69 Mallard DriveThat was then, this is now
When this place was listed as land in September 2004 at $899K, it sold via a bidding war in mere days for $952,500. Ah, 2004! The new owner built a spec house and in November 2005 offered it up at $2.575 million. It took a year (usually a sign of trouble, no?) but it eventually sold, in November 2006, for $1.960 million, or 76% of its asking price. That's a reflection, I think, not of a crumbling market but rather the house's location on a busy street; for the most part, 2006 was a good year for real estate. The buyers seem to have forgotten this lot's history and must surely have cut off their newspapers and stopped watching the news because they've listed it today for $2.495 million, 27% more than they paid for it back then. I wish them luck, naturally, and I'm awed by their optimism.
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2 comments:
I know you can't judge a book by its cover, but that sure doesn't look like $2.5 million to me.
I agree with Chris - that's an awfully optimistic (translation: foolish) price point. Expecting a 27% return when they bought just a few months past the peak of the market? I think they would be incredibly lucky to get back what they paid for it. I suspect it will eventually sell for 1.75m, and that would still make it the most expensive house on that street by a lot.
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