Updated June 8, 2011
Sold (4)
LOT #81 MOUNTAINTOP Rd: 2011 sold price: $70,000, listing suggested it was priced $100,000 below true market value. Somehow I'm skeptical. If that were the case why weren't buyers lining up to pay even $50,000 less than market value.
1835 MARSH HILL Rd: 2011 sold price: $675,000; 2005 sold price: $875,000.
321 TREE TOP Way #76: 2011 sold price: $420,000; previous sale was $95,000 for the lot.
199 UPPER HIGHLINE Dr: 2011 sold price: $650,000, another former DC Development LLC property gone bad. Seller (was it the bank or previous owner?) also contributed a $19,500 seller subsidy. Original 2007 list price was $1,099,900. Previous "owner" same as another active short sale listings at 342 Lakefront Links and an inactive, previously-listed, short sale at 335 Waterfront Greens - Morgantown-based LLC.
Active (9+)
200 KENDALL CAMP Cir: listed in 2009 at $689,900 as the owners of less than two years were looking to flip the property to make a quick profit, less than two years later the list price has been reduced to $534,900 - well below their 2008 purchase price of $610,900 - and the listing reclassified as a short sale. Read more in this Deep Creek property profile.
438 MALACHI Way: listed in 2009, relisted in 2010, now listed as a short sale in 2011.
105 HAILEE'S Ln: listed in 2008 for $1,200,000; several price changes and nearly three years later, now listed as a short sale with a list price of $722,500. If someone had bought this house on the advice of local real estate agents in 2008 and wanted or had to sell the property today, they would be looking at an investment loss of approximately $1/2 million. Big commissions for agents, big investment losses for those who took their advice. Consider that next time you consider taking their advice.
164 SUSANS Way, price reduced April 10th.
19 BRIDGEVIEW Ln: previously a pending short sale, now back on the market, current list price: $435,000; 2009 list price: $549,900.
634 NORTH RIDGE Rd.
135 JEFFREY Ln Unit 19-A.
70 PARKSIDE SOUTH Ct: current list price: $975,000; prior list price: $1,295,000; 2006 sold price: $1,275,000 (sold by DC Development LLC to couple from Potomac, MD).
342 LAKEFRONT LINKS Dr: current list price: $825,000; original 2008 list price: $1,199,900. Now listed as a foreclosure.
Pending (3)
252 PARADISE HEIGHTS Dr: pending short sale, current list price: $995,000; prior list price: $1,195,000; 2005 sold price: $1,259,000. Listing mentions that property is turn key with rental income. So here's my question, if the current owner is collecting rental income why is this a short sale where someone other than the current "owner" is taking the investment loss (potentially even you and me)?
38 SHINGLE CAMP Ter: pending short sale, current list price: $999,000, 2006 sold price: $1,307,000. Reduced by $300,000 on September 17, 2010.
111 ROCK RIDGE Ln #10: pending short sale, current list price: $289,900, 2005 sold price: $358,900.
And there are more active short sales that I will track down as time permits. Another question to ask is how many of these sellers are hiding or diverting assets in order to get their short sales approved?? Otherwise, we'd have to assume all of these sellers are essentially insolvent and have no liquid assets that the banks/GSEs could recoup to offset their losses.
Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.
Wednesday, June 8, 2011
2011 Short Sales
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5 comments:
Thanks again Dan for the heads up on these deals!!! Want to get in there before the rates start creeping up. Already contacted an agent there but I won't mention their name as I'm not sure this is a very Realtor friendly page.
Ned,
Is there really a need to use this blog to spread your real estate propaganda? Doesn't your agency (I won't mention which one) spend enough on advertising?
As for your insinuation that you (sorry, buyers) need to get in before the rates start creeping up, that is just about the oldest line in the used house selling business. Furthermore, the myth has already been debunked on this blog in response to similar claims made by a local real estate agent in 2008. See this post: http://dansdeepcreekblog.blogspot.com/2009/03/several-comments-on-this-blog-has.html
Dan,
You have a point that that agent's timing was off in 2008 as were many people's. Had I been in the position to buy then I may have overpaid in the cycle but 2011 is not 2008. It's getting harder and harder to keep hiding under the desk when these deals are out there.
Respectfully,
Ned,
In your estimation, how much have prices improved from the lofty levels of 2008?
Ned,
You haven't answered the question, yet you have continued to submit additional comments. At this point we again have to question your agenda here and whether you may be intentionally trying to deceive the readers of this blog by posing as a potential buyer (particularly in light of your association with a local real estate agency).
That said, if you want to push your own agenda or that of your company (a marketing campaign to encourage more buyers, thereby driving up sales volumes and potential commissions) please do so on your site. If you have something valuable to add to this blog without misrepresenting yourself please feel free to do so.
Thank you!
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