Monday, September 29, 2008

1404 Westwood Road - Foreclosure - Was $315K, Now $278.9K

"The Housing correction will continue...and the impact of this credit crisis will be felt on our economy for some time," President Bush said this morning, when urging Congress to pass the Bailout as a start to reshaping the American Financial system.

Perhaps Comrade Paulson will authorize a purchase of 1404 Westwood Road, and millions like it, next week? It's been dragging down this bank's balance sheet for almost a year now, according to City records.

MLS #442361 (new MLS #, "new" listing)
1404 Westwood Road
4 bedrooms
1.5 baths
2600 sq. ft.

The Asking Price has "dropped" to $315K recently, which is $5K more than the bank paid for it. Why has this property been available for so long? Is it possible that buyers know something that the bank and the Realtor don't? Something about the pricing? A commenter updated the pricing the morning of the post: $278,900.00.


Anonymous said...

FYI: price dropped this morning to 278.9K: now That's A Coincidence!

Anonymous said...

So the Housing Bailout FAILED today.

Maybe because it doesn't do enough for struggling homeowners and they flooded their representatives with their protests?

This house, whose backyard shares a fence with the 250 Bypass, is a sweet example of Bubble pricing. It worked in 2005, it's a laugh today.

Today's price drop is what, 10%? Sure. Maybe that'll do the trick. Sellers are going to line right up.


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

Hey, you step away from the screen for a moment and things change. Thanks, anon.

Montpellier said...

Goodness! Now we're getting real! Jim Duncan has a post up this AM about Condo Haircuts at 1800 JPA - 30% avg.

I love the smell of capitulation in the morning!!!

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

Last listing was $244K before it sold for $239K on 3/25/09