Selling Below Last Sales Price in Marin
When a property’s listing price is below the last sales price, it’s a bittersweet event. Looks like a great opportunity for the buyer but behind the door, you know there is a sad and humbling story of a homeowner having to say goodbye. Like how it’s shaping out in the rest of the bay area, the homes that are experiencing some fire sales are those located in the lower price point areas. In Marin, that’s being centered around San Rafael and Novato. Sneak a peek at four homes below that maybe attractive purchases for those who have been sitting and waiting. One weird trend – all these homes were last purchased in November 2005….. maybe it wasn’t such a good month….
2370 Las Gallinas Ave, San Rafael – 4 beds, 2 baths, 1,398SF – $689,000: In Marinwood, this Cape Cod style home is a REO property. Dropped from it’s original lisiting price of $725,000, the last owners paid $722,871 just a few months ago – in October 2007…or maybe that was the price the bank paid.
56 Almond Ct, San Rafael – 3 beds, 2.5 baths, 1,534SF – $599,000: The property description notes that the seller is VERY MOTIVATED. Movtivated enough that the current asking price has been reduced by another $50K from its last ask of $649,000 and $100K from its original list of $699,000. In a relatively new development west of the Civic Center, there are two other similar models that are asking $649K and $699K respectively. Last sale price was $666,500 in Nov of 2005.
10 Rudnick Ave, Novato - 3 beds, 2 baths, 1,389SF – $532,000: Also very motivated owners of this house in Novato. No pics except for the front. But looks to be a nice looking place to call home. Originally listed for $732,000, the current price was the result of a $100K price reduction from the last ask of $632,000, which took it below the $700K the owner paid for it in November of 2005.
68 Margarita Terrace, Novato – 2 beds, 1.5 baths, 1,118SF – $319,000: A nice looking, 2 story end unit condo that just knocked $80K off its last asking price of $399,000. Whoa! Also last purchased in November of 2005, it sold then for $497,000. Approved for a short sale.
