If memory serves, I remember seeing this property a few months back while reviewing an appraisal of another house in that neighborhood. It was an active listing at the time, and I used it to impeach an appraisal of another tract home nearby that had been overappraised for $900k. Small world.
I see no indication in the public records of any sale between 2004 and the recent foreclosure. The bank currently owns the property. There was a listing prior to the foreclosure that said the owners were RE agents and the price might be subject to lender approval of a short sale. Obviously that didn’t work out for them.
There was a slightly larger model on that same street that just sold in 04/2006 for $730,000, so I imagine that would be one of the operative sales in that neighborhood right now, and I’m pretty sure there are others. So far, this foreclosure hasn’t yet been resold, or at least there’s no indication of that in the public records or the MLS. this latest trasnactions wasn’t a market sale so I highly doubt it will have any affect on pricing there. The expired listing only demonstrates that the market didn’t accept it as a short sale at $749k. For all I know it might be a mover at $725k. Or not. I imagine the bank will relist it pretty soon, so I guess we’ll see.
