I last featured 386 Entrada back in September 2008. To refresh, this is a 2 bed/2 bath 1,044 sq ft house on a 7,800 sq ft lot - Flipped condition.Previous Purchase: 3/31/06 - $990,000
Listing History: 2/4/08 - $1,999,000
Also For Rent: $6,750/month - "Fully furnished & ready to go!"
Re-Listed: 4/28/08 - $1,919,000
Reduced: 07/10/08 - to $1,699,000
Reduced: 09/06/08 - to $1,649,000
Re-Listed (short sale): 2/1/10 - $825,000
After just 2 days on market, this is now listed as "pending". Seems like someone must have had a heads up before this hit the market. Also interesting to see it listed at half of what it was asking back in 2008. I think this is interesting because I would have assumed that some level of delusion would still be present and that the short sale listing would have come out with a still much too high price which sat on the market for a long time slowly cutting the price (that is how many others have proceeded)....
Another interesting angle here is a comment which was left on the blog last time I featured this house.
the 386 home was never a "flip" but a second home to the owner,who spent over 400,000 to remodel to his liking. The financial circumstances of the USA forced him to put it for sale. you dont spend 400,000 on a flip less than 1100 sq feet. I know all this because I am a close friend to the owner. Your comments all they do is create an image that is incorrect. the fact that there was reductions in price, again are a reflection of the economy. The home is beautiful and it enhanced the already beaten old homes that exist in that small area of the canyon.
Obviously I almost always have incomplete information. I have several pieces of the puzzle and I have to try and put them together and make educated guesses about the rest of the situation. In this case, given that this was upgraded and then put on the market almost exactly 2 years after the original purchase and at such a lofty asking price, it looked a lot like a delusional flipper to me...But I can always be wrong. This is why I have my little disclaimer up top.
I'll do an update post when/if this closes. Thanks to the reader who e-mailed me about this.
I don't know about you, but this posting makes me sad.
ReplyDeleteI recently heard that the house I am currently renting was on the market for a full year, a couple of years ago... before the landlord gave up, took it off the market and rented it to me, I guess.
ReplyDeleteIs there a good way to find out about listings from a couple of years ago? Back issues of real estate bulletins? I'm curious what the asking price was.
1. Search this blog using the internal search bar.
ReplyDelete2. Do a google search -- I often do this and am able to come up with an old MLS#.
3. Have someone you know who works in the real estate field help you out. They have access to old info and will be the best source.
4. Ask your landlord.
if they put $400k into fixing this up, it looks like somebody got a fantastic deal at $825k.
ReplyDelete