Lisa and Jim's Northern Nevada Real Estate Blog: WOW! 40% of What It Sold For Two Years Ago!

WOW! 40% of What It Sold For Two Years Ago!

185 SundanceWe just took a look at a home in Smith Valley, Nevada in preparation for an "Interior BPO".  What an interesting experience! 

The subject house was listed for $849,000 and sold in 2007 for $825,000.00! 

This beautiful home was recently listed for $354,800.00.  It's been listed twice as an REO with two different offices and hasn't sold in over 6 months! 

WOW!  40% of what it sold for two years ago!  This has been an eye opener of us!

We have gotten used to the reduced sales prices and lower values ... it's become common place.  Even at that ... this one took me by surprise!

Comment balloon 14 commentsLisa Wetzel • May 02 2009 07:57PM

Comments

Hi Lisa ~ Some of what I see makes my head spin around on my neck - or just feel like it does. It really does make you question what "value" means. 

Liz

Posted by Elizabeth Bolton, Cambridge MA Realtor (RE/MAX Destiny Real Estate Cambridge, MA) about 10 years ago

That is a sad sad story, someone lost $500,000 on this house? A half million Dollars. OHMYGOSH, and our government is giving the banks another boost.  so sad, so sad for the homeowner.

Posted by South Austin Real Estate Blog (Sky Realty South Austin) about 10 years ago

Very sad, for all!  This same storyline is being repeated throughout the country.  Some areas have started demolishing properties that are not selling! 

Posted by Dorothea Barr (RE/MAX BRAVO) about 10 years ago

 The sad part is that nothing is selling in the $300,000 and up range either, so it may sit.  I have one that is new, never lived in that has over $400,000 dollars in it and its on the market for $375,000 and we have not even received an offer.  Lots of lookers.

 

Posted by June Tassillo, Let me help you with the next phase of your life! (Owner/Broker RE/MAX Elite Realty) about 10 years ago

LOGO

Well, this is quite a market we are in now, we are certainly making history.  Remember, it may be sad for the seller but it is great for the buyer.

Sometimes Republicans are in office, Sometimes Democrats, In the past Progressive and Independents.

So, with real estate.  There has to be a buyer's market and a seller's market and sometimes a little of each, that is just business and the normal cycle of business and history.

If banks, can get off the fence and the government comes up with more programs like the 8000 tax credit and figures out a way to speed up the Short Sale, Foreclosure, REO liquidation then we can rolling on seeing home values rise again.

 

 

Posted by Monika Depalo, REAL ESTATE Agent/Stager (GAFF'S REFERRAL'S INC.) about 10 years ago

Liz - You are so right!  What is alue anymore?  I hate to look at my own properties!

Gail - My hunch is that the someone is us!  I't's probably the loan that is upside down!

Dorthea - Yes ... we know!  We haven't gotten to the point of tearing down brand new homes, I hope we don't come to that!

June - We just sold a house for $395,000.00 - first one in I can't remember when!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 10 years ago

Monika - I'm borrowing (stealing) your words ... with proper credit of course.  I've yet to read or hear a statement that so sums up the situation we are in!  

THANK YOU!  You Rock!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 10 years ago

Oh how sad...when will we begin to recover?  My heart breaks for all the sellers that are losing their back sides.  I am SO thankful to be in a good market.  I feel guilty now.  I need to let my sellers read this, when they complain about getting offers $5000 below list price.  Good Lord! 

Posted by Elizabeth Cooper-Golden, Huntsville AL MLS (Huntsville Alabama Real Estate, (@ Homes Realty Group)) about 10 years ago

Sometimes I don't think this is a good thing for buyers because the loss in equity is forcing sellers who did nothing wrong to have to compete with short sales and foreclosures as if this is the norm rather than the exception. We had a bubble of inflated prices. Now we have what appears to be a bubble of depressed prices. I'm still waiting for the main stream corrections to take place. The markets are very local but the trend seems to be forced. In all stats there are outliers. When I see a lot of conformity I always get suspicious because the outliers should be more random than what I'm peeking at... That's just me and like you I am very surprised about this home. Oh well... only time will tell... Gotta get to the hindsight part (LOL). 

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 10 years ago

ERCG, very true. I should let my sellers in on this bit of info as well. :-)

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 10 years ago

Amen C! ... Looking forward to the "hindsight" part! 

 

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 10 years ago

This looks like a great new listing.  Good luck in getting it sold quickly

Thanks

Don

Posted by D B, e-PRO, Realtor - Bucks County PA - 610-952-3578 about 10 years ago

It's a great house ... hopefully a new listing!  We'll see. 

I've been wroking on the BPO ... it's awefully difficult to justify some of these values!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 10 years ago

It is pretty amazing to see prices like that.  I do a lot of BPO's also and am seeing large price changes like that too.

Posted by Bill Somerset, ABR, e-PRO - Realtor - NH Real Estate Agent (Re/Max Realty Group) about 10 years ago

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