It is a great corner townhouse, with 2,505 square feet and it was on the market for more than two years because even the banks don’t know how to price their foreclosures. Originally it was priced at over $795k in January of 2007 so when it sold a couple of months ago, I knew it would be a market changer. This house was reduced to $479 by that time so when the sale price was published last week, I wasn’t surprised to see $400k.
For the buyers, this was a great deal. It needs work, but it has a three year old roof, a good location and is in a very pretty development.
It could have sold for more and sooner, if the banks had known the market, better. When a seller asks a high price, it doesn’t mean that the buyers will pay more, it usually means, they will ignore it until the price is much lower and by then the economy has changed, less money is available, and the price is lower than anyone thought at the beginning of this exercise.
There are great deals out there. Call me today to find a deal for you!