Friday, April 18, 2008

The foreclosure 'discount'

This is as good an example of the nuttiness in housing that you will ever see. $640,000 for a 2 Bed, 1 Bath, 1,054 Sq. Ft. house, on a 5,000 sq ft. lot built in 1951.
Peter Viles at the LA Times has put together a collection of foreclosure listings in LA.
Viles features one house on his blog L.A. Land: The foreclosure 'discount': 45% in Glassel Park. Check it out! Here is another:
LA Foreclosure Property
FORECLOSED: GLENDALE

3732 Mayfield Ave., Glendale 91214

Agent's description: Bank-owned. Sold for $640,000 in 2007. Beautiful remodeled house on zero traffic tree lined street. Raised foundation, refinished hardwood floors, newer roof ... private yard.

• Sales history (from PropertyShark.com): Sold for $640,000 in February 2007.

• Current listing price: $449,900

• Discount from sales price: 29.7%
Note that the discount is to the asking price for the REO.
Here is the listing at Realtor.com. This is a 2 Bed, 1 Bath, 1,054 Sq. Ft. house, on a 5,000 sq ft. lot built in 1951.
 blog it

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