A place for residents of Marin County, CA and others to express their views regarding the real estate bubble and in particular the Marin real estate market
Wednesday, May 30, 2007
Some Short Sales
Sometimes I wonder why I even bother...
Anyway, despite the fact that the ad says it was built in 1999, it was first purchased in September, 2003 for $589,000. It was then resold in April, 2006 for $810,000 in an over-bid situation (original asking price was $799,000). Now it's a short sale at $724,900.
Price Reduced: 05/12/07 -- $845,900 to $749,000 Price Reduced: 05/30/07 -- $749,000 to $724,900
If I were in the market for a house I'd offer the original $589,000.
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Here's another one in Novato:
It was last purchased for $610,000 in April, 2005. Before that, in June, 2001, it was purchased for $345,000. I'd say that latter figure is a tad too low as far as a fair price goes.
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And just in case you skeptics think these short sales are specific to Novato, here's one in Fairfax:
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