Good Morning Everyone — This is the first Monday Morning Market Report encompassing the first full week of 2010. As expected, the number of closings declined and the number of new listings increased.
Several of the new listings were re-lists so the ACTUAL count of new listings was only 7. No activity on houses freshly under contract (contingent sales). The pending sale of the week is a foreclosure unit at 1661 Riverside that I blogged about in November. There were three closed sales — the one on College Street was never listed in the MLS – must have been a FSBO that a realtor had a buyer for.
There were a staggering 22 price reductions this week but only one of them deserves a “shout out”. It’s a 4,000+ square foot house on the river in Ortega that was originally priced at $1.7M. It’s been through several price reductions and, this week, was reduced by another $150K to only $1,195,000 or $285 per square foot. Wow!
The house needs some work but at this price, there is more than enough room for the improvements it needs. It has several decks, a great fire pit near the river, a dock and boat house — just about everything you could want for graceful riverfront living.
Why hasn’t this house sold before now? My guess is that it’s not in keeping with what most folks in Ortega are looking for. The house has more of a seventies look to it than the brick and frame homes that are more popular here. My opinion is that with a different color stain, some white trim and a bit of interior fix up and someone would have real value here. If there’s anyone out there interested, please let me know.
That’s a wrap for this week. Thanks for reading and please join me for my next update on the state of real estate in Avondale, Ortega and Riverside.
Stats for the Week:
New Listings – 10 (To see the list, click here)
Active/Contingent – 0
Pending Sales – 1
Closed Sales – 3
Price Reductions — 22