1341 Prentice Dr. just dropped their price from $539,000 to $350,000.
Imagine that... $189,000 less in just one day.
This doesn't show up on Dave's site as an REO. But we're now below what the home sold for in 2004, and slightly below the 2002 sales price. Foreclosure? or someone with equity looking to sell before further declines?
This is probably more likely to happen in the future as well. I was talking with a RE agent the other day in town, and the hard conversations with buyers are not only starting to happen but buyers are starting to "get it". The market is back to 2003 levels, and going lower. The place above will probably sell for less than the new asking as it is described on redfin as a "fixer". I haven't seen the place, but a lack of inside pics on Redfin tells me all that I need to know.
ReplyDeleteI'll say it sells for more than $350. You could remodel the inside and flip it.
ReplyDeleteBidding war here we come.
How could there be equity when the last sale was at $470K (assuming 20% down)? Probably a short sale.
ReplyDeleteShort sale makes sense.
ReplyDeleteI was thinking there might be a chance that someone cashed out of a home in 2004 and came in with a huge downpayment. I agree... doubtful.
@ anonymous
ReplyDeleteMaybe, but a comp has been on the market for almost two months at lower than 350K and it hasn't moved. Currently at 309K
http://www.redfin.com/CA/Healdsburg/1110-Cowan-Ln-95448/home/2139486
Tom- Thanks for posting the comp.
ReplyDeleteIsn't it amazing that $309k is one of the least expensive homes in Healdsburg?
Something is out of whack when a 1/4 million dollars can't get anyone into a home.
So have any of you even seen the inside of Cowan Lane? This is the property that is listed for $309,000 and it is owned by the bank. Much work needs to be done to make this property habitable which is why it is still on the market and why the bank continues to reduce the list price.
ReplyDeleteRegarding 1341 Prentice Drive, Redfin is wrong in calling this a fixer, it isn't, and the comments state that "All offers are subject to lender's approval". This is a short sale meaning that the bank will decide as to whether to accept an offer or not.
ReplyDelete@ anonymous
ReplyDeleteNo, as I said before, I haven't been inside. As I said before, a lack of inside pics would lead me to believe that shall we say this place is "not turnkey". This said the pics for Cowan shows that a lot of work needs to be done
As for why I thought these two places were a comp:
1) Similar sq. footage: Prentice: 1407; Cowan 1408
2) Similar size lots: Prentice 6055; Cowan 7579
3) Similar parts of town
4) Past sales history: In 9/05 Cowan sold for 530K; Prentice sold for 470K in 7/04
If the place on Prentice is nicer or has been updated than their RE agent needs to put inside pics online so that it can be properly promoted and evaluated by the public prior to physically viewing these places.
Maybe instead of making all these assumptions about the house why don't any of you get up the nerve and talk to the family who lives in this home? By the way it is not a fixer upper.
ReplyDelete