Thursday, April 10, 2008

Reader Sightings: 5838 NE 14th

A reader sent this in:

"Listed at $270K, bought for $305K in 2006… ouch.

5838 NE 14th Ave, Portland

More details"

I also like Trulia's new feature that incorporates Google Maps into the page, which makes it easier to see if there is an ugly monstrosity next door.

I swear I'm seeing more and more short sales these days. I know they make up about 5% of the local market, but it seems like there are more out there.

10 comments:

juliestreeted said...

very interesting when you see it listed there as having over 2,000 sq feet while the history shows it as having only a little over 1,200. probably added in an unfinished basement, but buyers today are not falling for that little trick anymore.

Anonymous said...

Isn't it funny how we bubble-types get a charge out of this?

Buyers get the same charge when they read or hear about rent increases. It validates their decision to buy into this insane market.

Anonymous said...

I've seen houses with basements listed as having multiple floors.

bearlee said...

Yeah, my $30/month = $360/yr rent increase...ouch... vs $35,000 plus realtor fees lost in 2 years plus big blow to ego for ignoring the bubble signs...enough said.

PDXOutsider said...

julie, what's your take on listing total square footage, not finished square footage? I hate having to go out and check the claims, and I just assume everyone is inflating the size. I think it's a horrible policy.

juliestreeted said...

I'm not a big fan of adding unfinished space of any sort as 'living space'. Leaves open so many questions. With so many listings seemingly not being completely truthful with footage and whether or not it's finished, I advise my clients not to get their hopes up about a house prior to physically visiting it.

Having worked in various areas, I find that the RMLS is a very 'liberal' MLS, allowing agents to be liberal with what they enter into it. Throw in the fact that many of the houses over 30 years old have had some additional work done on them, and the information on the MLS is very difficult to decifer at times.

Sorry to hear about your loss Bearlee. Personally I got in more than one fight with my wife over selling properties in the past few years.

bearlee said...

Ohhhh, not my loss. I sold at the peak, last spring, made out damn good:O) I am talking about the house: Reader Sightings: 5838 NE 14th. You know, the post we are commenting under.

Anonymous said...

Soon rent will decrease. Why? Because of the increase in foreclosures and short sales. The market will be flooded with properties losing value. You think this property took a loss? This is nothing compared to CA, Vegas, PHX. PDX values are going to plummet with all of the short sales/foreclosure increases. People with non distressed properties will want to hold on until things bounce back. They will rent their home if it is empty. The rental market will flood thus decreasing rental prices. Look at all of the condos going from for sale to for rent in the pearl. Just wait....
Again, the people that are selling low now...are actually going to be a heck of a lot better than if they sell next year. Just wait...

Jamie said...

It's important to remember that this house's list price is NOT approved by the bank.

That means that any potentially interested buyers have about a 5% chance of a "full price" (e.g. around 270k) offer being accepted.

Basically, this agent does not know how to do short sales. You must get the bank to approve the list price beforehand, otherwise this price is just wishful thinking.

No WAY will this house sell for 270k. The bank will take it back and sell it before it will take a 50k loss from the current owners.

PDXOutsider said...

jamie, do you have more information about short sales?

I see lots of ads like this, a listing price less than what's owed, with the note "bank approval required." And I believe they make up about 5% of the houses on the market today.

I've also heard the same stats, that only 5-10% of these actually sell, so why do agents take them on? And why do sellers try to sell like this, other than sheet desperation?