Camino De La Dora are some stubborn sellers! They have been on the market since 7/7/06. Now they tried to get 2.3M back then and have moved the price down to what you see today. They are the 3rd cheapest home in Cielo besides Amancer and Amatista.
On a price per sq foot it is a much better deal as it is 1000 sq feet bigger.
Now, what would a fair price be? hehehehe… well the other two sales on the street, 7879 and 7992 were for 1.85M and 1.85M respectively. Get this though, 7879 sold for 1.85 back in 7/31/06 and is 3719 sq ft. 7992 sold for 1.85 back on 4/16/07 and was 4535 sq ft!! So you can see the value on a sq ft basis has gone way down. It is arguable that 7819 does compare with 7992. Now without really doing a more thorough analysis and going out to look at the property, you could give them a lowball offer at 1.55-1.6 to see if they would respond.
Now I am sure everyone here will tell you how they wouldn’t pay nearly this or that for these homes. My advice is based on the reality of the situation… if you do really want this home and you are a serious buyer then you need to tread lightly, you want to get a good deal but not piss them off. Also it is not know how motivated they are. We would need to study more about how long they have been there and such. Actually they should be motivated as they bought in 05 for 1.8M. They have refinanced and are pretty much up to their nose in debt. A first mtg for 1.44M and a second for 180k back in 2/4/05. Then a refi on 10/18/05 for 1.65M then a second for 200k on 3/20/06.
Unless they have cash to come in at closing this will be a short sale. So they may not even be able to negotiate under a certain level as they will need authorization from the lender to sell short… Since they don’t have much equity in the home, they may be content to let it foreclose.
gn if you want to put your email on the post I will send you more info about this place.
