Friday, January 2, 2009

Danville Comp-Killer

Most of the time, market price declines are slow…like water torture rather than an all-at-once flood.

Sometimes, though, a lot of water spills at once.

This is an example of a sale that could  single-handedly bring down an entire neighborhood. (or zip code)

20 Madrid

This property at 20 Madrid Court, in Danville, is 3385 sq. ft. 4 beds, 3 baths on a 0.42 acre lot.

It was listed, as an REO, back on July 17th for $1,300,000. At the time, there were some fancier homes for sale in the same neighborhood for sale in that price range.

By October 21st, the price was all the way down to $1,000,400. On November 13th, they accepted some sort of contingent offer. By December 15th, they were officially “pending sale” in the MLS.

On December 31st, it closed escrow for $800,000!


Per the MLS, this house last sold in April of 2004 for $1,255,000. Before that, it was $610,000 back in 1997.

WOW again.

Congrats to those buyers!