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.

8 comments:

Anonymous said...

Wow. That's hilarious. WTF up close and personal. Great catch. BTW, was there a slide behind the upper house - looks like a good candidate for one?

Anonymous said...

Here's another WTF property. It looks like the owner ran out of money. Nice street, but if you drive by it, it's a complete wreck:

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?property_type=SFR&source=SOCALMLS&cKey=s537c34d&page=1&listing_num=L26381&mls=mls_so_cal

Good luck finding a cash buyer who's also a sucker!

Anonymous said...

Laguna beach is really inconvenient to get to from any employment centers. It's nice when you're there, but I think it's been run up to Newport Beach levels and it's not entitled to be there. Higher gas prices and commuting headaches will bring it down sharply when reality hits. Then Newport itself will drop and we'll be at the end of the cycle. To all you fools out there sitting on houses in South Laguna Beach on postage stamp lots, you really should drop your price aggressively and get out before your neighbors start to capitulate. Unless you HELOC'ed yourself up the wazoo and have no choice. In which case, see you in bankruptcy court.

Anonymous said...

I notice that the days on the market are astoundingly high for LB. Could you do some type of analysis on what the average DOM is and how many "months" of inventory are there? Also, is there any way to know how much "shadow inventory" there is on the sidelines in the form of NOD's and foreclosures that haven't hit the market yet?

Anonymous said...

I have a similar story...was looking at a 3 bedroom rental home in Irvine's Woodbridge neighborhood about two months ago (via a Realtor aka Realtard, unfortunately). They wanted $2,800 for it. The realtor says, "Yup, it's a million dollar house." I tried to bite my lip, but could not keep the rage inside, so I had to pop her clueless bubble. I roll back with, "You think this place would sell for a million dollars right now?" ....totally calling her bluff, with a surprised look on my face. And she says, "Well, maybe not any more, but at the peak it would have. Now more like $800k." I knew she was still way, way off, and went home and confirmed that similar comps in the neighborhood have recently sold for $650,000. LOL Are these realtors really that stupid / naive or just outright fraudulent? That's my only question. What a joke. What a laughable and useless "profession".

Anonymous said...

I couldn't resist posting this here. 1435 Cerritos. Bought in 2004 for $1,500,000. Just listed for $2,600,000. Laguna has held up better than most areas, but $1,100,000 appreciation in this market in four years. I doubt it. It's not 2007 anymore even in Laguna.

Mr. Blue said...

Actually, 1435 Cerritos has been listed for a long time at $3M. Now that's a real WTF. I've been in the house and it is pretty chopped up in layout. Huge though, sort of like a barn is huge, not a mansion. It does have a unique bottom story dining area, though. The level of furnishings and construction inside is not worthy of the asking price, in my opinion.

Anonymous said...

This house was reduced yesterday...still not to reality.