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.
* * *
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.
* * *And just in case you skeptics think these short sales are specific to Novato, here's one in Fairfax:
4 comments:
I just quickly skimmed the listings for the words "short sale" in the description; far from an exhaustive search. I am sure you can find a lot more with more careful searching.
Murst (is that fair?).
Interesting... Lots off short sales in areas that were 'supposed' to be immune to the effects off the bubble. I am starting to wonder when and if this kind of activity is going to hit my neighborhood because as of this week, we still have an enormous amount of houses for sale and NOTHING at least from what I can see on my drive home is selling, pending, or anything.
In a general sense, does anyone see a rapid slowdown in their area? It seemed like a few places sold at the start off the season,but the slowdown at least where I live seems even more pronounced than last year. Even some off the 'cheaper' homes ( 550-600k) are still sitting. I walked into a cute little cottage in town 3-4 weeks ago and the realtor was telling this anxious couple who looked like they were biting at the bit to buy it that: " The market is slow, but this home is priced right and it will probably get offers. So there it sits, with a rapidly fading for sale sign.
Observations?
Shorts sales! Sweet! I wonder how many people in Marin even know the definition -); Gee wiz, a GF couldn't be found to make everything right for a FB.
A friend of mine who is a broker up in Sonoma said her office was handling several short sales a month, and that was about a year ago. And that's just one office.
The Marin Heat Index dropped to 0.61 today. I think that's the lowest I've seen it.
Now that 15% annual appreciation is off the table, how many people will still want to carry a mountain of mortgage debt? How many will qualify as the standards get tighter and tighter over the coming months?
And if you think the locals are stressed and rude now, wait 'til they figure out their POS is nothing more than a big noose around their neck.
According to Marin IJ, another mortgage company in Marin just handed out pink slips. Is Marin really immune from the downturn of RE? I think Marin is also under pressure.
“A Novato mortgage company has laid off nearly all its employees, becoming the third Marin brokerage in just over a month to issue pink slips. Pro30 Funding laid off about 40 staffers last week, retaining a handful of others while the company cleans out its 22,000-square-foot office.”
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