Help! I've fallen and I can't get up
607 HILLSIDE WAY, SAN MARCOS, CA
This beautiful 3419 sq ft home with 5 Br and 4 Ba was purchased on 4/14/2005 for $785,000. A little over 16 months later (8/7/06) the seller decided to sell the home for $860,000.
I bet this seller told all her friends how easy it was to make a quick profit. I can just imagine:
"Yeah Julie, remember that house I bought last year? Yeah that one. I just put it on the market for about a 100K more that I paid for it. Oh ya it should go fast, there are so many idiots out there that think we are running out of homes."
Well, well, well...........not so fast. 55 days after listing this home this seller has dropped the price $185K to $675K. Looks like someone's 100% financed ARM is causing fits. No worries and take heart, you will not be the only one to suffer this fate for many already are lined up.
Are you next? I'm watching.
1 comment:
Another great posting that suggests just how inaccurate zillow prices (and our own conceptions of current real estate prices) might be...
zillow estimate: $889,817
asking price: $675,000
that's a 24% difference. but according to zillow this house has risen (?!) in value since the seller put it on sale. disconnect, anyone?
(see for yourself here: http://www.zillow.com/Charts.htm?chartDuration=10years&zpid=63141526 )
Post a Comment