Poking around through the listings in Chateau de Vie to see what’s going on is a bit of a hobby for me, aside from the fact that it’s my job. I love seeing what people have done with their homes over the years. A majority of the units in all of the Chateau de Vie communities are no different than the day they were built. While some of the styles of the past have become popular in certain settings, Chateau de Vie is one of those communities that needs to see interior revitalization. When I moved into my unit in Chateau de Vie 6, the only thing that was “new” were the updated appliances. I still had the old galley-style kitchen, much like most apartments, old particle board cabinets, wall mounted lights with exposed electric cords, ricket metal closet bi-fold doors, 30-inch cultured marble seashell counter tops and…
…well, like I said, most of these residences still have these wonderful “retro” features, but there are a few units that stand out.
Shown below are two properties in Chateau de Vie 5 that are being offered for sale. They are essentially the same property, except for their location, which is within a 30 second walking distance of each other.
On the left is 5857 N. 81st Street, first listed on November 5th of 2010 for $99,900, owned by Wells Fargo Bank, N.A. This property was surrendered to the bank at auction on September 13th, 2010. It appears that the owner of this property made no attempt to prevent foreclosure through a short sale. Wells Fargo has been trying to sell this property for 55 days.
5858 N. 83rd Street, which is the property on the right, and is NOT owned by the bank, was listed on February 2nd for $89,900 by the owner of record in response to what is most likely a financial hardship as it was originally purchased in October of 2006 for $255,000. Clearly, this is a property that requires short sale approval from the lender. It’s been on the market for 15 days, and it is already under contract.
(remember, short sales are my specialty, so if you need to know more about what they are, and how to do one, please contact me and I’ll answer any questions.)
-
- List Price $89,900
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- List price $89,900
So what’s the difference between the two properties? If you can’t see that with your own eyes, then you might need a new pair of glasses. The moral of the story? Well there are two lessons to learn from this.
- Lesson 1: A home that has been remodeled won’t always sell for more than the competition, but it will most likely guarantee that it will sell before the competition. The house on the right is much nicer than the one on the left, but we’re in a distressed market, and the bank owned properties are setting the tone for the short sale approvals.
- Lesson 2: If foreclosure is a reality in your future and you don’t make an attempt to prevent it through a short sale, you will find your home on the auction block and have a foreclosure on your record.
If 5857 had been put on the market 90 days prior to the September foreclosure date, it would have had a contract on it before the nicer property went on the market, and would have been able to avoid foreclosure. It is more likely in this distressed market, that the unit that wasn’t remodeled will bring a lower price now that the nicer unit has a contract at Wells Fargo’s asking price. If a remodeled unit can go for $89,900, then the foreclosure will continue to push the market prices down.
Jon Griffith
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Terrific article!! Very informative.
Thanks! Greatly appreciated.
Jon Griffith | REALTOR®
(602) 312-3262 T
(602) 535-3848 F
http://www.RealScottsdaleLiving.com
http://www.JonGriffith.com
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The Bank is Taking My House!
Is this a true statement for you? If it is, there’s hope for your
situation. When you go too long without paying your mortgage, your lender
exercises their right to call your loan due and payable in full, and they
issue a Notice of Trustee’s sale. This notice is public record, and its
design is to let you know that in 91 days, your house will be put up for
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I love looking at luxury properties, and every once in a while I poke around
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HomeSmart Real Estate
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I don’t just _list_ short sales. I _close_ them. Ask me how today.
Jon’s [10]Pick of the Week
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Historic homes in the Coronado District offer charm that is unparalleled in
any other part of the valley for the price. This week’s pick is a
wonderfully remodeled 3 Bedroom, 2 Bath single family home on 11th Street.
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