You can tell we are in Los Angeles when the Oscars role into town, 80 degree weather in the middle of winter, and the smell of overpriced boxes rotting while inventory amounts. Yes, this is Southern California. Today we salute San Fernando for giving us the next Real Home of Genius. Today’s example is an exquisite 865 square foot masterpiece in wonderful San Fernando. Initially, these folks set the price back in September at $455,000 but felt this was too low so they boosted it up to $465,000. Let us take a look at the manic pricing below:
As you can see, they dabbled in little token drops here and there until this month they realized they had to make some drastic cuts. Nothing more motivated than a seller leaving the country in an imploding market. Here is another case of yesteryear housing syndrome while wearing rose colored glasses wishing for peak price levels like children hoping for Santa Clause. So you feel bad for these folks, heck they already dropped the price by $80,000 from their peak level right? Well let us dig a little deeper:
So don’t fell too bad, even at the current selling price minus 6 percent for selling fees they will profit by $86,900 (maybe that is there logic in dropping the price; we give you $80,000 and you give us $80,000). Unfortunately this home has been on the market for 5 months and not much interest either. In addition, with the collapse of the subprime market not many folks would have 10 percent down to come into this property and carry a beastly monthly nut on a regular 30 year fixed. Yes the relics of the past those 30 year fixed mortgages.
We salute you San Fernando with today’s Real Homes of Genius Award.