Silver Lake, CA Moreno Highland Foreclosure in the Ivanhoe School District Listed for only $888,800!
OK, now that I have your attention... Yes, there is a bank owned home in Silver Lake's Moreno Highlands that came on the market 10/24/09 at the incredibly low price of $888,800.
This over sized 1920's Tudor is in a prime location and boasts almost 3200 sq feet of living space on a 6700+ sf useable lot. This property is not a fixer by any stretch of the imagination. There is a bonus room plus bath, dining, kitchen and living room upstairs with 3 bedrooms and two baths downstairs. Don't forget the attached garage and views of the reservoir. Seriously, do you really expect such a house to sell for less than $900,000?
I had seen this house before when it came on the market at $1,570,000 back in September of 2007. No doubt the seller was hoping to be able to make enough money to be able to pay his debt to the bank and still walk away with some cash in his pocket. The house sat for quite a while and went through a number of price reductions:
09/04/07 original list price $1,570,000
1/27/07 reduced $1,499,000
4/21/09 reduced $1,395,000
7/29/08 reduced $1,249,000
9/02/08 reduced $1,175,000
9/`7/08 reduced- now it's a short sale! $999,000 
The property had been purchased in November of 2004 for $1,080,000. Apparently the owner took some of the equity out but when it went on the market in Sept. 07, nobody was interested in paying $1,5 million plus for it. Once it hit that low price of $999,000 a year later, it got it's share of interested buyers. Yes, this Silver Lake property had short sale offers and the bank simply refused the short sale. It was foreclosed 6/08/09 for $935,000.
I was at the open house this afternoon and it was certainly well attended. There were groups, agents, singles and couples- some with kids in tow, no doubt hoping to get them into the coveted Ivanhoe School district. I hope their agents warned them that a list price is just a list price and may have absolutely nothing to do with the final sale price of a property. The last big house in the Silver Lake's Moreno Highlands that sold anywhere near this list price was a complete mess. It may be torn down more easily than refurbished.
This listing is in move-in condition. Other than the fact that the previously stellar view of the Silver Lake Reservoir now shows Ivanhoe Reservoir covered in black bird balls- there's really nothing to complain about here. Do I think this house will sell anywhere close to that listing price? In a word, NO! If you don't have at least a million dollar budget, don't get your hopes up. This one is bound to sell fast and in multiple offers substantially above the list price. If you can compete in that price range and would like to see this house, please give me a call and I'll arrange to show it to you.
If you are maxed out in the high 8's, I'm afraid this is not the right house for you, but I'll do my best to find you another place to call home. For more information on Silver Lake, Los Feliz, Eagle Rock and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com
Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com
It looks like an amazing property. I hope you find the perfect buyer for it.
I hope I do too- it's not my listing though. If it were my listing, I would have put a higher price tag on it. Don't you get tired of agents unpricing properties to create a bidding war? I expect this one will go for more than a million.