Increasing home price

[FutureSDguy]

Here’s a homeowner who seems to be in denial. In six more days, it will have been listed for a full year.

1251 PHILLIPS ST, Vista, CA
MLS 051073083
Price Reduced: 06/14/06 — $559,000 to $549,000
Price Increased: 06/22/06 — $549,000 to $559,000
Price Reduced: 07/07/06 — $559,000 to $549,000
Price Reduced: 08/05/06 — $549,000 to $540,000
Price Reduced: 08/20/06 — $540,000 to $539,000

Aside: I have been seeing nice houses in Vista. Spacious, not so cookie cutter. More house for less money. Is this simply because it’s not located so close to the coast?

[avidsaver]

Here’s another example in L.A. County. And why would they bother to increase the price by $1,000?

936 SHELDON STREET, El Segundo, CA 90245**
Price Reduced: 07/11/06 — $919,000 to $909,000
Price Reduced: 07/19/06 — $909,000 to $899,000
Price Reduced: 08/08/06 — $899,000 to $889,000
Price Reduced: 09/12/06 — $889,000 to $869,000
Price Increased: 09/19/06 — $869,000 to $870,000

Square Feet: 2,412
Lot Size: 5,360 Sq. Ft.
Year Built: 1962
Listing Date: 05/29/06
On Market: 113 days
MLS #: S926016

[FutureSDguy]

The description even feels like desperation. FWIW, Zillow, puts 1.01M on this house.

People are trying to justify the house itself for the price. You can’t. It’s impossible. Yet people try and they make a big hoopla about how the bonus room would make a great music room. Oh BOY! The reality is that this is a remodeled 1962 3/2 house worth $150,000, at this location worth $700,000 (and falling).

“Executive” house? Give me a break. AFAIK, that word doesn’t mean anything other than “really, really, nice” or perhaps “elegant,” and neither of this house is. Or does it mean “suited for CEx’s?” Maybe this is more suited for a teacher, or a grocery store manager. Realtor: “so what are you in the market for, an ‘Executive House’ or a ‘Manager House’?” “Really, just a ‘Janitor House’? Well, if you can manage a 100 mile commute, we might find you something.”

Brian

[Anonymous]

“936 SHELDON STREET, El Segundo, CA 90245**
Square Feet: 2,412
Lot Size: 5,360 Sq. Ft.
Year Built: 1962
Listing Date: 05/29/06
On Market: 113 days
MLS #: S926016

Did you see where that house is? 1 or 2 blocks from the LAX runway!!

[speedingpullet]

Which would be fine….as long as you’re very hard of hearing and don’t mind your ‘chachkis’ falling off the shelves at regular intervals.

Seriously, I gave up looking for places in El Segundo/Redondo Beach. They’re as expensive as Santa Monica and offer less room, lot size and convenience. If I want to live under a runway for over three quarters of a million dollars, i can do no better than the slew of houses that have come up for sale, 100 yards from the bottom of Santa Monica Airport. Plus I’d get a swanky Zipcode, and wouldn’t have to put up with jokes about ‘leaving my wallet in El Segundo’ from friends and aquaintances…

The Bubble is still alive and inflating in Westside LA.

[no_such_reality]

It could also be that sellers have heard “the median continues to rise”

In OC the peak was June, but the price drop since has been meager. All year long, year over year numbers continue to increase.

[anxvariety]

I’m humming “Land of Confusion” by Phil Collins….

[no_such_reality]

“Executive” house? Give me a break. AFAIK, that word doesn’t mean anything other than “really, really, nice” or perhaps “elegant,” and neither of this house is.

Executive house means priced to fit a big ego.

[avidsaver]

Realtor: “so what are you in the market for, an ‘Executive House’ or a ‘Manager House’?” “Really, just a ‘Janitor House’? Well, if you can manage a 100 mile commute, we might find you something.”

LMAO. Thanks for that….

Speedingpullet – I do live in El Segundo now, and I do hear the planes. Nowhere near as bad as the noise was when I lived in Inglewood. I like it here because of the small town feel and good school district (and my family is nearby), but the prices are WAY out of whack.

Just renting, saving, and waiting for the correction.

[Author]

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