In June, MBC noted that 2507 Valley had finally gone into escrow after about 15 months on the market.
At the time, it was listed at $1.799m and was a short sale. (See "Short Sale Pending on Valley.")
Turns out someone balked at the short sale – said to be a loss of $370k – and the property vanished from the MLS and…
In June, MBC noted that
2507 Valley had finally gone into escrow after about 15 months on the market.
At the time, it was listed at
$1.799m and was a short sale. (See "
Short Sale Pending on Valley.")
Turns out someone balked at the short sale – said to be a loss of $370k – and the property vanished from the MLS and wound up going to a foreclosure auction Nov. 1. (Curiously, the selling agents kept the ad for this one up on their board by a local restaurant with a proud "SOLD" sticker slapped over it long after the sale collapsed.)
MBC got the runaround trying to determine who bought Valley at the auction, but in these cases it's almost always one of the lenders owed money by the "homeowner." The fact that it's back on the market within weeks of the auction tells us that's what's going on.
New list price: $1.790m. That's exactly $250k more
(+16%) than was paid by the previous "owner" in Feb. 2004 (
$1.54m) when the home was new.
For that price, you get 4br/3ba, 2850 sq. ft., a newer home on an oddly cornerish, 6000 sq. ft. lot on a busy street. You'll wonder where all that lot square footage really is, however, and the layout strikes many as odd. (
Click here for more detail via Redfin; as we write, there are not yet any pictures.)
The price doesn't seem particularly outrageous. After all, before the mortgage meltdown, this is around the price someone else offered. And yet, today, this home would also fit just fine in the $1.6m tier. It would be a deal at $1.4m-$1.5m. How aggressive can the new owner afford to be?
And here's your chance to bet – both
1313 Oak and
601 Larsson were pitched in recent weeks as short sales.
Will either one wind up sold that way, or will we just see them again next year after the banks take them back?
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 November 30th, 2023 at 3:01pm PST. 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.
