Of Short Sales, Foreclosures, Fixers and Flips

crystal-ball.jpgA couple of blogs ago I wrote about Oakland homes going for over $1M, which are naturally concentrated in the swankier ‘hoods such as Oakland Hills (Montclair & Claremont), Rockridge, Piedmont (the town) and Trestle Glen. Many if not most of these homes are going for more than the last purchase price. But how many are short sales or foreclosures? And of those, what caused the short sale? A hoped-for-flip gone awry? A new homeowner in above his/her head? In the spirit of inquiry here are some homes to check out and ponder. Of those listed below, some are in the “swanky nabes” (i.e. Trestle Glen and Montclair Hills) whilst others are in the “moderately” swanky: less pricey than the swankiest, but nothing to sneeze at (i.e. Lakeshore and Glenview). Take 700 Calmar Ave., a property in the Lakeshore area. As I was perusing listings this morning I recognized it immediately since it just sold this past September. Although it’s going for over its previous selling price it’s currently just barely over. The home sold in September for $575,100 and was put back on the market barely 3 weeks later for $639,900. At this point, this property is listed for $599,900. That’s a difference of $24,800 from its last sale’s price, about enough to cover 1.5 realtors’ commission. Perhaps a real estate company bought it and was hoping to flip it? Or the current owner can’t hold onto the mortgage anymore? Either way, it’s likely to be a short sale soon.

Trestle Glen

Foreclosure & back on the market at warp speed: listed at $744,900 652 Valle Vista Ave. just sold about a month ago on 11/1/2007 for $778,728. It’s a 4bd/3ba and is 1862 SF. 

Lakeshore Area

Fixer & Foreclosure: $679,900 550 Fairbanks Ave., 3bd/1ba 1956 SF. Recently sold on 9/13/2007 for $665,000. It’s listed as both bank owned and a fixer.

Soon to be short sale? $599,900 700 Calmar Ave. 3bd/1ba 1510 SF. Sold on 9/13/2007 for $575,100.

Oakland Hills/Montclair

Listed as a fixer; judging from the last sales price, is also a short sale: $649,000 6201 Snake Rd.  4bd/2ba 2033 SF.  Sold for $675,000 on 10/26/2006.

Glenview 

Listed as a Foreclosure: $879,900 4335 Leach Ave. 5bd/2ba 2546 SF. Previously sold for an even $1,000,000 on 3/30/2006.

Piedmont (the town) 

Meant to be flipped? Or just an unanticipated quick sale? Currently listed for $1,795,000 333 Sea View Ave. a 3bd/2ba recently sold for $1,219,000 on 7/10/2007. Description states “Stunning Renovation”  except for the garage which is “As-Is”. Although not technically a short sale the timing seems a bit odd. 

Photo by andrewatla on stock.xchng