A reader sent in an update on 2815 NE 57th Ave. (see previous post).
Quick summary: The house sold for $485k in Dec 05, after only 2 days on the market. It was bought back by the bank at auction in August 2007 for $400k.
The bank initially listed the house at $339k in May this year, and it just sold for $285k in July, after 62 days on the market.
For those keeping score that's a 41% decrease from the previous (fishy) sale at $485k.
It's also a 16% reduction from the recent listing price of $339k.
That comes out to $96.54 per square foot of finished space, way below recent rates, which according to Trulia have been closer to $200 / square foot.
I'd say it's fairly priced, if not cheap. Granted it's not oozing charm, but it is over 3000 square feet and has been redone recently, hopefully properly.
Granted this is a foreclosure, but if that's the new going rate for price/square foot, a lot of people are in for a shock.
Thanks for the update James!
