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)
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!
WOW.
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!
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