Ah, circle of a spec life. This two-bedroom spec house on Palms in Venice hit the market in 2008 for $1.988 million. Then it dropped to $1.688 million before being taken off the market. Realizing the home was a disaster in terms of layout, in early 2009 the developer hired back the original architect, Ignacio Erazo, to fix the house (the architect's plans had been tweaked by contractors, Erazo told us). After Erazo did his thing, the home (noticeably improved, but still a little funky-looking) was placed back on the market in April for $1.499 million. It's returned to the market as a short sale for $1.19 million. Keep in mind that the developers purchased the original home that used to sit on this lot in 2007 for $720,000 (they kept part of the wall of the old house). We're going to suggest that a buyer offer $399,000 in cash for the place... and see what happens.
· How to tear apart a Venice spec house and start over [Curbed LA]
· 1021 Palms [Redfin]