Having been “thoroughly remodeled,” the single-family home at 1893 San Jose Avenue sold for $1,100,000 in March of 2007 financed with a first mortgage for $880,000. From the listing at the time: “This is more house than you ever imagined you could afford.”
Taken back by the bank three months ago with no bidders at $560,000 in cash on the courthouse steps, the four-bedroom Mission Terrace home is back on the MLS and listed for $699,900 (36 percent below 2007) with possession at close of escrow.
The sale of 1893 San Jose Avenue closed escrow today with a reported contract price of $723,800. That’s right, it’s yet another “over asking” sale, this time by $23,980 (3 percent). At the same time, that’s still $376,120 (34 percent) under its 2007 comp setting sale price, a tidbit that’s less likley to be touted in an industry newsletter or press release.
∙ A Bit Of Listing Irony And Circa 2007 Foreshadowing [SocketSite]