Friday, July 27, 2012

#610 Sets Record Low Asking Price

Remember unit #610?  That is the old David Ellingson unit.  A 3/2, 2nd floor end unit with a courtyard view.  (MLS#: 506123)

It was put up for sale by BAC HOME LOANS SERVICING for $74,900 which was pretty much expected for a foreclosed unit as they have been selling between 40-50% of their original sale prices.

So $74,900, with the O.S.P. of $178,200 purchased on 11/21/06 wasn't all that bad, even though Ellingson probably overpiad initially by about 10k. 

Well it didn't sell after 84 days, so now the price has been reduced a further 14%, to $64,000 and that is a record setting 35.9% of the original sale price. 

Original Owners who want to sell out have no chance against those foreclosed units that are going so cheaply.  No Owner would want to sell their unit for 35% of what they paid but the banks and mortgage companies just don't want to keep these units and will take the loss just to get them off the books.  Good news for the new Owner (it will sell quickly) but bad news for those of us who would just like to sell and leave.

Price History
Jul 25, 2012  0 days agoPrice Reduced: -$10,900 (-14.55%)  $64,000
May 2, 2012  84 days agoNew on market  $74,900