Tuesday, May 27, 2008

Asking price reduced $700K in 8 months

Back in October of last year I wrote about 17892 Glen Hollow Way in Woodcrest. This is in one of the areas I like and my wife likes this particular model of home. Back in October this home was listed for $1.1 Million. Of course, there was no chance of it selling for that amount. The poor, over his head owner had missed the money barge and was drowning in debt. At the time I wrote that post the cheapest REO's were selling in the mid- $700's. Fast forward 8 months and this home is now listed as a short sale for ...........................drum roll.................. $400K! You can almost smell the desperation. From asking $1.1 million to $400k in 8 months. You gotta love it.

The listing vanished for a few months, I guess the guy pulled his head out and realized he was not getting his $1.1 million wishing price. It hit the market again about 3 months ago priced at a some what more realistic, but still too high $700k. He has chopped the price twice now to his current $400k.

By the way, I think $400k is a decent deal for this house. If it was not a short sale I would probably get off my ass and fire off an offer. I'de take that house in a heartbeat at $400k. But I can't be bothered with short sales and especially short sales that are not approved. This guy is dreaming, hoping the short sale fairy will swoop in and rescue his tattered credit rating. If anyone is keeping score, there are now currently 4 homes in this tract listed under $500k.


Bigdog said...

What is everyones take on new homes?

Any deal out there worth it.

I know most are offering 25,000 toward closing , buy down , upgrades.

Most of the prices are a bit high.
But I seen KB homes offering $399,000 for a 3,300 sq foot in the north Fontana area. When are the new homes going to smell what is cooking and lower prices. Are they negociable with the prices the new homes??

golfer_X said...

So far I have not seen any new homes as low as the REO's in the areas I'm looking. If you can find a deal on a new one in a tract that is built out then it might be worth while. Stay away from small builders and tracts that are just getting started. Things can go bad in a hurry and you can end up without a builder to back up the home warranty or worse find yourself living in a partially built tract. I think you should be able to do way better than $25k in incentives though.

bigdog76 said...

I agree