A Buck Will Get You…..

Prices are falling, but here’s a new low in Eagle Rock: A 4/2 for $1. Yep – that’s the listing price—one greenback. O.K., so it’s probably more of a publicity stunt that an actual selling price, but it does say a lot about the market in the Eagle Rock area. Prices have been dropping steadily, so much so that I’m seeing lots of decent-looking places now hovering at the $400,000 mark. This listing is actually a short sale and needs bank approval, so very doubtful if it will actually sell for less than the price of a cup of Starbucks. It last sold in Feb. 2004 for $553,000 and this time it has been on the market for a mere 5 days. Nearby comps show that someone could potentially get a good deal on this one - here’s 2/2 that recently sold for $728,500, and here’s a 3/3  that looks like it might also have been a short sale based on the odd pricing—$823,721.