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.