Costa Mesa Short Sale: Housing Price Takes a Roller Coaster Ride
Can you make sense of the price increases and decreases for the home at 1174 Boise Way in Costa Mesa’s South Coast Metro area?
Here is what is so confusing: At 1174 Boise Way is a1964 detached house with 3 bedrooms/2 baths, 1291 square feet, and no homeowner association fee. This home has been on the market for almost 500 days and is a short sale. In October 2004, this home sold for $540,000.
On July 10, 2008, it went on the market for $450,000, then, just two days later, it was relisted with a whopping $150,000 increase. This brought the price up to $600,000, but seven months later (January 16) the price was decrease to the previous $450,000.
So when this home didn’t sell, what did the owners do (or the bank required the owners to do)? Decrease the asking price? No, on September 15, 2009, they increased the price by $25,000. However, by October 25, 2009, the home had not sold at the new listing price of $475,000 and was relisted at $460,000
This was a lot of ups and downs just to arrive at an asking price that was near the original asking price that was listed over a year ago. The current list price is $460,000 or $356 per square foot.
A year ago the original price of $450,000 probably looked like a lot better deal than it does today. Perhaps if this home was left at the original list price of $450,000, it would have sold by now.
Listing History
- Oct 25, 2009 Price Changed $460,000 — CARETS #P646291
- Oct 25, 2009 Relisted — – CARETS #P646291
- Oct 20, 2009 Delisted — – CARETS #P646291
- Sep 15, 2009 Price Changed $475,000 — CARETS #P646291
- Sep 14, 2009 Relisted — – CARETS #P646291
- Jan 16, 2009 Delisted — – CARETS #P646291
- Jan 13, 2009 Price Changed $450,000 — CARETS #P646291
- Jul 12, 2008 Price Changed $600,000 — CARETS #P646291
- Jul 10, 2008 Listed $450,000 — CARETS #P646291
- Oct 20, 2004 Sold $540,000 20.6%/yr Public Records
- Mar 06, 2003 Sold $398,000 — Public Records