Previous Purchase: 4/4/06 - $1,335,000
Listing History: March 2007 - $2,400,000
Re-listed: some time in later 2007 - $2,195,000
Re-listed: at least several more times over the next year+ at around $2mm
Re-listed a few more times...
Finally, it was listed at $1,495,000 with language in the listing that said "SHORT SALE, NO SHOWINGS UNTIL WE HAVE FURTHER INFORMATION FROM THE BANK. WAITING ON APPROVAL."
This thing sat forever as the lender(s) were slow to get this thing off the books. It was listed as "pending" for a really long time. Now, the drama is finally over.
SOLD: 9/15/10 - $1,499,000
This price represents a material decline as the house was significantly upgraded after the 2006 purchase. I wonder how long the failed flippers got to live in this thing without paying the mortgage or property taxes?
Seeing these types of zombie properties cleared off the books of the banks is good. We need more of this. Unfortunately, I think there are still a fair number of zombies out there that need to find real buyers at real(istic) prices. This should still take some time. That is one of the reasons why I gave such a wide time frame when I said that buying would likely make sense in 2010-2012. We aren't even through the first year of that 3 year time period.
"This price represents a material decline as the house was significantly upgraded after the 2006 purchase."
ReplyDeleteWhat was done aside from the kitchen upgrade (which probably cost 100k)?
"REMODELED WITH GLEAMING HARDWOOD FLOORS THROUGHOUT, NEW WATERWORKS BATHS, GOURMET VIKING KITCHEN WITH CUSTOM-CARPENTRY CABINETS."
ReplyDeleteI'm not sure what else was done. May have been a roof. Exterior was painted, maybe light landscaping (not like that costs all that much). Basically it seems they slapped on a bunch of pricey lipstick all over (not just the kitchen).
This house was pretty tired when it came on the market. It needed a deep cosmetic upgrade and new kitchens and bathrooms at least.
ReplyDeleteNot sure what I meat by "deep cosmetic upgrade" but suffice it to say it needed some work and had not been kept up.
ReplyDelete"meant"
ReplyDelete