A $100,000 Reduction on a Beverly Glen Condo

This condo at 1875 S. Beverly Glen, #303, somehow turned into a short sale, or “short pay,” as the listing states.  It last changed hands in 1994, for $270,000, so to become a short sale, there had to be some cash-out refis along the way. 

The two-bedroom, three-bath unit with 1,507 square feet hit the market in April with an asking price of $729,000.  After a couple of little reductions to $699,000, the owner decided to show he/she meant business and this week slashed the price $100K, to $599,000.

Keep in mind, though, that short sales are never a sure thing.  The lender has to approve any offer submitted, and this price may not be accepted, particularly because it’s a pretty good deal for the area.  Here are some comps:

1825 S. Beverly Glen, #207
Sold for $680,000 on 9/2/08
2BR/3B/1,514 square feet
Notes:  This unit up the street is nearly identical in beds, baths and square footage.

1920 S. Beverly Glen, #104
Sold for $720,000 on 5/23/08
2BR/3B/1,380 square feet
Notes:  Less square footage than our short sale, for more money

1950 S. Beverly Glen, #204
Sold for $585,000 on 6/24/08
1BR/2B/1,556 square feet
Notes:  Lots of square footage, but only one bedroom.