Last week we got the closed price at 958 Rosecrans ($650k), the first of "Two New REOs" mentioned here in early May. (See "Tree Section Closings.")
Now the companion (from that story) has closed.
543 24th (3br/2ba, 1225 sq. ft.) (pictured) was offered as-is, and that meant a cottage that was pretty original (early…
Last week we got the closed price at
958 Rosecrans ($650k), the first of "
Two New REOs" mentioned here in early May. (See "
Tree Section Closings.")
Now the companion (from that story) has closed.
543 24th (3br/2ba, 1225 sq. ft.)
(pictured) was offered
as-is, and that meant a cottage that was pretty original (early 1950s) and pretty dark. The lot size (3640 sq. ft.) was decent for the gaslight area.
The bank put this one up at
$891k, accidentally under-pricing the property.
Closed price, after several offers:
$1.080m (+$189k/+21% over the start).
That still seems low, as we write. So bravo to the buyers.
The most immediate reference point has to be a home around the corner,
539 23rd – a little bit spiffier and larger (4br/3ba, 1900 sq. ft.) home of similar vintage – which went for
$1.330m in late February.
Sure, 24th is smaller and less livable, but what does this sale say about lot values?
Worth noting: The bank took back 543 24th for
$978k in February. Though they priced it low when offering it for sale, they got $100k more.
However, the original suggested minimum bid at auction in December was
$1.256m. That's a reflection of the debts owed, not necessarily the market price.
Bottom line: This REO was resolved quickly by means of a low-priced, multiple-offer sale. This is characteristic of REOs, and also a fantastic method of price discovery. All the better if the buyers come out thinking they have scored, and we tend to agree.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 2:55am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.