Details: 2 bed/1 bath 1,315 sq ft house, 7,791 sq ft lot
Description: CHARMING SPANISH STYLE HOME. 2 BEDROOMS, 1 BATH. DETAILED ARCHWAYS, COZY FIREPLACE. LARGE PRIVATE YARD FOR ENTERTAINING.
Previous Purchase: 5/17/00 - $525,000
Refinanced with two WaMu loans: 9/8/06 - $1.146mm
Listing History (short sale): 2/1/10 - $825,000
SOLD: 4/25/11 - $825,000
This is an entry level house which doesn't appear to have been improved so it provides a nice apples to apples comparison. Going back 11 years to the sale in 2000 we see that this just sold for a price which provided a compound annual growth rate of 4.25%. That isn't a crazy level of appreciation in my opinion. I think that should show that we are a lot closer to a bottom than a top (duh!).
The fact that the owners refinanced themselves to death is interesting but just goes to show how crazy things were back near the peak. Out with the irresponsible and in with a new class of buyers.
Interesting to see that consummating this short sale took nearly a year from the time it went pending (per Redfin it was pending May 2010). Nowadays, there are short sales on the westside going pending after just 1 day!
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