Sunday, January 25, 2009

235 NE 94TH AVE - 44% off in 2 years

This poor little house (RMLS# 9000296) lost 44% of its value in under 2 years. Bought for $232k in March 2007 (a few months before the peak) by an investor, it's not on the market for about what it sold for in 1999.

"Bought in 2007 for $232k and priced to sell fast! Mins to I-205 & I-84, max line & Mall 205shops. Updated kitchen, fenced private yard. Great first time home or investment."

The reader who send this in commented: "given its location and condition, it's probably still overpriced".

Given that it's in the shadows of I-205, he might just be right. I can't imagine what has caused the owner to lose that much value in that short a time.

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AllanF said...

$232!?! Holy Cow. I think that 2007 buyer might have watched one too many episodes of "Flip this House".

BB said...

Straw buyer. Fake profit. Fraud.

Rinse. Repeat.

Sad, but it used to be a crime called mortgage fraud, now known as securitization of debt and financial engineering.

That's my guess on this one...

PDX Outsider said...

BB, if you think this one was bad, I have another one that is even worse. Stay tuned.

AllanF said...

Yeah, I was being facetious about "Flip this
House". I think there were quite a few fraud sales out there. Which makes me wonder all the more at how bad places like S. California, Florida, Phoenix, and Las Vegas really were.