Here is a list of some properties we profiled the last 3 months. Some have been sold and many are still… not!
35 W. Norman – Listed: $1,338,000, Sold for: $1,100,000
31 Woodlan Ln – Listed: $1,724,980, Sold for: $1,667,500 after 350+ DOM.
750 Arcadia Ave – Listed: $558,000, Sold for: $540,000
707 Joanquin Rd– Listed: $699,000, Now listing for $829,00 ~WTF
930 Panorama – Listed: $1,175,000 , Now listing for $998,000 (270 DOM)
1642 N. Santa Anita – Listed: $928,000, Now listing for $878,000
Most of the listing we profiled since January are still on the market, unsold and reflecting multiple price reductions. Many of the listings have been “refreshed” by the listing agent so the “days on market” figure is actually lower than it is.
In addition to the existing re-sale listing, we’re seeing more REOs and shortsales coming onto the market. As this article from The New York Times state, even Prime mortgages are seeing a spike n foreclosure activity.
Oh look here – It seems like California is leading the way again in distressed properties.
Update on 1031 W. Foothill Blvd– I talked to the broker on Friday to understand the seller’s price expectations. I bascially said that if seller would come down to $1.6M, I would be interested. Broker claimed that there was somebody who was putting together an offer at “close” to the $2.0M asking price, and that the seller wasn’t interested in selling at a price lower than what they owed on their loan. (Remember– they bought in July 2005 for $1.7M, and have since put some additional money into the house.)
Translation: Anything less than $1.7M and the seller isn’t a seller. That, of course, assumes that the seller can actually afford the carrying costs after the inevitable reset (potentially as soon as this July, though they might have gotten a 5-year fixed period, which means they could ride it out for another couple years).
I’ll be very interested to see whether this moves at that price.