Many of the answers below danced around the question but did not seem to directly answer it. So, here is your answer. Banks write loans based on comps that are within the last 6 months and within 1 mile. So, that unit will be a comp until early December.
Let's runs some numbers to show the impact. In the 91403 zip code there were 34 properties that sold at an average of 401k each in the last 6 months. The average square footage was 1456. So the average price per square foot was 276. If you multiply 401k times 34 homes and then add one home that sells for 300k, the average price per square foot drops by 2 dollars. (I am assuming this one home also has a similar square footage for simplicity.) So, if your home is 1400 square feet, the impact on your price will be less than $3,000. If you have a good agent that knows how to market your property, they can more than make up that difference.
I currently have a client in the Sherman Oaks area. So, if you need some help, please give me a call. I am there usually weekly.
Tommy Lee DRE#01723594
I specialize in condos and townhomes, plus I live in Chandler Park Townhomes in Sherman Oaks CA, so I'm very familiar with the area. The short sale that was sold in your building is a valid comparable sale for your unit and affects the value of your home but it should not prevent you from listing your home at a price higher than that short sale. One of the reasons is that buyers prefer purchasing regular sale properties because it takes much less hassle and time, and the terms are usually better than of a short sale. Of course there is the appraisal factor, but in todayâ€™s market there are a lot of comps available in Sherman Oaks both on the high end and the low end so if priced right it will not have appraisal issues. I just sold a townhome on 6930 De Celis unit 26 Van Nuys CA for $349,000 (you can look it up on the internet), where similar homes were sold and listed from $220-$270. They were all short sales or REOs. The whole transaction was completed in a month. So, the bottom line is that it all comes down to getting a willing and able buyer for your home and for that there are numerous ways to market and expose your property.
Hope this was informative.
Should you have any questions, you can call me any time. We are neighbors after all.
New Era Properties
The slightly higer sq ft of your unit and recent remodel is a benefit when majority of townhome Buyers are searching for updated units.
Not knowing which complex you live in, an accurate pricing requires a visual inspection.
Please contact me if interested in finding more about the pricing of yout property in the current real estate market.
Coldwell Banker Residential
Thank you for your question. The Short Sale unit in your complex will most likely be a comparable (depending on its' condition relative to yours, size and location in the complex). Short Sale and REO listings do ultimatley affect the sale price of a Standard Listing, adjustments will be made at the time of appraisal taking in consideration the condition.
For past 6 months townhomes in Sherman Oaks took in average of 90 days to sell. Trying to time the market is unlikely to work, the market may be up this month and down the next. As you sell at a lower price you will be purchasing your next home at a lower price as well.
The most important factors in a successful transaction/sale are location, price and condition. You control the list price, condition and which Realtor you select to be representing you.
If you are already working with an agent he/she should provide you with the comparables to arrive at the list price the market can support. In the current real estate market it is not advisable to start at a high price and then reduce, this will not reflect positively on your property.
I'm a Realtor in Sherman Oaks and I'm available to provide you with an accurate market analysis, and a marketing program to assist you in deciding if this is a good time for you to sell.
Looking forward to be of assistance,
Coldwell Banker Residential
DRE Lic #1335053
Unfortunately, short sales and reo's are in our real estate lives to stay for awhile. Currently, an appraiser must take into consideration all of the recent sales in an prescribed area that would affect the subject sale. They do take into consideration upgrades, and special amentities, and balance out the numbers that way.
There have been recent sales in which a buyer has elected to bring in cash to cover the discrepancy between the appraised price, and the contract purchase price. Every situation is unique, and subject to it's own particular negiotiation.
As a realtor in Sherman Oaks, i would like to offer my experiencen and knowlegede to you, with no obligation.
It is a great time for buyer's and sellers!
Charise Mitchell, Sotheby's International Realty
As was mentioned below, all recent sales of comparable size and location will be used as sales comps for determining value. However keep in mind that there are other factors too, such as condition. Do you know what the condition of the other short sale property that sold was? Sometimes short sales and foreclosures aren't necessarily in as up-to-date condition - since the owners are already struggling with finances, and such. There are many factors to consider.
Whether or not you decide to sell now depends on your current goals and needs. Keep in mind that since the market is lower now, if you are considering buying something bigger, you may also benefit from the lower prices there.
I'd be happy to discuss further with you, give you an idea where you can expect to sell your townhouse and answer any of your questions about the current real estate market. I work with a lot of buyers and sellers in your area.
Hope to speak with you soon,
Keller Williams Westside Realty
#1 Listing & Selling Agent
The best bet is to compare your unit to the unit that sold. You can sell your unit for more even with a distressed sale. I recently sold a condo for 389k in a building with lots of short sales and REOs in the 200s and we got an appraisal without a problem. The factors will be the condition of your place compared to the sale and if we can find other comps in other buildings that support the price that you decide to list it at.
Let me know further info and I'd be happy to produce a CMA.
The Carrabba Group
Keller Williams Hollywood Hills
I am a local Prudential California Realtor in Sherman Oaks and am glad to help. All RECENT sales are used as comps..standard sales, short sales, foreclosures. There is no getting around them and the buyer's agent will see them, as will the appraiser sent by the buyer's lender. It is always best to consider your "quality of life", and if you feel you prefer to live somewhere else, it may be time to sell. If you "wait it out", inerest rates could go up, other units can be short sales etc., one never knows. You will also make it up by buying in the same market and get a good deal on your purchase. A nice unit, priced well always sells, as we have very low inventory in our area, plus interest rates are great at this time. I would be happy to help and come see the unit.....please call anytime and we can chat!
Jan Braveman, Realtor
PRUDENTIAL CAL REALTY
13300 Ventura Blvd.
Sherman Oaks, CA. 91423
A lot can depend on the condition of your unit compared to the condition of the Short Sale unit, but you need the opinion of a Realtor who knows the market.