[quote=sdrealtor]CAR
The one you pointed out is a short sale. They couldnt get it done at $1.3M becuase buyers in that range dont want to deal with the uncertainty of a short sale when they dont have to. They dropped the price about 300K tis week as part of that desparate attempt. This is a desparate attempt to get a short sale and in no way relfective of market prices. What you see is not always reality and I dont see homes in $1M+ range around 2000/2001 prices around here. Please provide examples.
The comp for the Camino De Orchidia house closed about 1 month ago at more than $1.5M. If the bank accepts $1M for this they are morons or quite possibly someone is writing a big check to satisfy junior liens out side of escrow that while part of the sales price wont be reflected as such. Personally, I’d place a side bet for a Juanita’s carnita burrito that it turns into an REO.[/quote]
Okay, look at the one on Meadowmist that is pending (that one’s been on and off the market over the past few years — this, in regards to the other thread). Also, there have been a few pendings and closed sales in the custom areas of older LC (with ocean views to boot, IIRC) that have sold for very close to 2000/2001 prices (maybe 10% over those levels, if that, which is nothing compared to the mid-level appreciation).
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There’s this one for that sold for $575 in 1993, and $579K in 1996…now listed for $995K. My guess is that it would have sold for around $800K-$850K in 2001.
Here’s a weird one. Sold for $500K in 1999, and is now contingent @ $650K (didn’t sell too quickly either, IIRC). It’s not $1MM+, but in a “desirable” area.
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This one sold for $2.2MM in 2001, and is now listed for $2.495MM.
This one sold for $525K in 1995, and is now contingent at $980K, after a number of reductions and many months on the market. I think this would have sold for around $800K-$850K in 2001.
Just wanted to point out a few that have had very little appreciation, comparatively speaking. As mentioned above, if it’s listed for around 2001 prices, it will usually sell fairly quickly.
As for the bet…make it margaritas at the local Mexican restaurant (near the ice cream place) and it’s a deal. 😉
