Yesterday we featured a humongous three and a half million dollar spread on half an acre in San Jose. It was a block from the actual Rose Garden that gives the Rosegarden district its name, but still, San Jose. For three and a half million. Yeah, we don’t think it computes either, unless we want to talk Bay Area Bubble 4.0 some more.
Now, today’s property and its pricing won’t make your eyes pop out because it’s in the Real Bay Area! Let’s find out why it won’t sell! Thanks very much to Burbed reader nomadic for sending in this Real Realty Reject.
5,250 Sq. Ft.
$762 / Sq. Ft.
Lot Size: 1 Acre
On Redfin: 387 days
Property Type: Detached Single Family
Community: Los Altos Hills
County: Santa Clara
Property available at full price. Fabulous nearly new 5250 square foot home in a quiet cul-de-sac location on 1 acre with easy access and outstanding quality. Excellent floorplan with a huge kitchen/breakfast/family "Great Room" opening to a beautiful backyard. Luxurious master suite. Guest suite on main floor. Excellent Los Altos schools. 6 bedrooms, 6 baths.
Upcoming Open Houses
Saturday, May 18: 2:00-4:30 pm
First let’s check in with nomadic.
I sent this to a friend a few minutes ago before taking a good look at the listing copy and history. This should go on burbed. “Available at full price.” It’s been on the market since November 2010 and went pending twice, failing to close both times. The price has been raised at least twice in the past year – now up $700k from last April.
The icing? It’s an REO.
Well, it doesn’t say it’s an REO in the listing, but the history admits to a foreclosure back in June. June, 2010. But still, compare this property to yesterday’s! It’s on a full acre instead of a half, it’s got an extra bed and bath, and it’s in the RBA! All this for just “not a lot of money” more! Yet it’s been a languishing listing for at least a year, and that doesn’t even cover all that time before it went pending twice.
Why didn’t this place sell? There are definitely homes in this price range on this street. Maybe this comment on short sales from a local Realtor might explain things:
The only active short sale in Los Altos Hills, located on Francemont, has been on and off the market since 2006. While it’s a nice house, it has had many offers and still seems to be having trouble closing. It’s unusual for any home to remain on the market so long. In my opinion this is an issue with the bank and not the home.
And the owner of the home is… BAC Home Loans Servicing, through ReconTrust! Thanks a lot, B of A! We all know it really stands for Bunch of A-holes.
Bunus: Virtual tour guaranteed to give you motion sickness.