Sunday, August 12, 2007

Another Marin RE Genius Gets in Touch with His Inner Idiot

Consider this San Anselmo house's sales description:
***prime seminary value,lowest cost 'new remodel' in town!*** seller says let's make a deal. He will help do what he can, negotiate short sale subject to lender approval. Completely rebuilt in 05',this classic craftsman style brown shingle is aet well off the street with ross valley vws in an oak studded setting.Winding stairs lead to the front door. Vaulted ceilings,open floor plan & all new granite kitchen and tile baths make this a bargain.
Here's the info:

It sounds like a Marin social climber's wet dream come true. So what's the problem with it? I have no idea. Maybe it's just over priced? Waaaay over priced?

In 2005 this house was offered at $849K but sold at $765K. A year later it was flipped back on to the market and some "genius" came along and figured it would be a good idea to offer 63% above the asking price (he must have drunk deeply from the cup of RE koolaid) and so paid $1.25 mln for what the sellers a year earlier paid $765K. Now the house has been on the market for 100 days (at least, if you can believe that DOM) and is a "short sale".

Smooth move genius.

This is an $850K house and that's why it is not selling. But in today's market with a lack of funding...? You tell me.

3 Comments:

Blogger mountainwatcher said...

Marinite said...

"This is an $850K house and that's why it is not selling."

Yikes, is this house really worth $850K?

I think not.

That is way over the Jumbo limit.

I could offer $417,000.

Even that seems like way too much.

How about $300,000 and a "Brand New Car"?

Let the chips fall.

Aug 13, 2007, 1:09:00 AM  
Blogger Telemill said...

Yeah, I agree . . . this one ain't even an $850 house. That's why it's not selling.

Aug 14, 2007, 10:44:00 AM  
Blogger Matthew said...

Yes, as a nation, there is no question that we've lost our concept of value and worth... go back and find the price of this house in 1998 and add about 10% to that price and there you have it...

This house will never, again, forever anymore, see $1.2M price tag...

Aug 17, 2007, 6:04:00 AM  

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