Can we close a RE deal in hours or shorter?
A Real Case (III): No Upset Housing in Some Areas of Southern California?
12-06-2007 16:20
Just got back home and receive an email alert from an asset management. Here it is:
| Posting Type: | Agent |
| Property Type: | Single Family |
| Address: | 6**2 M******* AVE SAN GABRIEL, CA |
| View Map: | |
| Bed / Bath: | 3 / 2 |
| Year Built: | 1967 |
| Square Feet: | 1502 |
| List Price: | $550,000.00 |
After a few clicks, Here is the sold date and price:
| Recording Date | 05/02/2006 | |
| Land | $530,400 | |
| Improvements | $132,600 |
Now, the listing price is $550K. Take 10% off to reach its possible market price at $500K. Obviously it is 25% off its peak.
I was in that neighborhood almost everyday. At the first galance, it is amazing. As you know, generally a foreclosure Katrina will hit condo market hard first. How could a single residence lose its value so fast in that seemingly foreclosure-proof area? But I knowit is a county P.O. property with no sidewalk, not a real city property. It has very good city convenience to all, but it is in a bellow average neighborhood surrouding by 5 cities. Who's going to buy it at $660K with his sanity?
Well, after checking its parcel map, it is a flag property in the rear back small part. I assume it is not good in its apperance too.
Keep you guys posted on the development in San Gabriel area. Now, the property reminds me of my previous article Can we close a RE deal in hours or shorter? I would like to share you a real case. It is so funny that I close a real estate deal in FIVE minutes. No, no typo. It is truly FIVE minutes for me to make $300K in 2 years.
Sorry, I feel a little tired. Let me take a nap. I promise, the real story will be continued and finished in one day.
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