Monday Morning Market Update – Week Ending November 29th, 2009

Click Here to See Graph
Click Here to See Graph

Good Morning Everyone – Hope you had a Happy Thanksgiving!

The market statistics this week reveal 9 new listings. Several of the “new” listings this week are re-lists and oddly, one of them was actually re-listed at a HIGHER price. Hmmm……Not sure that this is a good strategy in a declining market.

Being able to see the “history” of a listing is immensely valuable. It lets you know what a person paid for the property, when they bought it, how many times it’s been listed for sale and what the various prices it’s been offered at have been. This is one of the many benefits that you get by working with a realtor.

Take the “new” listing located at 1776 Canterbury for example. It was posted with no photograph. I went to the history tab (a benefit that realtors have at their fingertips) to see what had been going on with this property. Guess what I found? The property has been listed on and off since June 2006 and originally started at $1,495,000! The “new” list price is $749K — Wow — that’s a $746,000 reduction – amazing. The house is zoned for either commercial (office space) or residential and has most recently been used as an office. I would include a link to the property so you could see all about it, but there’s no photo (I plan to write a post about that tomorrow) so it’s hard to know what you’re looking at.

One of the two pending sales is a house I wrote about in my blog about the Goal Post Sandwich Shop. Located just down the street from there, the house is a darling 3br/2ba home with a one car garage on a nice street – I felt it was a good opportunity and would sell quickly. I was right — it was on the market only 42 days before securing an offer.

Out of the 5 closings, three were bank foreclosures at VERY LOW prices (under $100K).

There’s been a nice price reduction on Woodmere Road in Fairfax Manor. Fairfax Manor is a little pocket of homes situated between Herschel and Woodmere streets and is between the neighborhoods of Avondale and Ortega. This little brick bungalow has 3 bedrooms but only one bath which is why I suspect it’s been a hard sell. Now priced at only $176 per square foot, it should attract someone’s attention that’s willing to add a second bath! To see the details of this house, click here.

None of the other price changes jump out at me at great opportunities so that’s a wrap for this week’s report.

Thanks for reading, please join me for my next report on the state of the real estate market in Avondale, Ortega and Riverside!

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