Friday, June 6, 2008

1315 Dunning WTF Nuked by Next Door Comp Killer

1315 Dunning, back in the peaceful part of Bluebird Canyon, recently went on the market for $1.95M. It is the lower house shown in this picture.

Don't look next door...

1315 Dunning's listing says "This completely remodeled craftsman home is a masterpiece."
Hardly. I've been inside and its very very average.

Don't look next door.....

The listing goes on trying to make ordinary something more: "Offering hand hewn hardwood floors, Gourmet kitchen with stainless steel appliances and much more. "

Don't look next door, the listing agent hopes!

Why? Next door at 1325 Dunning sits the upper house in the picture. This home is also a "masterpiece." Its a DEAD ON COMP. Sold January 17. Sold for ONLY $1.35M.
When I was inside 1325 Dunning, the agent showing the house played dumb about the neighborhood until I said "That house next door, it looks familiar."

Dread on the agent's face.

I continued "I think it sold for a loooooot less, about 1.35 million." I could almost hear the agent thinking "oh no, an informed buyer - I won't be able to sell the house to this one."

In the end, she stammered "Oh, yes...but it was a short sale." I asked "wont the appraiser look at it? It could have sold for more if it was worth it?" She could do nothing but agree and hope that I would leave quick and not infect other buyers with the truth. This agent showing the house was not the listing agent.

So there you have it. A WTF price on Dunning from listing agent Shauna Covington. What's she thinking? It must be "I hope a moron shows up with an offer." I would think that most people would agree that the listing price does not reflect an honest valuation of this property. I wouldn't put my name and reputation at risk by putting a rediculous price on this listing. Buyer beware of Laguna Beach home prices.