failed escrow 
There are currently 9 blog entries related to this category.
Quick 23% Markup Fails
Wednesday, November 28th, 2012 at 2:41pm. 285 Views, 0 Comments.
Yes, it surprised us a few weeks ago when 311 32nd (3br/3ba, 3500 sq. ft.) posted a deal.We noted the deal in the MB Property Ticker, but not here on the blog.
This big, ocean-view TH had sold in April this year for $2.600m, then turned right back around in July asking $3.200m.
The very best we could say in our post then was, "Good luck with that." (See "A Quick Return to Market, +23%.")
Turns out, they had some luck. After 4 months, a serious bite. But now, that deal has flopped out.
D'ya suppose an appraisal had something to do with it?
Undeterred, this one's right back out on the market at $3.2m again.
Good luck with that.
Deals Gone Awry
Wednesday, September 5th, 2012 at 3:53pm. 287 Views, 0 Comments.
Buyers get flaky, sellers get obstinate, inspections are a problem, and appraisers and lenders... don't even get us started.
So much can go wrong after a deal is struck.
People agree to buy or sell a house, and then reality kicks in. Will it happen?
So many obstacles. So many points of stress. There's weirdness from neighbors, heirs, city rules, contractor estimates, investor input, someone's contingent sale here or there... few real estate deals are straightforward.
Maybe too little is written about the complexities and conflicts that emerge after escrow opens.
But most of it can't be written. It's confidential.
Still, as a seller, you hate to go into escrow and come back to market. That can hit your value. Listing agents are very quick to point out if it was…
So much can go wrong after a deal is struck.
People agree to buy or sell a house, and then reality kicks in. Will it happen?
So many obstacles. So many points of stress. There's weirdness from neighbors, heirs, city rules, contractor estimates, investor input, someone's contingent sale here or there... few real estate deals are straightforward.
Maybe too little is written about the complexities and conflicts that emerge after escrow opens.
But most of it can't be written. It's confidential.
Still, as a seller, you hate to go into escrow and come back to market. That can hit your value. Listing agents are very quick to point out if it was…
Bouncing Balls
Tuesday, October 20th, 2009 at 3:38am. 280 Views, 0 Comments.
Trying to track RE listings can be like trying to follow bouncing balls.
One has a deal. Or does it? No. Oh, yes it does again.
Another listing cancels. Then it comes back. Are they in? Are they out? In?
Bouncing around over the past week has been 2812 Elm. This short sale made a deal more than a month ago (news featured in "Breaking the Ice?") but, late last week, went "active" again, as several readers noted.
Now, it would appear there's a new deal in place. Good news, if true.
Recall that the current owners paid $1.584m in June 2005; last list price: $1.299m (-$285k / -18% from 2005).
660 33rd (5br/5ba, 4500 sq. ft.) is big new construction that has hung around heavily (475+ DOM).
Along the way it faced NODs, got slated for auction in August (see "More…
One has a deal. Or does it? No. Oh, yes it does again.
Another listing cancels. Then it comes back. Are they in? Are they out? In?
Bouncing around over the past week has been 2812 Elm. This short sale made a deal more than a month ago (news featured in "Breaking the Ice?") but, late last week, went "active" again, as several readers noted.Now, it would appear there's a new deal in place. Good news, if true.
Recall that the current owners paid $1.584m in June 2005; last list price: $1.299m (-$285k / -18% from 2005).
660 33rd (5br/5ba, 4500 sq. ft.) is big new construction that has hung around heavily (475+ DOM).
Along the way it faced NODs, got slated for auction in August (see "More…
Unloading 35th?
Thursday, July 16th, 2009 at 5:51am. 160 Views, 0 Comments.
One bright spot is the news that one of the great Tree Section offerings has a buyer.
700 35th, as MBC has said before:
is a lovely, large (5br/4ba, 3675 sq. ft.) home in a quiet location with a seriously large yard (for the Trees).
The listing can still be viewed while in "backup offer" status. But if you haven't seen the house (2003 build) in person, it's hard to get the whole picture.
MBC most recently lavished attention on this home in March with "Back Again on 35th," though the history goes farther back. We called a pricing poll 11 months ago, and reported the results 2 weeks later.
The capsule version of this listing's story: The sellers paid $2.5m in 2006, tried to get $2.7m in 2008, and realized in 2009 that they'd better try closer to $2.3m.
Last…
700 35th, as MBC has said before:is a lovely, large (5br/4ba, 3675 sq. ft.) home in a quiet location with a seriously large yard (for the Trees).
The listing can still be viewed while in "backup offer" status. But if you haven't seen the house (2003 build) in person, it's hard to get the whole picture.
MBC most recently lavished attention on this home in March with "Back Again on 35th," though the history goes farther back. We called a pricing poll 11 months ago, and reported the results 2 weeks later.
The capsule version of this listing's story: The sellers paid $2.5m in 2006, tried to get $2.7m in 2008, and realized in 2009 that they'd better try closer to $2.3m.
Last…
Riches Slip Away
Monday, June 22nd, 2009 at 6:00pm. 277 Views, 0 Comments.
