awgee_IHB
New member
Just in case there are some sellers or potential sellers out there, the following is an example of the fact that the distressed market is the re market today. Many sellers and potential sellers are living in denial and excluding the distressed sales from comps when determining the "worth" of their castle.
<a href="http://www.redfin.com/CA/Coto-De-Caza/30-Calle-De-Princesa-92679/home/5057849">30 Calle de Princesa</a> just had it's listing price lowered by $65,000 to $859,000. It is bank owned, with a starting listing price of $924,900 64 days ago, according to Redfin. To state the obvious, it did not sell for two months at $924,900, so the bank is lowering the asking. IMO, this is a nice home, rather large, on a huge lot, with a nice view of the golf course, and lots of room to construct a pool, currently asking $255 per sq ft. Before it went back to the bank, the owners were trying to sell for $1,099,000 in November of 2007. According to Redfin, the owners had purchased the property in March of 2005 for $1,263,000.
Around the corner on the next block, another home,
<a href="http://www.redfin.com/CA/Coto-De-Caza/32-Alicante-92679/home/5057833">32 Alicante</a>, was purchased just a few months before 30 Calle de Princesa in January of 2005 for $1,460,000. Alicante is just a bit larger than Princesa and Alicante is on an especially huge lot. And the owners of Alicante "sunk" over $200,000 into a pool and landscaping into their backyard soon after they purchased. Alicante is more exposed to a busy street, Vista del Verde, and Princesa does not have such exposure. How much is all that worth? I dunno. I suppose it is subjective. Personally, I would rather have the $250,000 and put in my own pool and landscaping, and I really do not want to listen to the traffic on Vista del Verde. But, I digress.
Alicante was listed in Nov of 2008 for $1,490,000, taken off the market, relisted at $1,390,000, had the asking price lowered a couple more times and is presently listed at $1,290,000, or $373 per sq ft.
That is a difference of $430,100 or 50%.
One is bank owned.
The other is not.
Which do you think will sell first?
<a href="http://www.redfin.com/CA/Coto-De-Caza/30-Calle-De-Princesa-92679/home/5057849">30 Calle de Princesa</a> just had it's listing price lowered by $65,000 to $859,000. It is bank owned, with a starting listing price of $924,900 64 days ago, according to Redfin. To state the obvious, it did not sell for two months at $924,900, so the bank is lowering the asking. IMO, this is a nice home, rather large, on a huge lot, with a nice view of the golf course, and lots of room to construct a pool, currently asking $255 per sq ft. Before it went back to the bank, the owners were trying to sell for $1,099,000 in November of 2007. According to Redfin, the owners had purchased the property in March of 2005 for $1,263,000.
Around the corner on the next block, another home,
<a href="http://www.redfin.com/CA/Coto-De-Caza/32-Alicante-92679/home/5057833">32 Alicante</a>, was purchased just a few months before 30 Calle de Princesa in January of 2005 for $1,460,000. Alicante is just a bit larger than Princesa and Alicante is on an especially huge lot. And the owners of Alicante "sunk" over $200,000 into a pool and landscaping into their backyard soon after they purchased. Alicante is more exposed to a busy street, Vista del Verde, and Princesa does not have such exposure. How much is all that worth? I dunno. I suppose it is subjective. Personally, I would rather have the $250,000 and put in my own pool and landscaping, and I really do not want to listen to the traffic on Vista del Verde. But, I digress.
Alicante was listed in Nov of 2008 for $1,490,000, taken off the market, relisted at $1,390,000, had the asking price lowered a couple more times and is presently listed at $1,290,000, or $373 per sq ft.
That is a difference of $430,100 or 50%.
One is bank owned.
The other is not.
Which do you think will sell first?
