4656 Willens AVE Woodland Hills, CA 91364It is unclear whether this seller has bought to flip this house or to actually live there but did that in the wrong time.
In any case, he simply over paid, and within 6-8 months got himself in upside down position...
Sales History:
Jun 29, 2007 $755,000
After about 5 month, he lists for sale and plans for some $100,000 gross profit:
Asking Dec 24, 2007 $865,000
Price decrease Jan 12, 2008 $799,000
Zillow zestimate(tm) $827,500
Still no takers...
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5869 Eilat PL Woodland Hills, CA 91367This one seems to be a loan owner that bought the wrong place at the wrong time...
It is simply hard to believe it was a flipper with expectations that this property would go to $2M or more...
Sales History:
Sold Dec 23, 1996 $335,000
Sold Sep 08, 2006 $1,246,000 ( I thought this was the peak year...)
Sold Jul 11, 2007 $1,499,000 (wow....)
Listed for sale after six months of "loan" ownership.
Asking: Feb 14, 2008 $1,400,000 (loss of $100,000 or 6.7% but still asking above 2006 price)
Reduced Mar 26, 2008 $1,100,000 (loss of $400,000 or 27% and gets closer to reality...)
Still, this property is probably worth $900,000 today considering a fresh comp (larger&newer house) but has actual value of about $550,000.
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