A few years back, your blog author placed a lottery ticket under a scanner at a local store to see if it was a winner.A digital readout on the machine said something completely new, which we recall as "prize cannot be paid in store; call attendant" – or words to similar effect.
The effect is what mattered: For a moment there, it seemed like the ticket might possibly be a big winner, and that this stilted message on the machine was supposed to keep the reader calm while the counter help phoned some kind of special hotline.
Alas, no. The prize was about $10, but it could not be paid yet in the store, because the draw results were too fresh – about 15 minutes old. Payouts are held for a while after the draw. So, a few days later, we pocketed the $10, not the…
A Trickle
Tuesday, August 28th, 2007 at 7:09am. 218 Views, 0 Comments.
A week ago, MBC said we're all "waiting for new escrows."
And we got some. But not a lot.
Since Aug. 20, we saw these go:
With the Hill and Sand Sections renewing their clocks, there are still these problems:
And we got some. But not a lot.
Since Aug. 20, we saw these go:
- 1008 11th (new construx., pre-completion, Hill, $2.9m)
- 637 6th (newer, big, Hill, $3.9m)
- 225 Moonstone (remod, Sand, $1.3m)
- 217 9th [again] (new, Sand, $3.35m)
With the Hill and Sand Sections renewing their clocks, there are still these problems:
- Tree Section
More Choices in the Trees
Friday, August 24th, 2007 at 5:19pm. 116 Views, 0 Comments.
A little over 2 weeks ago, 2822 Ardmore was all alone in the Trees, the only listing below $1.585m.
Having watched everything else get snapped up, they raised their price a second time to $1.399m. MBC speculated that this might be the first successful use of the price-increase tactic.
Things have changed. Current listings:
All of these have challenges. Oak is, well, on Oak, and interestingly it's made of adobe. Sharply remodeled, but different. Pine and 13th are probably best as lot sales, but are overpriced as such.
Maple and…
Having watched everything else get snapped up, they raised their price a second time to $1.399m. MBC speculated that this might be the first successful use of the price-increase tactic.
Things have changed. Current listings:
- 1409 Oak ($1.225m)
- 1732 Pine ($1.295m)
- 3504 Maple ($1.299m)
- 2822 Ardmore ($1.399m)
- 637 13th ($1.450m)
All of these have challenges. Oak is, well, on Oak, and interestingly it's made of adobe. Sharply remodeled, but different. Pine and 13th are probably best as lot sales, but are overpriced as such.
Maple and…
Another Failed Escrow
Monday, August 20th, 2007 at 10:30pm. 214 Views, 0 Comments.
In the Trees, 1732 Pine is back.
A dated property needing TLC or a bulldozer was priced at $1.295m (high for a lot, reflecting a good location). It was gone in 10 days; it fell out today.
Scratching Pine, MBC now has records on 5 SFRs west of Sepulveda going into escrow in August:
What's average for a normal month? Looking back at inventory tracking this Spring and Summer, the answer appears to be about 20 new escrows per month for SFRs that were active on the MLS.
Again, we're at 5 now, with 10 days left in the month.
A dated property needing TLC or a bulldozer was priced at $1.295m (high for a lot, reflecting a good location). It was gone in 10 days; it fell out today.
Scratching Pine, MBC now has records on 5 SFRs west of Sepulveda going into escrow in August:
- 1717 Pacific
- 3108 Poinsettia
- 2559 Valley
- 469 27th
- 316 Highland
What's average for a normal month? Looking back at inventory tracking this Spring and Summer, the answer appears to be about 20 new escrows per month for SFRs that were active on the MLS.
Again, we're at 5 now, with 10 days left in the month.
In and Out (of Escrow)
Tuesday, August 14th, 2007 at 6:30am. 127 Views, 0 Comments.
We all know escrows can fail for any number of reasons. But MBC is watching this sub-segment of activity more closely in the wake of last week's hullabaloo over mortgage credit, terms & rates.
So far, in just a few days, we have seen no new escrows begin, and two fail.
Quite possibly these are unrelated to the mortgage mess, but we'll discuss them anyway.
1409 Oak is the slickest 1,000-sq.-ft. home west of Sepulveda. The fact that it is barely west of Sepulveda calls for a discount, and it's at $1.225m, a lot-sale price. Word is they accepted an offer at $1.250m. But that fell apart. If you're up for Oak living and $1,200/sq. ft., this is your place.
217 9th is new construction on a corner-lot/half-lot between Manhattan Ave. and Highland (at Bayview) right…
So far, in just a few days, we have seen no new escrows begin, and two fail.
Quite possibly these are unrelated to the mortgage mess, but we'll discuss them anyway.1409 Oak is the slickest 1,000-sq.-ft. home west of Sepulveda. The fact that it is barely west of Sepulveda calls for a discount, and it's at $1.225m, a lot-sale price. Word is they accepted an offer at $1.250m. But that fell apart. If you're up for Oak living and $1,200/sq. ft., this is your place.
217 9th is new construction on a corner-lot/half-lot between Manhattan Ave. and Highland (at Bayview) right…