Huh?

1214 CONCOURSE AVE Los Angeles, Calif., 90022
Size: 3 bed, 2 bath, 1,505 sq ft.
MLS: M699773
Sale history: 11/24/1998: $145,000
12/08/1999: $141,500
08/21/2001: $174,000
06/24/2004: $350,000
Current price: $519,000 (114 DOM, according to Redfin)

Home of 3 bedrooms 2 baths border line with Montebello E. Garfield 1505 sqft of living space, tile floors , new cabinets Moving condition this property has bonus income from the 2 car garage conversion nice back yard $$$$$$ Price reduction $$$$$$$$ $ 200,000 K 05/23/2007

First off...not sure where this $200k price reduction took place, unless there's something we're not seeing. This is what ZipRealty says:
Price Reduced: 03/27/07 -- $538,000 to $533,000
Price Increased: 03/28/07 -- $533,000 to $538,000
Price Reduced: 04/27/07 -- $538,000 to $528,000
Price Reduced: 05/23/07 -- $528,000 to $519,000

Hmm...maybe a case of mistaken decimal placement? According to ZipRealty, the actual price reduction on May 23 was $9,000. The total price reduction then has been $19,000. Somehow, this 1941 vintage home hasn't managed to attract a buyer yet.

This place may be in "moving" condition, but I sure as heck would not want to be moving in. Are they really expecting someone to pay $169,000 more than the current owners did two years ago?

Apparently they're not the only ones. Take a look at a house located right around the corner, 133 20th Street in Montebello.

This 1946 house is also 3 bedrooms and 2 baths, and is about 1,000 square feet bigger:

GREAT HOME WITH 2 COZY FIREPLACES AND AN INVITING LIVING ROOM WITH CROWN MOLDING AND JUST PAINTED, HARDWOOD FLOORS UNDERNEATH THE CARPET IN LIVING ROOM AND BEDROOMS PER SELLER INF. LAUNDRY AREA INSIDE, CENTRAL HEATING, 2 CAR DETACHED GARAGE WITH STORAGE ROOM AND A LONG DRIVEWAY, COVERED PATIO OVERLOOKING NICE SIZE BACK YARD WITH FRUIT TREES. CLOSE TO MONTEBELLO HS. PLEASE SEND OFFERS WITH PRE-APPROVED LETTER INCLUDING FICO SCORES& PROOF OF FUNDS. TO SHOW PLEASE CALL LISTING AGENT.

I HATE WHEN PEOPLE WRITE IN ALL CAPS BECAUSE IT LOOKS LIKE THEY'RE SHOUTING!!!!!


Anyways, this house was purchased for $384,000 in November, 2004, and then sold again for $465,000 in May, 2005.

Now, these sellers are looking to bag a profit after listing this place for $607,000 ($105,580 potential profit after 6 percent selling costs in about two years...more than $50 grand a year). No takers (suckers) so far after about two weeks on the market.