Good Deal or Not? Update
03 December 2008 10:07 PM | By Prince Of Petworth in Good Deal or Not?, Neighborhoods - Petworth, Real Estate - Petworth
We debated whether or not this home at 23 Rock Creek Church Road was a good deal or not back in October when it was on the market for $325,000. Thanks to a reader for sending the update that it had sold. And it sold for $209,766. Holy cow that seems like an amazing deal, yeah?
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03 December 2008 10:50 PM | Anonymous Said:
since you are going semi pro… i think this should be a regular thing. updates when good deal or nots sell.
03 December 2008 11:34 PM | Anonymous Said:
That’s gotta be a typo or major foreclosure or something. Or that toilet overflow was rather significant!
03 December 2008 11:53 PM | Anonymous Said:
from the responses, that was not worth buying at ANY price. I’m thinking of the Tom Hanks movie Money Pit
04 December 2008 12:45 AM | Lauren Said:
I 2nd Anon 10:50pm — GDON? Updates would be awesome.
04 December 2008 12:58 AM | Prince Of Petworth Said:
This is definitely something that will become a new feature given my new status! I’ll start with at least one update a week.
04 December 2008 7:26 AM | MandarinZazz Said:
if you pick the final sale price between $5,000 do you win a t-shirt?
04 December 2008 9:05 AM | Steve Said:
Maybe not but the sales information. It gives me real estate devaulation anxiety!
04 December 2008 9:21 AM | nate Said:
At that price, you should track it to see what they eventually end up doing with the home.
04 December 2008 9:25 AM | Odentex Said:
That’s right across from the bus stop and nearly every dog that passes by in the morning pees there.
Possibly a bad sign?
04 December 2008 9:57 AM | vonstallin Said:
Such an odd selling number ($209,766) is that the norm to see houses sell with non rounded numbers like $209,770, $209,800 etc??? I have only brought one house so I don’t know, and I cant imagine me bargining all the way down to the last 6 dollar figure.
04 December 2008 10:07 AM | hipchickindc Said:
It looks like the $209,766 came off the public records and it was the bank selling the property to itself at auction. (Don’t ask me to ’splain this. It makes no sense.)
Here is the recent MLS activity showing the previous listing that was withdrawn in October, and then the current foreclosure listing that shows the property went back on the market and is now under contract (it was listed at $219,900…won’t know what it sold for until it goes to settlement).
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=28037743531
04 December 2008 10:13 AM | hipchickindc Said:
By the way, per vonstallin’s comment, there was a study done a few years ago showing that houses priced at odd numbers were more likely to sell at or above the listed price. I typically price with a 900 or 999 on the end, but sometimes Sellers want to use a specific number. I was in one a few weeks ago where the agent told me the number at the end came from the kids’ birthdays.
04 December 2008 10:40 AM | $ ?? easily swayed Said:
a much much smaller scale, like buying a sweater for $67.50 feels more reasonable than $70.00
04 December 2008 10:48 AM | vonstallin Said:
Good points, I guess with the Housing Market getting real ugly, you need to use every marketing strategy available.
04 December 2008 11:25 AM | hipchickindc Said:
Oh, we priced that way during the nutso market, too
04 December 2008 12:08 PM | OB Said:
My friend bid on that house before the toilet overflow and rescinded after the overflow. It was quite bad- multiple floors bad.
04 December 2008 12:46 PM | Steve Said:
hipchickindc – I think the foreclosure rules require the bank to auction the property. If it does not sell, then they “buy” it back. The amount is that which was owed on the note Had something similar happen to the house next door to me. I called the auction house to ask what was up with the auction, that that is how it was explained to me anyway.
04 December 2008 12:47 PM | Davey Said:
If it’s in unlivable condition, has had leaks, and needs major repairs (new hvac, new wiring, etc), then the price doesn’t seem that ridiculous. It could easily be a $200,000 or more renovation. A renovated house around there in the 400s seems more or less market value, no?
04 December 2008 1:26 PM | hipchickindc Said:
Steve, that sounds about right. I’ve seen some very weird numbers on the buy backs, though, and don’t know if particular banks record the buy back differently for accounting reasons.
04 December 2008 3:41 PM | Steve Said:
I have no idea about the accounting, but I bet if we went on DC land records we can find out what the value of the note is.
04 December 2008 4:03 PM | hipchickindc Said:
I’m sure you can, but what sometimes complicates the numbers are second trusts (either with the same bank or another), as well as renovation loans (in some cases set up as a second), as well as third party liens (like taxes, back condo dues, etc.)
04 December 2008 5:38 PM | Steve Said:
I also suspecet the transaction is to write down the financial loss as well as to take clear title so the bank can put it on the market. I will look it up and see what is in there.