Wednesday, May 16, 2007

4112 Nataab

4112 Naatab is directly across from me. I've posted about this property before, but I will refresh your memory. There was once a lovely 4 bedroom home that sat on this lot, over 2000 square feet, with a gorgeous leafy palm in the backyard. The property was sold to a builder in 2003 for $620,000. Two townhomes were then built. Unit A sold in late 2004 for $899,000.

To the best of my knowledge, the owners were in some kind of tax default in 2006, but I think they have caught up on their taxes. The annual property taxes are over $10,000 a year. The property taxes alone are two-thirds of what we pay in rent!

Unit A went on the market last August for $1,200,000. After a change of realtors the price was knocked down to $1,049,000 in October, then earlier this year knocked down to $985,000. I remembered thinking to myself that they would have to knock the price to down below $950,000 before they'd be taken seriously.

Well finally it happened. It is now reduced to $929,000. That's 22.5% down from the original asking price. March and April were very good selling months and they missed that opportunity to sell. Now that inventory is starting to pour back on they had no choice but to reduce further. I'll be interested to see what this poster child will finally sell for.


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