Your opinions please--is this house overpriced?

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punchenpie_IHB

punchenpie_IHB

New member
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 naïveté 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.

1250 Stanley Ave, Los Angeles
 
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.)
 
punchenpie said:
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 naïveté 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.

1250 Stanley Ave, Los Angeles
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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.
 
USCTrojanCPA said:
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.
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My thoughts exactly.
 
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