April 6, 2010
45 Rosewood Returns, Has The Dream As Well?
As we wrote in March of 2009:
Purchased for $1,589,000 in June of 2006 and then remodeled, 45 Rosewood Drive is back on the market up in Monterey Heights and listed for $1,595,000.
While the listing notes "A dream home!" we have a funny feeling zero appreciation over the past two and one-half years and after a remodel isn’t exactly the kind of American dream many were recently sold. That's assuming a sale at asking of course.
The asking price was subsequently reduced two times and then withdrawn last June when asking $1,495,000. And as a plugged-in reader notes, 45 Rosewood Drive is now back on the MLS with an official three days on the market and asking $1,450,000.
∙ Listing: 45 Rosewood Drive (4/3.5) - $1,450,000 [MLS]
∙ Can You Be More Specific On The Kind Of Dream? (45 Rosewood Drive) [SocketSite]
First Published: April 6, 2010 6:30 AM
Comments from "Plugged In" Readers
it was the perfect American dream, but not for the current owner: who really made out well is the previous owner who bought with $75k of his own money and financed the remaining $675k, and sold to the current owner for $1.589M. That's an appreciation of $839k over 6 years, over 1,200% ROI!
Posted by: asiagoSF at April 6, 2010 7:14 AM
in American Dream class I don't remember any guarantees concerning 3 year holds. the focus was more on paying off your mortage and living happily ever after.
Posted by: steve at April 6, 2010 7:55 AM
The values of the American people have been turned around by those in control.....Banker's, Financial institutions, media, politics and other influences. See Michal Moore's movie " Capitalism: A Love Story".
In Europe, So. America and most countires throughout the world, if you could not afford to buy your housing with cash, or were given a property from your parents, you simply rented....end of story.
I digress................nice house !
Posted by: radar at April 6, 2010 8:37 AM
Not true. The housing financing crisis hit parts of Europe hard.
Posted by: anonn at April 6, 2010 9:15 AM
Yes........but only due to the buying of our bad debts as 'future profits'
Mortgages offered in other countries in the last 20 years is a new concept.
It's back to basics 101 folks.....live within your means, pay down your mortgage with extra payments if possible, carry no credit card balances and save for your future. Banks are not your friends
Posted by: radar at April 6, 2010 9:33 AM
"American Dream class"
Points for that :)
Posted by: Kurt Brown at April 6, 2010 11:13 AM
does this house have any windows?
Posted by: sheila at April 6, 2010 11:58 AM
$414/sf?? Hmm... the ceiling height in the home office pics looks suspect.
The windowage does look pretty spartan from the front, but beyond that, I like the look of the hood and the remodel certainly looks nice (though I have no idea about its quality.) I just couldn't deal with the weather in this area.
Posted by: kaya at April 6, 2010 11:29 PM
in escrow, off mls. the market is back!
Posted by: the man at April 10, 2010 2:50 PM
The market is back alright. If you give away a remodel that you had to pay for and suffer through, plus ten percent of what you bought it for, THAT market is back.
Posted by: tipster at April 10, 2010 8:47 PM
This place was remodeled after purchase in 2006 and then it was remodeled AGAIN after it failed to sell last year. Among other things, another bathroom was added - it's now a 4/4.5 rather than a 4/3.5 like the first failed sale. Check the permits - there are a ton. The owners got really hosed here....
Posted by: El Bombero at April 13, 2010 3:50 PM
Wow, the money they lost must have been staggering!
It's amazing to see the difference between the statements by the Realtors and reality.
Posted by: tipster at April 14, 2010 8:54 AM