Some People are Still Trying to Flip

2721 Marengo Ave Altadena, CA 91001 (Listing #: 752760615)

Price: $525,000
Beds: 3
Baths: 1
Sq. Ft.: 1,300
$/Sq. Ft.: $404

This house sold 07/24/08, A bit more than a month ago for $425,000.
It looks like It's been renovated, fresh paint, hardwood floors, and do I see granite countertops? I must admit that glass tile thing over the kitchen counter is very nice. There is one discrepancy however. It is listed as 1,300 sq. ft, but the county records indicate 1,209 sq. ft. Did they do an addition? Does it have permit? All in all, not a bad looking flip, and seems to be priced along the lines of other listings in the area. It is questionable however how good a chance it has to sell at that price. It does not compare favorably with this other property:

4390 N El Prieto Rd Altadena, CA 91001 (MLS#: F1778214)

Price: $435,000
Beds: 3
Baths: 2
Sq. Ft.: 1,302
$/Sq. Ft.: $334
Lot Size: 8,220 Sq. Ft.
Very nice, newly remodeled house, same size, much bigger backyard, and location is as good, if not better, at a much better price.

**Edit: Further research uncovered that the first house was not for sale any more, the listing agent just never got around updating it. The final story of it is that it was listed for $525,000, but sold for a 100k less. The second house is still better.

The Secret Price Drop

2785 Fair Oaks Ave Altadena, CA 91001 (MLS#: P653943)

Price: $339,000

Beds: 3
Baths: 2
Sq. Ft.: 1,208
$/Sq. Ft.: $281
Lot Size: 8,100 Sq. Ft.

According to the listing this house has been on the market for 6 days, but as luck would have it I bookmarked this very property several months ago, as one with some potential, but too high a price tag. I noted the list price at the time - $456,000. That's a $117,000 or 26% drop from earlier in the summer.