Remember this one from 18 months ago?

It’s the 4,453sf house in Rancho Carrillo that Wells Fargo foreclosed on when they couldn’t get $1,000,000 at the trustee sale.  Optimistic, they listed it for $1,100,000 in October, 2007.

In the first week they received an offer over list, and it closed for $1,175,000 in 12/07.

Today?

Back on the market, and just lowered to $998,000.

The new owners listed for $1,175,000 three weeks ago, so they must not have had many showings, if any, for them to drop so much, so quick.  But if they think they’re going to incite a bidding war, they need to handle this, seen only in the confidential remarks:

The stucco damage around the outside of the home will be fixed, as will the front door. 

Million-dollar buyers considering Rancho Carrillo may be reluctant to offer on what probably looks like a fixer, though this house does have a larger yard – will it be enough? 

Hat tip to doughboy for passing this along!

author avatar
Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

Pin It on Pinterest