Strange blips on the MLS

By Dave Fratello | May 17th, 2007

The MLS carried an odd listing today for, oh, several hours.

228 5th Place came up for sale, and then it was pending in no time flat.

You might think that's nothing strange – a nice house at a good price (for this market) could go fast. But check out the sale history:
New construction: 2004

Purchased 8/15/05 for $1.660m

Listed 2/23/07 at $1.700m (MLS #S943931)

Sale closed 3/23/07 at $1.700m

Listed 5/16/07 at $1.769m
That's right. This home had been legally in the hands of the current owner for 54 days, and now it was for sale again.

The new listing even featured modest remodeling:

The entire house has just been painted & perfected inside and out. The distressed Walnut floors have recently been buffed & stained, and also has brand new plantation shutters & window treatments so the house is in move-in condition.
One might infer that these tidy-ups were all that's been going on for 54 days – that not even toothbrushes were moved in.

MBC just knows there's a strange story behind all of this – the purchase at the peak, the recent sale at essentially the 2005 price, the sudden relisting and quick new escrow. MBC has featured other properties briefly held before being put up for sale again, but none have turned quickly.

There's a whiff of REO or relo here, but that doesn't fully add up. MBC invites your insights/info on the property, via comments or private email.

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