Bid-Up Alma REO Closes

Posted by Dave Fratello on Thursday, February 24th, 2011 at 1:06am.

Launching a listing just a few days before Christmas – that's strange.

But that was the situation at 3121 Alma (3br/3ba, 2600 sq. ft.), an REO that just happened to be ready for the market then. (See "REOs East and West (WoS).")

It launched at $1.147m, a price we called "curiously precise – and very low."

We predicted "a little frenzy" for the property, and a "stampede" broke out (as Blake Roberts called it in a post with a fun Photoshopped graphic). A deal was cemented a few days into 2011.

The sale closed Wednesday at $1.425m.

Considering its size, views and condition, we said late last year that "you can readily argue that it belongs in the $1.5-$1.9m range now." If that's your measuring stick, the buyers still wound up with a deal, even after overbidding by $278k to win the bidding. (Blake says it "[d]oesn't seem to have the same sweet deal feel" at this price – so it's official, MBC guessed high.) 

Alma last sold for $650k more than this year's price, at $2.075m in July 2006 – before a remodel was undertaken (see video here, from a 2009 sale attempt, but turn down your volume). However, the outgoing homeowners defaulting borrowers removed some of their updates, leaving a less-idyllic home in their wake. Some rehab work was done to shape the property up again – but here's wondering if that mattered at all amid the rush.
comments powered by Disqus