August 31, 2011
The Rather Short Sale On Sotelo (That Took A Rather Long Time)
It’s been ten months since 56 Sotelo Avenue first hit the market asking $1,995,000 having been purchased for $1,900,000 in 2007 and then remodeled incorporating new wrought iron gates imported from South America amongst other updates.
Relisted, reduced a few times and eventually listed as a short sale for "$1,599,000," the listing for 56 Sotelo was withdrawn from the MLS on Monday despite having been in contract since mid-February according to the MLS.
Don’t fret if your "fussiest clients" never had a chance to see it, however, for the next day 56 Sotelo was listed anew with a new brokerage at $1,835,000 and an official "Days on the Market" count of one.
Yesterday, the sale of 56 Sotelo closed escrow with a reported contract price of $1,470,000, twenty-three percent ($430,000) below its pre-remodeled sale price recorded in 2007.
∙ 56 Sotelo Shortly Returns A Little Less Short [SocketSite]
∙ There Were Bids For The Before Will There Be Bids For The After? [SocketSite]
∙ No Bids So A New Listing And (Another) Reduction Up On Sotelo [SocketSite]
First Published: August 31, 2011 2:45 PM
Comments from "Plugged In" Readers
what neighborhood is that? Forest Hill?
nice but a small yard.
Posted by: wrath at August 31, 2011 5:02 PM
Among its various features illustrated on the website for this place, I love the airplane picture of downtown with the caption that says, "short drive to the city."
Posted by: EH at August 31, 2011 10:53 PM
This one still baffles me. How did they end up taking so much less than what it was in contract for; with a back-up offer to that contract, never show it again, and take a much lower number months later.
Posted by: sparky-b at September 1, 2011 8:50 AM
Since this property is down more than 10% from peak, and it's not a busy street, the only rational conclusion to be drawn is that the 2007 buyers overpaid.
Posted by: El Bombero at September 1, 2011 11:25 AM
Yes the 2007 buy did overpay, but he didn't overpay by $430K.
Posted by: sparky-b at September 1, 2011 11:35 AM
^ that makes sense. You can't really expect buyers to bother themselves with comps when deciding how much to pay for a measly little 1.9million purchase, can you?
Posted by: El Bombero at September 1, 2011 11:43 AM
The other possibility is that real estate has dropped more than 10% from the peak.
Posted by: lyqwyd at September 1, 2011 12:08 PM
Even with the huge discount, why does it seem like this is still not a great bargain?
Posted by: 94114 at September 1, 2011 12:55 PM
Well, I probably would have paid more than what it sold for, but nobody would ever let me into the house.
Posted by: sparky-b at September 1, 2011 1:05 PM
Sparky, don't you know that the markets is efficient in Socketsiteland? Individual circumstances mean nothing. One person wildy overbidss, heck, everybody was doing it! And it's a COMP OMP omp! For the neighborhood! A comp I tells ya. A comp! And nowadays, banks can sell things the same as good realtors, so it's all comps. Also, if it's one property, it's all of them. El Bombero knows this neighborhood really well too. ANd he always has great things to say. Come on now.
Posted by: [anon.ed] at September 1, 2011 2:34 PM
hahah. I tried to delete that and hit enter instead. Was just goofing off for a second.
Posted by: [anon.ed] at September 1, 2011 3:03 PM
Well, buyers certainly seem to get much better deals under the new paradigm! (or maybe, just maybe, they get better deals because prices have fallen a lot)
Posted by: A.T. at September 1, 2011 3:37 PM
"...don't you know that the markets (sic) is efficient in Socketsiteland?"
Not quite as delusional as the belief in flujland that 2007 never happened. I suggest "Baghdad Bob" as your next screen name.
Posted by: comps at September 2, 2011 12:39 PM
Sure. I'll take that name. On the condition that you pick one screen name and make a post that is actually about something, instead of changing your name all the time and solely talking @ me from the perspective of impressions formed four years ago. E-turn the e-page already, homey.
Posted by: firstname.lastname@example.org at September 2, 2011 2:09 PM