The staring contest in the $1.4 mil range in El Segundo

Look like Lynn O’Neil blinked first in the staring contest in the $1.4 million range. She lowered her listing at 734 Redwood 90245 by $24k to $1.435 million. 

As I mentioned the excess supply in the $1.3-$1.5 million range in El Segundo is going to help a couple buyers out. Since Alex Abad has several of those properties in that range I figured he wouldn’t tell one client that their house is worth less than the others, so we have Lynn dusting some crumbs off the table.

$24,000 on a $1.4 million dollar house?! Come on, you are not even trying. I imagine the owner is running this listing.  What’s even more laughable is that this is the second price reduction in the 60 days it’s been on market and Lynn has made a living off this home.

Price History

DATE EVENT PRICE AGENTS 2.5% Commission
05/29/17 Price change $1,435,000-1.6%  $35,875 est
05/16/17 Price change $1,459,000-2.7%
03/28/17 Listed for sale $1,499,000+78.5%
05/20/11 Sold $840,000+5.1% Lynn O’Neil  $21,000
04/05/11 Listing removed $799,000+59.8%
05/11/00 Sold $500,000 Lynn O’Neil  $12,500

But do these people REALLY want to sell? Because if there is a need to sell based on job change or health situation the price action on a home with $350-$450k in equity is insulting and just plain greedy.

Another interesting tidbit is that the current homeowner pays $10k in property taxes.  The new owner will pay about $17k/year in property taxes.

Inflation?  Looks like property taxes, real estate prices, healthcare, higher education and the commissions of real estate agents are just a few places where you see ridiculously high rates of inflation.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s