February 27, 2008

Big Dippers: February

Reductions, though no less sparse, have been this month more conservative than those seen in past months. As you might expect, a good many of them are coming from foreclosed properties.

450 N Holliston is an REO that saw cuts each consecutive month since it’s been on the market, dropping nearly 10% since listing at $385,000 in December. It’s a tiny property on a tiny lot just off Hill, north of freeway. It’s hard to believe that it sold for $560,000 in its heyday just two years ago. Ride that rollercoaster!

Building on that trend in this neighborhood, 570 Hamilton AVE is a very similar 2bed/1bath bungalow, also bank owned. $90,000 was sliced from its original listing price of $449,900, effectively reducing its asking by 20%.

Other notable price adjustments around Glendale and Pasadena this month:

GLENDALE
612 Lincoln AVE (foreclosure)
Old price: $499,900
Reduced to: $404,910 (18.9% reduction)
Beds: 3 / Baths: 1
SQ.FT.: 1,096

2311 East Chevy Chase DR
Old price: $849,500
Reduced to: $750,000 (11.7% reduction)
Beds: 3 / Baths: 2
SQ.FT.: 1,908

PASADENA
236 Crystal LN (foreclosure)
Old price: $449,900
Reduced to: $404,900 (10% reduction)
Beds: 4 / Baths: 2
SQ.FT.: 1,593

708 Earlham ST
Old price: $488,000
Reduced to: $425,000 (12.9% reduction)
Beds: 3 / Baths: 1
SQ.FT.: 1,080