This is a REO that has been sitting on JPM's balance sheet for well over a year. They re-listed it a while back (but I didn't do an update at the time) for the same price as they had it listed previously. That is an asinine course of action. Banks should not be in the business of carrying stuff like this for so long. Keep cutting until you find the market price and let it go.
JP Morgan foreclosed on 7/13/10 for $3mm. This was a case of the borrower refinancing themselves into a pickle once in 2005 and again in 2006. They bought this place in August 2003 for $2.65mm.
Old listing: 9/19/11 - $3,360,000
Reduced down to - $3,259,000
New listing: 12/4/11 - $3,259,000
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