I wrote about 414 W Oak 90245 just two weeks ago. Kirk Brown hit the market with the listing without even pulling his iPhone out of his pocket. He used google’s grand photography as his only photo to market what I imagine was/is a tear-down.
414 W Oak is listed as a 4/1 1197sqft home on 8233 sqft lot. It was listed for $995K and closed at $1,120,000. He either had a buyer on the hook when the listing went live on Redfin, was going to “get around” to shooting listing photos or just doesn’t give a shit because supply and demand are in his favor.
sold closed in less than two weeks for above asking. Just like shooting fish in a barrel. All that work nets a real estate agent making the average 2.5% commission $28,000. Did you know that real estate commissions are negotiable?
If I could make money like that then I would too.
Just saw in the Herald that this tear-down got 9 offers. Let that sink in if you are someone who is looking for a home to live in; there are 9 “people” with a million dollars and enough capital to throw another several hundred thousand into the mix. So for every marginally “affordable” home in El Segundo you have eight people who just got outbid by $10-$20k.
Maybe I’m wrong, the southbay and most other parts of Los Angeles with good schools and good public services will be enclaves for the wealthy. The sub-$250k income families will be forced to rent crappy rental houses, apartments or join the masses heading to the Pacific Northwest and Texas.