Comments 1 - 2 of 2 Search these comments
Wow. This listing went pending last week. Today, it was updated with the listing price set to 410K. That's a full 106k over the recorded auction sale price. It explains why people are jumping in to the foreclosure flip business. It also makes me wonder whether we'll start hearing the "It's a sellers market. Buy now before you get priced out" in the bay area sooner than we imagine.
Ofcourse, all of this could be someone's error. Given what I'm seeing of inventory in general, it seems to be very easy for someone to feel desperate and say "I must have this property or I will never get one". A low inventory this spring/summer in the Bay Area will cause things to get VERY interesting (and tilt the balance even more heavily against buyers like the ones on this site).
Notice that this house has been in motion throughout the year. Flippers are back. And suckers are too!
I went to this open house a week ago. The property was bought by a real-estate investor for ~300k and listed for 385k. Looks like someone thought it was priced well (went pending immediately). The agent at the open house said that they had 80 people walk through the home in one afternoon. The unit itself overlooked the train tracks and you could probably see the train pass through from the living area and master bedroom. In addition, the master bedroom has views of something like an industrial area with graffiti clad walls. The HOA apparently does not have any litigation. The complex is close to downtown (by car) and near 101. To access the complex, you will need to drive past some areas that are not as nice as the complex itself. The complex is right near bernal park. Guest parking is limited.