Your opinions please--is this house overpriced?

What do you guys think? My friend told me he is buying this place and I had heart palpitations when I saw the price tag. I understand that location plays a part, but should I chalk it up to my real estate na?vet? that I had sticker shock on this actually pretty house?



I'd like to see what the more real-estate savvy members have to say.



<a href="http://www.1250stanley.com/">1250 Stanley Ave, Los Angeles</a>

For what it's worth, Redfin's robo-comps say it's overpriced:



Low Estimate High

Zillow $690,400 $863,000 $897,520

Eppraisal $649,881 $764,566 $879,250

Cyberhomes $565,579 $628,422 $722,685



Sold comps:



Range: $469,783 - $945,000

Average: $433/Sq. Ft.

This home at $433/Sq. Ft.: $752,364



(List prices are more in line with what they want for it, but that's pretty meaningless IMHO.)

That's a nice property.

If you have to ask whether something is too expensive it usually is.

[quote author="punchenpie" date=1254779893]What do you guys think? My friend told me he is buying this place and I had heart palpitations when I saw the price tag. I understand that location plays a part, but should I chalk it up to my real estate na?vet? that I had sticker shock on this actually pretty house?



I'd like to see what the more real-estate savvy members have to say.



<a href="http://www.1250stanley.com/">1250 Stanley Ave, Los Angeles</a></blockquote>
It's a nice home in a very good location, but it is grossly overpriced based upon comps I pulled for my good friend who owns a home near this one. This home is approx. $150k-$200k overpriced in my opinion. Your friend will get a rude awakening when he gets the lender's appraisal report.

Unless he pays cash it won't appraise and therefore no financing.

[quote author="USCTrojanCPA" date=1254813757]It's a nice home in a very good location, but it is grossly overpriced based upon comps I pulled for my good friend who owns a home near this one. This home is approx. $150k-$200k overpriced in my opinion. Your friend will get a rude awakening when he gets the lender's appraisal report.</blockquote>


My thoughts exactly.