Short Sale in Coronado

User Forum Topic
Submitted by eagleeye on September 14, 2007 - 2:51am

SD Realtor, Can you help me with this one:

705 H Ave just came on the market listed as a short sale for $1895000. This asking price is above market value. I remember when the house was built just a couple of years ago. The original home (701 H) was sold for $1780000, demolished, split into 2 3500 sq ft lots and a house was built on each lot. I can't remember what they each sold for. One may have been sold and the other retained by the buyer of the original 7000 sq ft lot. The house(s) did not sell for anywhere near the current asking price. I'm not well versed in short sale but doesn't it imply that the bank will take a loss on the sale of the property? Is there a way to find out how much is owed on it? I don't understand why it wasn't listed for sale earlier in the season by the "owner".

I'm starting to feel like Coronado prices will never drop. It's very discouraging.

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