403 Loma Vista gets a haircut

I first wrote about 403 Loma Vista in January.  Unlike the honest take that Lynn O’Neil took on her listing on Lomita, Marc Faerber didn’t take simple economics into consideration while throwing numbers out.

I’ve also written a lot about out of town agents. Who is Marc Faerber? I don’t know how much granular detail zillow keeps on real estate agents but all I can see is that he’s been an agent for a long time, is based in Manhattan Beach and shows one sale in 12 mos. So basically he’s probably a family friend of the owner.

Just like the owner of 533 Concord learned (It still has a for rent sign out front) greed doesn’t pay. Marc and the owner of Loma Vista are learning that lesson now. If you are greedy people will walk away from your listing and not even pay attention to your paltry 5% price reduction on a grossly overpriced POS house.  Funny thing is that I just noticed on the history that 403 Loma Vista changed hands in August 2016 for $700k. That looks like an honest, but bro-hookup, price. So six months of holding warrants a 75% increase in value?  Get the fuck outta here!

There’s all sorts of shady shit going on.

Good luck Marc. Welcome to El Segundo. This ain’t Manhattan Beach.

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