Larsson TH Comes Off the Board

Posted by Dave Fratello on Friday, July 30th, 2010 at 4:08am.

234 Larsson
REO, shortie, SFR, TH, whatever – 234 Larsson (3br/3ba, 2300 sq. ft.) finally has a deal after cutting to $1.0m.

We've watched the home run hundreds of days on market over the past 3 years. Twice.

This time, the listing was mercifully brief at 45 DOM.

From July-Dec. 2006, the dated, tired version of the home was offered, with a sale closing much later, in May 2007 at $1.075m.

Someone went to work on the old TH and radically spruced up the interior. Remember "flips?"

They brought it back on public offer a year later, in June 2008, seeking $1.5m for the fabulously upgraded home.

Buyers were having none of it.

Larsson's remodeled interior
The listing was a fixture for a year-plus. The offering price gradually came down to $1.199m, and the signs of trouble became evident.

NODs, a trip to the courthouse steps for an auction. Frankly we haven't nailed down where this ended up – the most recent listing agent had "REO" in the brokerage name, but the current agent is from a more recognizably named shop. The listing is now called a short sale, with this very new intro language:
* * * SHORT SALE APPROVED * * * NEED OFFERS ASAP * * *

That come-on seemed to appear along with the recent cut to $1.0m, and the buyer's knock on the door. Looks like a bank will eat a part of the mess.

One thing didn't change over most of the span of 3 separate listings discussed here: The home was always marketed as an SFR.

In fact, it's a "stand-alone" townhome, which has just a couple major implications: you can't change the outside, and you have to pay $100/mo. in HOA fees.

Alas, this listing also cured that problem, eventually. It was re-labeled a "condo" at some point midstream this time.

So they finally called Larsson what it was, finally priced it right and finally found a buyer. Maybe not an entirely happy ending, but those are good steps as this one finally comes off the board.
comments powered by Disqus