Hold On, You Might Get Rescued

By Dave Fratello | November 22nd, 2013

Over the past few years, 3108 Walnut (4br/4ba, 3685 sq. ft.) has been a weird mainstay of the Tree Section market. But right now the sellers are celebrating some good news.

The home was frequently overpriced, often listed as a short sale (and facing foreclosure), difficult to see, sporadically marketed.

The one time we saw it, there was a strange kind of open house – the family members flitted about doing their thing, ignoring visitors, and the house seemed cluttered and dark. Was it open, or were we trespassing?

With the chain of oddities, it's no surprise, then, that they couldn't make a deal, right?

This home was listed more or less constantly from June 2011 onward, with a couple of breaks – the longest for a failed escrow that began in June last year.

The first list price in 2011 was $1.595M, later dropped to $1.495M, then to $1.399M for a chunk of last year.

After a quick chop to a "come on" price of $1.099M in May last year, they went into escrow – but that flopped officially in March 2013. (A failed 9-month escrow is a hallmark of a difficult short sale.)

Upon that flop, suddenly, 3108 Walnut was worth a lot more than ever before. It was Spring 2013.

There must have been no tears for that failed escrow, because soon the sellers aimed high – much higher than they had ever gone. A re-list in March 2013 put this one at $1.795M.

Alas, once again, it appeared, they were going to vastly overshoot the market and miss it.

Six months rolled by – six prime months – and 3108 Walnut did miss out.

Until they scored a 4th-quarter touchdown.

They made a deal in September, and the sale has just closed. Check this out: $1.750M.

That's $155K over the overreach price from mid-2011. (It was an overreach then.)

And it's quite a chunk of change for a home that's got that exterior and wants updates inside.

It's just another example of what couldn't sell before selling successfully this year. And a case of this rising market rescuing sellers who had made poor decisions previously.

Maybe the short sale situation required all the weirdness. In these bubbly times, delay turned out to be a terrific (accidental) strategy for getting more money than they had ever expected.

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