Last week I wrote a post for my open house at 511 N. Dianthus in the hill section of Manhattan Beach. I had three comments two of which were rather disparaging. I've always wondered if the negative remarks reflect the difference between people who are serious about buying a home and those for whatever reason, are not going to purchase.
Last year I wrote a post about starter homes in Manhattan Beach. I used a home I had listed at 3612 Poinsettia as an example of a starter home. I received a number of comments telling me how overpriced and terrible the home was. A month later the house received multiple offers and sold at the asking price. For weeks after Poinsettia went into escrow I had calls from buyers who wanted to make offers. Yet the comments indicated the house would never sell.
I don't know that the same thing will happen in a month at 511 N Dianthus... but it is one of the largest homes west of Sepulveda under $1.4 million(see graph). It is being shown a lot by agents with buyers. Last Sunday I had 20 people visit 511 N Dianthus... which is pretty good in this market. Roughly half of the visitors liked the house.... again not bad in this market. The house is retro with a lot of character, great views.... and a lovely yard... Cookie cutter it isn't!
Visitors were interested in the fact that the seller would carry a second trust deed. A few had been talking to lenders and knew they were requiring higher down payments. Some were just starting to look while others had been looking for awhile. This may not seem important but if you don't have 30% or more down this could be very important. lenders are no long making second trust deeds on properties so that buyers can take advantage of rates on a conforming first.
The graph below reflects the inventory for available homes west of Sepulveda listed under $1,400,000. There are a number of homes at $1,199,000 ... one dollar less then 511 N. Dianthus. If you check out the square feet and price per square foot you will note that there are only two other homes with a smaller ppsf then 511 N Dianthus. (Click on graph to enlarge)
We've had a couple of offers that we couldn't quite get together. The sellers are ready to sell. If you are looking for a larger home west of Sepulveda that is priced under $1.4 with character and big views then this might be the one for you.
Open House Sunday January 25, 1-4