Wednesday, July 22, 2009

How low the r.e. market was, and how high it went, as "seen" by one condo

Here’s a great example of how low the local real estate market used to be, how high prices went, and how it has now come back to earth. The unit is an 1110 sq. foot 2 bedroom, 2.5 bath in an 8-unit building in Burbank, and is nicely done inside. It's obviously not one of the new, glamour condo projects built in the last three years, but it is nice. It features low home owners association dues and a shared, subterranean garage.
I was involved in these sales, either representing the buyers or sellers or both, for a number of years and yes, that it unusual. The prices were always right in line with the comparable sales of other similar units.

-My first involvement with this unit was when it sold to clients Melissa and Phil for $145,000 in March 1998.
-Next, Eric and Jennifer bought it in October 2000. They paid $190,000.
-Then, Jade and her partner, George, bought it from Eric and Jennifer in 2004 for $390,000.
Jade and her partner, George, never lived in the unit. They rented it to a nice family from Canada instead.
-In 2007, Jade and George sold it for $435,000 to the current owners, and my involvement with this unit finally ended.
-It came back on the market earlier this month as a short sale for $299,000 and is now in escrow again.

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