Here’s a deal we just closed on the last day of 2010. This sale is a text book case of the real estate cycle we are currently experiencing in our local short sale and foreclosure market. Here’s the life cycle of this property.
New construction in June of 2003. Sold for $237,800 to the first owner. The start of the cycle.
Sold to second owner in April of 2005 for $356,000. Getting close to the peak of the market.
Listed as a short sale in June of 2010 for $250,000. Well into the downturn.
Listed as a Fannie Mae foreclosure in October of 2010 for $190,000. Our offer of $185,000 was countered by Fannie Mae at $185,500 and we accepted. Property closed escrow on the last day of 2010.
$237,800 to $356,000 to $185,500. Start to finish. This is a very typical scenario that is playing out in the Wood River Valley and across the country.
My buyers are a great couple from Jerome that wanted to have a second getaway home closer to Sun Valley. My buyer and I actually met at a foreclosure auction at Amerititle in Ketchum.
The buyer profile was typical of today’s well educated buyer. They did extensive research into the foreclosure market and were very savvy about local market conditions. We previewed many properties during a lengthy search period that lasted several months. Once the right property was finally identified, we jumped and acted quickly to close escrow.
This home is a special Woodside property as well. With uncommon upgrades like stucco exterior, hardwood floors, tiled walk in showers, knotty alder doors and high end hardware finishes this property really stood out. Plus, the property as awesome exposure and backs up to a huge mountain of BLM land which makes the property feel enormous and private.
They made a terrific buy and felt really good about the purchase. Give me a call today if you want to feel really good, too.