For much of 2010, the 8-year-old home at
3613 Pine (5br/5ba, 3375 sq. ft.) has been offered to the public.
All along, it's been called an REO – a foreclosure owned by the lender.
All along, it's been priced too high to draw interest.
In January, the Rosecrans-close home came on at $1.695m.
When that listing quit 5…
For much of 2010, the 8-year-old home at
3613 Pine (5br/5ba, 3375 sq. ft.) has been offered to the public.
All along, it's been called an REO – a foreclosure owned by the lender.
All along, it's been priced too high to draw interest.
In January, the Rosecrans-close home came on at $1.695m.
When that listing quit 5 months later, it was down to $1.495m.
Only with the last price cut had the home gone below its March 2005 acquisition price of
$1.520m. Not quite far enough, it would appear, since MB seems mostly to be living in 2004 prices still – and that would put Pine a bit further down.
For some reason, after 5 months without success – 5 of the most active months in the MB market since the bubble popped – the new listing now starts with a new strategy:
raise the price. Friday, the listing returned after a 2-week hiatus at
$1.549m, or $54k above the price at which the market had rejected it. They're calling it a "good deal" after that little boost.
That, for a home that will require some work, and is to be sold "as is." Per the listing:
Beautiful & elegant 5+4.5 Mediterranean Villa that needs some work to restore it to its recent, beautiful past.
On the plus side, the description now touts the relative simplicity of the foreclosure sale, since it's a private investor, not a bank, that's taken the property back. No red tape, committees or hassles, they say.
And they promise to reply to all offers – yes, even you lowballers who think 6 months of market exposure for a distressed property presents a great opportunity.
Let's see how it plays out.
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 April 1st, 2023 at 3:00am 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.
