Thursday, October 13, 2011

1612 Grove Ave - C'ville Foreclosure Re-Listed For Sale At Market Price - $265k

Why is this foreclosure listed at market price?  Since the backyard abuts the 250 Bypass, some buyers would say it's actually listed above market price, enjoying as it does the passage of 40,000+ cars per day.

This property was Re-Po'd by the FHA in June for $133k.  Folks buy foreclosures because banks (or the government entity on which they've dumped their bad mortgages) slash prices, typically 20-30% below market (local example).

Here's another local example of a market-priced foreclosure.  These may be the last halcyon days of such a pricing  "strategy."  There's a foreclosure surge coming. 

Maybe a buyer will take the WSJ advice on lowballing for this one.

1612 Grove Road, City of Charlottesville, VA
(click on image for larger version in new window)



Map

Images copyright CAAR and Google

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