,
Guess we'll just wait to see what happens.. 3 more agent calls today.