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Old 03-11-2018, 04:28 AM
 
Location: Mendocino, CA
858 posts, read 476,492 times
Reputation: 561

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Around 250K there were no buyers; but at 650K there was what looked like a potential sale that wen through. All happened within one year's time. Could it be as simple as what meets the eye?

Price History
DATE EVENT PRICE $/SQFT SOURCE
02/27/18 Back on market $650,000 -- James Warren &...
02/17/18 Pending sale $650,000 -- James Warren &...
01/16/18 Listed for sale $650,000+271% -- James Warren &...
10/26/17 Listing removed $175,000 -- California Out...
10/01/17 Price change $175,000-73.1% -- California Out...
07/13/17 Price change $650,000+271% -- Pacific Union ...
07/07/17 Price change $175,000-74.6% -- Pacific Union ...
05/19/17 Price change $690,000+247% -- Pacific Union ...
05/02/17 Price change $199,000-11.6% -- California Out...
03/21/17 Price change $225,000-10% -- California Out...
01/10/17 Price change $250,000-7.1% -- California Out...
08/15/16 Listed for sale $269,000 -- California Out...
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Old 03-11-2018, 08:08 AM
 
4,480 posts, read 7,937,629 times
Reputation: 6404
Very simple way to figure out what happened........... ask the realtor.
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Old 03-11-2018, 08:44 AM
 
Location: Rochester, WA
3,829 posts, read 2,050,555 times
Reputation: 10572
No... I cannot reconstruct what went on with that property based on price history.

Sorry!
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Old 03-11-2018, 08:58 AM
 
Location: Austin
7,077 posts, read 16,889,211 times
Reputation: 9484
Sometimes it's just land, and then they market with a spec home built on it. If they've not built the house, they can go back and forth marketing as a piece of land vs having a house.

Other than that, none of that pricing makes sense.
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Old 03-11-2018, 09:00 AM
 
10,265 posts, read 6,495,798 times
Reputation: 10842
Quote:
Originally Posted by rhbj03 View Post
Around 250K there were no buyers; but at 650K there was what looked like a potential sale that wen through. All happened within one year's time. Could it be as simple as what meets the eye?

Price History
DATE EVENT PRICE $/SQFT SOURCE
02/27/18 Back on market $650,000 -- James Warren &...
02/17/18 Pending sale $650,000 -- James Warren &...
01/16/18 Listed for sale $650,000+271% -- James Warren &...
10/26/17 Listing removed $175,000 -- California Out...
10/01/17 Price change $175,000-73.1% -- California Out...
07/13/17 Price change $650,000+271% -- Pacific Union ...
07/07/17 Price change $175,000-74.6% -- Pacific Union ...
05/19/17 Price change $690,000+247% -- Pacific Union ...
05/02/17 Price change $199,000-11.6% -- California Out...
03/21/17 Price change $225,000-10% -- California Out...
01/10/17 Price change $250,000-7.1% -- California Out...
08/15/16 Listed for sale $269,000 -- California Out...
The only guess I have is when it was priced low they were hoping for multiple offers but I doubt offers would increase almost 300% and it wouldn't explain the smaller drops.

I would guess the pending sale fell thru because after inspection there were problems.

Do you have a link to the listing?

and what is as simple as meets the eye? that they are crazy?
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Old 03-11-2018, 09:58 AM
 
Location: Mendocino, CA
858 posts, read 476,492 times
Reputation: 561
Perhaps I put it more bluntly -- Could this "potential sale" be fabricated, in hopes of creating a sense that there is such market?

I have seen some weird records, but mostly are high value properties transacted at unrealistically low prices. Those are more easily explainable -- maybe husband sell to wife, parents sell to children, etc. I have never seen the above before.
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Old 03-11-2018, 10:01 AM
 
9,086 posts, read 3,701,709 times
Reputation: 13384
whats the zoning? maybe someone wanted to buy area for a mall then deal fell through, then another company wants to do same and price went back up
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Old 03-11-2018, 10:10 AM
 
Location: NC
6,081 posts, read 7,027,359 times
Reputation: 12054
Quote:
Originally Posted by FalconheadWest View Post
Sometimes it's just land, and then they market with a spec home built on it. If they've not built the house, they can go back and forth marketing as a piece of land vs having a house....

This makes a lot of sense to me. 25% of the value would be in the land, 75% in the new construction = conventional mortgage
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Old 03-11-2018, 10:20 AM
 
Location: Salem, OR
13,741 posts, read 31,556,293 times
Reputation: 12105
Quote:
Originally Posted by FalconheadWest View Post
Sometimes it's just land, and then they market with a spec home built on it. If they've not built the house, they can go back and forth marketing as a piece of land vs having a house.

Other than that, none of that pricing makes sense.
I was thinking it was new construction or someone potentially creating a new parcel of land. I've seen that where someone has two concurrent listings running. One for the house with all the land or a house with part of the land and the other part of the land sold separately.

I just looked it up. James Warren is a builder in CA. So I think FHW is correct in that they were alternating between a land with bringing your own builder and pricing with a spec home on it.
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Old 03-11-2018, 10:47 AM
 
Location: Mendocino, CA
858 posts, read 476,492 times
Reputation: 561
I would give the link but without marking it down I now can't recall which one of the hundreds of listings is this one that I randomly clicked in on Zillow.

This is a mountain property in California.

But it seems the experts solved the mystery. Thanks.
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