UPDATE: 9-4-07 ZipRealty now lists the price of this house at $349,000. That’s a 12.5% reduction. Only about $150,000 more to go until this is priced accurately.
ORIGINALLY POSTED: 8-1-07
Zip Realty notified me of 676 Glen Oaks Road for sale this morning. Price tag: $399,000.
Redfin lists the house for $435,000. 3 bedroom, 1.5 bath on 1,056 square feet. That comes out to an absurd $412/square foot in an old, compacted neighborhood in Thousand Oaks. ($377/square foot based on the above $399,000 tag.)
Now here’s the good news for those of us who are waiting for housing prices to come back to reality. Redfin says this house was purchased for $471,000 on 2/18/2005. This house has apparently just been put on the market, and they are starting off by dropping the price either $36,000 or $72,000 from the purchase price 2-1/2 years ago.
Redfin also says: “This home has been remodeled over the last few years. Newer kitchen with newer appliances; newer bathrooms; newer ceramic tile in entry, dining area & kitchen. Pergo flooring in living room and hall; newer carpet in bedrooms. Quiet location.”
I have no idea if “last few years” is an exaggeration, or the current sellers actually invested money into this unit and are still going to lose at least $36,000 on the sale price after 2 years.
Crash!
August 5, 2007 at 4:59 pm
The first house I bought was a 3/2 with 1200 sq ft and I thought THAT was small. At least my first house had AC and was built in 1977.
This place here is truely a dive. Under a normal market, this is a 150k house IMO.
Keep up the good work on the TO market.
August 5, 2007 at 5:18 pm
Thanks. Have you been inside this house to see what it looks like? I just took another look at the pictures and it looks like they have the washer & Dryer crammed into the kitchen. Yuck.
September 5, 2007 at 4:39 pm
These sellers had better get with the program. If I were selling in that area, I would be pricing it to move instantly, far below others…. before Countrywide and Amgen really start to feed the fire….. just my $0.02
September 14, 2007 at 1:10 pm
Check this out… Same model house a few doors down is being auctioned (mistakenly labeled Glen Oaks Drive). Starting bid is $337K. So far, it looks like there are no bids. The funniest part is that they have a reserve price that hasn’t been met. I’m fairly certain there’s a $20K auction fee too. Unfrickenbelievable! Save your cash and enjoy your weekend fellow Conejo residents.
September 14, 2007 at 1:42 pm
The link probably would have been helpful!
http://www.realtybid.com/bidpage/bidpage.cfm?item_id=529465&AP=0&AB=0
September 16, 2007 at 9:40 am
that’s one ugly POS house…
September 29, 2007 at 5:09 pm
http://tinyurl.com/2wynu9
As you can see from the front page on this prestigious publication, the Conejo Valley will be one of the first areas to recover from the current housing market depression. Hooray!
Never mind that the correction in prices has just started; or that significant layoffs are underway by major employers in the area; or that lending standards have tightened to more traditional levels; or that sales have come to a complete stop. Nope. Thank God for the insight of these real state professionals!
According to these experts, the current depression is the result of exacerbated coverage by the media plus evil buyers making ridiculously low offers. You see, the beautiful mediterranean climate in this paradise justifies the irrational levels of appreciation seen during 2003-2005.
It is the new housing field of mediterranean housingnomics. A field basing the price of your home completely on the amount of sun you receive in a year and the temperature averaged out over a ratio. This is very complicated to understand but suffice it to say that we have a high sunny/temperature ratio.
To think that the number of relocations and credit allowances provided by Amgen and Countrywide during those years had anything to do with the parabolic ascent of housing prices. Nonsense!
To consider that the median income is still disconnected from prices and that exotic mortgages are a thing of the past. The horror!
Perhaps this fisrt round of layoffs will push away those evil low ball buyers and prevent the press from pushing ugly information (reality) to the public. Round two will take care of “slow growth”.
Thanks to their 24 years of experience, “you know that you may never find a better selection or a better buying opportunity”.
October 5, 2007 at 9:02 am
It’s nice that they are helping us out so much.
November 1, 2007 at 2:13 pm
are you ever going toupdate again?
November 1, 2007 at 2:23 pm
Yes, I’ll post some more updates. I’ve just been really busy lately. Maybe I’ll try and update once a week instead of once a day.
April 28, 2008 at 12:09 pm
Something goofy happened here. Despite a listing price of $349,000, zillow.com indicates that this property ended up selling for $350,000 on 10/31/07.