Is there finally an end to this spec story? This two-bedroom spec house at 1021 Palms in Venice hit the market in 2008 for $1.988 million. Unable to sell it, the owners hired back the original architect to try and redo some of the interiors, and placed the home back on the market in April for $1.499 million. Eventually, the home entered short sale territory and it was listed at $1.19 million. By May of this year, a foreclosure notice was taped to the door. But now comes news that the home sold last month for $850,000 . According to Jai Winding, the listing agent, it was purchased by a 30-something classical musician who upgraded from his home in Southwest LA. Meanwhile, who wants to guess how much money the original owners lost? Back in 2007, they paid $720,000 for the site, which had an existing home on the lot. And then, of course, they poured all that money in to build the thing. "It has a long and checkered past," says Winding of the home.
· How To: Tear Apart A Venice Spec House and Start Over [Curbed LA]
· Infamous Venice Spec Now a Short Sale [Curbed LA]
· Infamous Venice Spec House Foreclosed Upon, Help Out Joycie Fickett [Curbed LA]