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Tale of Two Sales in Seminole Heights
January 28th, 2008 categories: Tampa Real Estate, Seminole Heights Homes, Short Sale Information
Pay attention to the sold dates in chart above. These sales, just 20 months apart, are for the same home in Seminole Heights, a beautiful Spanish style 2/1, on one of the nicer streets in Seminole Heights. This is a fine example of what happens when the bank takes ownership.
Purchased at the peak of the market in early 2006, the buyers paid more than asking price and then lost it in late 2007. The bank quickly let it go for $185k, the same price it had sold for in August of 2004. A price correction of about 33%.
2 Responses to “Tale of Two Sales in Seminole Heights”
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Lenny - Do you have any idea what the home would have sold for if it had not been a foreclosure? If the seller could have waited 6 months for a sale, would they have still lost money? Thanks so much for your opinion (I know you don’t have a crystal ball…)
Liza,
That particular property had been listed since last July when it started at $250k. The price dropped every 2 weeks or so by $10k until they found the sweet spot. The bank obviously wanted to rid themselves of it. With these market conditions banks don’t want to hold anything for too long, sort of like a hot potato.