What $800,000 buys today

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The Los Angeles real estate market continues to amaze, astound and confound. Consider this anecdote, from Peter Hong’s L.A. Times coverage of the dismal January home sales report by DataQuick:

‘Real estate agents, however, say there are signs that lower prices have lured some buyers out of hibernation. Last weekend an open house for the lowest-priced home currently listed for sale in San Marino drew about 100 shoppers.

‘The two-bedroom, one-bathroom, termite-damaged house was priced at $800,000. Cathy Ude, the listing agent for the house, said she received three offers after the open house but declined to say whether they were above or below the asking price.

‘A similar-size house on the same street, but which had numerous updates and was in move-in condition, sold for $960,000 in September.’

Wow. We’re deep into the what could be the worst real estate slump in the nation’s history and termite-damaged, one-bedroom homes are still priced at $800,000.

Your thoughts? Comments? Insights? E-mail story tips to peter.viles@latimes.com.