The Supply & Demand Equation shifts

It’s been a busy couple weeks and I haven’t been able to look at and review every property that’s come to market in the past couple weeks. As I sit back and review the flood of new and “coming soon” listings in El Segundo I see that the supply and demand equation has shifted. Just a little. We now have ~two dozen houses for sale and that provides options. With options a buyer can compare similar properties and see where one house is priced incorrectly. When a buyer has only a couple options sometimes the buyer is choosing the lesser of two evils. That sounds like an ingenious way to spend a million dollars.

We now know that $1 million is the mark for flippers and tear-downs. I’m anxious to see the flipped homes that should be coming to market in the next six months.

940 Viriginia St hit the market at $999k.

813 McCarthy Ct. languishes at $1.2 mil. It’s been on market for 56 days. There must be something wrong with it. A look at the photos show an old house with new paint and staging. Any buyer that walks in will see that grandma’s house will need a couple hundred grand in upgrades.

424 California St is at $1.25 million is another old house that shows it’s age.

811 Concord Pl is priced at $1.25 million and although it shows signs of a lot of Home Depot upgrades, at $1.25 million for a 1026 sqft house people may not be brave enough to buy this tiny home.

1205 E Pine Ave is ANOTHER $1.25 mil home.  At 1400 sqft with upgrades this makes the other $1.2 mil homes look overpriced. This is exactly what the buyers need.

848 Pepper St at $1.3 mil is ugly but has been upgraded. It’s the house that the $1.2 mil buyers want. Another Alex Abad over-priced home.

511 Oregon St is $1.4 mil and shows cosmetic upgrades . You got to love a photo like this. I wonder if an overweight person can get by the bed?

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423 Virginia is an enormous 3555 sqft priced at $1.49 mil. This will get some people off their couch just because the price per square foot is enticing. While others are priced around $1000/sqft this house is $419/sqft. You just have to figure out how to fill that much house with stuff. I love that this housed is priced to sell. This is the home the $1.8 mil shopper should buy.

857 Maryland St is  1920 sqft and priced at $1.5 mil. This has been upgraded and has a detached mother in law’s unit but the description written by one Kirk Brown is hard to figure out WTF is going on.

1419 E Mariposa Ave is a failed Bill Ruane fishing expedition. It’s been sitting with a coming soon sign for weeks. No takers so he hits the market at $1.6 for a 3000 sqft house. Priced at $537 sqft this is another reasonably priced house on one of El Segundo’s drag strips. It’s big and it’s old.

I also saw a Gina Hoffman sign on W Sycamore and Concord that’s not listed. Probably another addition to the $1.3 mil club.

There you have it, lot’s of options if you have a ridiculous $1.3 million to spend on an old, small and most likely ugly house.

 

 

 

 

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