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Spectacular Spec House Failure

I’m posting this for my friend George, who did a walk through this house when it was getting ready to go to auction. He said it was pretty spectacular inside.

11130 Lucerne_pic.jpg

First, some history. This was a tear-down, total rebuild on spec. The speculators got into trouble. In February 2007 they were asking 1.6 million for the 5 bedroom, 5 bath behemoth squeezed onto a tiny lot, just east of Culver City High School. It went to auction. I always wondered what happened with it…so I checked the sales history today.

11130 Lucerne.jpg

Holy moly! Can these numbers be real? Looks like one person got it in auction, then turned around and dumped it a few months later. Doesn’t really make sense, especially when you consider they paid 790K for it in 2004.

Any ideas what happened here?

UPDATE: George brought me a Coldwell Banker “look at what we sold” sheet and it shows this house sold in April for $1,145,000. He figured out this makes it about 200 a square foot (the hold is 5,500 sq feet according to the sheet). Most houses in the 90230 zip go for $400 a square foot. Of course, the size, which is 2-4 times most Culver City homes, does push down the cost per square foot, but what a deal! I’m still not sure what the “in-between” sale was listed on Zillow (in January).

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