I looked at a house last week that is 2,800 square feet, inlaid Brazilian Cherry floors, polished granite counter tops, etc.
It came available for sale in the spring of 2006 as a brand new house. It was first listed for $585,000. A month later they raised the price to $610,000. Nine months later it hadn’t sold so they dropped the price to $575,000. One month later they raised the price to $595,000. Three months later they dropped it to $550,000. One month later they dropped it to $500,000. Half a month later they dropped it to $470,000. A week later it was dropped to $450,000. Two weeks later it was dropped to $400,000. Two and a half months later (January of this year) the asking price was increased to $483,500. A month later it went to $450,000. Two days later it went to $460,000. A month later it went to $430,000. Two weeks later it went to $415,000, where it remains to this day.
But, in today’s market it is only worth about $375,000. And, it is bank owned.
Pacific West Appraisal Services, Inc.
pwas.net