What’s a $555,000 House Really Worth?

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NORWALK -- So what’s a modest, three-bedroom house in the Carson Park area of Long Beach really worth? Here’s a few hints: It’s in foreclosure, it needs some work, and it’s listed here for $555,000.

Give up? Here’s the answer: the house was sold at auction today for $417,807.44. That is exactly one penny more than the minimum bid. There was a single bidder, a woman named Diana, who purchased 3509 Volk Avenue at a foreclosure auction held on the steps of the LA County Courthouse in Norwalk.

Here’s the back story on the house, according to broker Chris Absmeier of Century 21, who had the listing and was visibly disappointed when the house sold at auction -- she was hoping to put together a short sale. In any event, the back story: current owner lost his job, missed a bunch of payments, went into default and then foreclosure; Chris was trying to broker a short sale and had an offer at $420,000, but the lender wasn’t interested. House went to auction today in Norwalk along with 91 other properties.

So who is Diana (the buyer) and what is she going to do with the house? She was not charmed by LA Land and chose not to speak with us. She was polite, however. Chris, the disappointed broker, tells me Diana works for a real estate investment company that will either fix the house up and sell it, or rent it out.

One more thought: you’ve got to bet the neighbors on Volk Avenue in Long Beach will be mighty disappointed to hear that 3509 Volk Avenue -- which was listed at $550,000 -- sold today on the courthouse steps for just $417,000 and change.

Filed at the Starbucks across the street from the courthouse in lovely downtown Norwalk.

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