Saturday, June 28, 2008

1606 Grove Road - Open House



MLS #444991
3 Bedrooms, 2 Baths
Year Built: 1953
Sq. Ft.: 2,130
Acre: .50


Open House: Sunday, June 28, 1-3pm.

This brick Cape in Meadowbrook Heights has been on the market since before 2008 began, as we told you at length in this post a month ago.

The Asking Price has been reduced from $380K to $360K, from the original $410K.

The current Listing states that this house is "back on the market" because "Purchaser failed to perform."

Um, O.K.

We're going to stand by our initial impression that this house should have an Asking of 2004's Median Price, which is $240K. We guarantee this would cause a "bidding war"--and seller would make a little coin.

But of course the opinions of Real C'ville - The Bubble Blog are occasionally just plain silly.

7 comments:

Larry said...

if this house actually were 240K, it would be w/in traditional price reach of the average salary for an assist prof at a pub school, which is 65K, according to insidehighered.com

but these numbers go back to the day when wage rate/house pricing was traditionally 4x salary

never to be seen again & certainly not in the hook unless there's a world wide depression

TJ said...

The CAAR listing actually says "Purchaser failed to perform."

Thought you guys were exaggerating!

I'm dubious just like you.

Montpellier said...

Larry -

I believe you're wrong - that pricing was available in 'the hook' in 98-00. It will return.

I think that means the purchaser was unable to sell their old house or obtain financing. Reality intrudes...yet again!

brooklyn bob said...

montpellier,

missed you for a few days there!

larry, i think Montpellier's correct...if you read some of his other comments, he's big-picturing the c'ville market as well as the nat'l market....

that house & location (i've been to an open house) is at best a 240K place...they'll be lucky to get that in this market

Pavel said...

So this house just went under contract. I thought it was supposed to be reduced to $240K before getting any further interest? I guess the "low enough" price is not as low as some wish. We won't know the final price until it settles (if this contract goes through).

Real C'ville - The Bubble Blog said...

Pavel,

Kudos for going under contract. We don't like being right "all" the time.

Hope you're the buyer's agent and making some dough!

Come on back and add more comments. We've visited your blog, and know you have things to say.

Pavel said...

Thanks.. no I'm not involved in the transaction, but saw it go u/c in MLS. I like my "Pavel's Picks" section... I'm getting a steady interest from subscribers and so far it looks like all the picks go under contract fairly quickly.