Areas like Rancho Santa Fe are prime for sellers who list at reasonable prices. The REOs look GREAT when there are so many houses not selling (344 detached active listings today in the Ranch), and besides, everyone in Rancho Santa Fe wants to steal one from the bank!
This 3,148sf one-story house in the Covenant (south of Paseo Delicias) sold for $3,595,000 in August, 2006.
It was foreclosed in May, 2009 when no one jumped at the $1.8 million opening bid, so the lender notched down, and listed for $1,599,000 on July 17th, about half of what it sold for three years earlier.
It closed for $2,090,000 on September 1st, a whopping 23% OVER LIST PRICE!
Here’s a video tour:
All it takes to sell is a reasonable list price!