Wednesday, October 11, 2006

Update on 3022 Naatab

The please call... sign is now down.

But I can't say the asking price is down by much on this foreclosure.

The history I know about is as follows. New bubbleminium construction sold in March 2004 for $810,000. Mystery sale April 24, 2006 for $890,137. Listed by bank in June for $989,900. $5K got slivered off the price in July. Now there was another price reduction on September 26 down to $949,900. A total reduction off the June asking price by 4%. Best DOM estimate 120 days and counting.

This is a very patchy history, and I am admittedly a country bumpkin in matters of real estate finance - I like to keep things real simple. The flyer I have says "foreclosure" but I am trying to figure out what could have happened between April and June that this went into foreclosure so quick! The L.A. County tax assessor does not show a recorded sale in April. So maybe the April transaction was not a sale but something else, even though Zillow calls it a sale, and the real foreclosee was the party who bought in March 2004?

A resale back at about $810,000 would put the drop from original asking price at about 18%. I think that's very possible.


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