I have a friend that lives not too far from there. The area is a little seedy. Mobile home storage place not too far down the street. I think it’s priced high, even at 580. I remember seeing this one on the market way back when and I laughed. Seeing it defaulting is not surprising. There is another one for sale on that street for 570k that I wouldn’t be surprised to see reduced significantly at the end of the year. Whatever this sells for, it will bring down the comps and all the others at year’s end will be much lower. Says orig. loan amount is 468k.
Judging from the chart above, I’ll wait. Hopefully soon it will be more realistic. 300k, my magic number for this neighborhood. Fixing up doesn’t matter to me, not to justify these prices.
