After two weeks on the market, the list price on 48 Cayuga Avenue in Mission Terrace was dropped by $100,000 (12.5%). And it’s now listed at $699,000. It’s not the “Major price reduction!” that caught our attention, however, but rather the “Please note purchase may be a short sale and subject to lender approval.” It’s recorded as last selling on 5/31/06 for $825,000.
And never mind the challenged location. Keep in mind that for the past twelve months, this property has been a local market/neighborhood “comp.”
∙ Listing: 48 Cayuga Ave (2/1) – $699,000 [MLS]