924 5TH St #10 SANTA MONICA, CA 90403 – REO
This Wells Fargo bank owned property is in heart of Santa Monica California. This area, once thought to be immune to the housing crash is now seeing Bank owned homes popping up in some of the most prime real estate in Los Angeles County.
The Foreclosure wave which started in the Inland Empire and washed its way westward across the valley, has now reached the costal enclaves of Southern California, Santa Monica.
This 3 bed room 2 bath Condo solid in March 2007 for $1,054,000. That is not a typo. I did not add an extra zero. This Flip, now turned flop, went back to the bank. The asking price for this REO is $684,900? This is a rollback to 2005 pricing or a loss of 35% since March 2007. Ouch.
Home details:
924 5TH St #10 SANTA MONICA, CA 90403
3 beds
2.0 bath
1,283 sqft
Lot 2,200 sqft
Built in 1961
Listing Description:
“Bank owned penhouse in prime location of Santa Monica. large decks and patio area with amazing views of the Santa Monica mountains.indoor and outdoor flow.One kind of property. Kitchen need appliances, the building does not have an elevator. this building is a Torca conversion.there is 2 private garage on the front. The building security is gated.Buyer to be prequalify by a Wells Fargo home mortgage before presenting the offer.Hurry will not last long.”
Before and after pictures:
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3349 Oakhurst Ave Los Angeles, CA 90034 Update
PRICE UPDATE:
We featured this REO property on October 9th 2008, one month ago. It was originally listed at $534,900.
Checking up on the property today, I noticed there was a significant price drop. It’s now listed for $509,900. So, in one month the home has been reduced $25,000.
Quick Sales History:
July-00 $325,000 Sale (fixed)
February-02 $395,000 22% Sale (variable)
July-03 $391,200 -1% Trustee sale
March-04 $485,000 24% Sale (variable)
May-06 $699,277 44% Refinance
August-08 $549,066 -21% Bank Buy Back
The bank bought this house back $549,066 in August 2008. It would not surprise me if this home stays on the market for a couple more months and is finally sold for about $350,000.
Get more info at Redfin.com
Bottom line: the Real Estate bubble is over and the markets are now returning to sound economic principles. This drastic pricing will only further the downward pressure on all home prices in Los Angeles, California and beyond.
3349 Oakhurst Ave Los Angeles, CA 90034
Property Status: Bank Owned REO
Housing Detail:
2 bed Room and 1 bath
Year Built 1940
Neighborhood:
Cheviot Hills
View on Google Maps
Listing Price: $534,900
List Date: 9/24/08
Sales History:
(Watch this 49% run up in price in just 8 years!)
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