Monday, March 17, 2008

House Hunt Retrospective: House Number The Third

Behold, the third house we bid on. Here's the original post. I really loved this house because it is in a great location and I am partial to Spanish style homes. It needed work and it was quite small. It was listed for $675k. We bid $685k (Can you believe it? Me?! Bid over list?!) almost exactly a year ago today. Ultimately, it went to an all cash buyer with a crazy short escrow. It looks to me like the house is owner occupied and they did not tear it down. They just painted it mustard yellow.

The seller made out pretty well. Back in October 2004, she paid $492,636 (yeah, I don't quite get that figure either) with a $423k variable rate mortgage.

Here's what Zillow thinks has happened to this home's value since it's last sale. I think Zillow is smoking crack on this one. I doubt very much that this house would sell for more than $600k today.

I have to say that I am a wee bit disappointed that we didn't get this little house; even with all the market turmoil. It is a cute neighborhood and conveniently located. BUT, I'm sure something will better will come along with this all shakes down. N'cest pas?

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