Everybody can find some poor fool losing a Lexus or BMW worth of money on their unfortunate adventures in home-ownership. But in the rarefied air surrounding Emerald Lake Hills in Redwood City, you can turn the dream of home ownership into the nightmare of losing 5-10 years of average tech worker salary. Make sure to whisper as we talk about these gems as we wouldn’t want the current buyers to figure out they caught a knife just yet! Let that be an unpleasant surprise for them in a few years.
This timeless termite-group-hugger finally sold with only a year or so on the market after getting the burbed treatment. Yep, it’s a white hot real estate market for those of you with your own giant puddle to call 1/9th your own. It sold for only $700k (give or take $10k) under the original wishing price! That’s an entire HOUSE in Slummyvale!
But if you’re worried that’s not a REAL haircut, just a dreamer being rudely disabused of his or her little fantasy, let’s take a peak buyer’s banker’s pain and put it on display… a $386k haircut for the bank! There were two loans, so two banks dueled it out to see who would spill the most blood on THAT deal. I’m sure that Pyrrhic victory left the bank feeling like a million bucks!
Too pedestrian? Don’t worry, people with real skin in the game and a much higher price point joined in the blood letting with anot-a-lot-of-money loss of a half million and change. The good news is the sellers stuck to their guns and squeezed and extra $412 bucks for their little slice of hemorrhaging-cash-like-a-diarrhea-afflicted-elephant-heaven. I’m sure that took the sting off of it.
Yes, there are many ways to lose your mASSarati in Emerald Hills real estate! Come join the party!