The previous owner bought it as a foreclosure, and I have copies of the inspection done before they bought it in December 2010, so I can reconstruct a certain amount of the history. Here's my theory:
* 2005 - Some nice person buys the property during the boom and has great plans for it. But ... * 2008 - The market crashes, maybe they lose their job, they may be underwater, and they try to sell for what they owe on it. They fail (listing removed May 2009). The house has likely been unoccupied since that point. * March-April 2010 - Not sure why the change from NRT California to J. Rockcliff Realtors, but I believe at this point this is a foreclosure. * September-December 2010 - J. Rockcliff fails to get any offers at their original price and starts making stepwise adjustments. * December 2010 - A prospective buyer starts investigating and the inspection report determines that not only does the house need foundation and roof work, but thieves have stolen all the copper piping and wiring they could get their hands on. This results in ... * February-March 2011 - ... an even larger price drop, associated with a cash purchase by a house-flipping company on March 11. They replace the roof, fix the foundations, wiring, plumbing, etc. etc. and do a near-complete interior remodel. They do this in an astoundingly short period of time because ... * May 2011 - ... they list the completed house on the market on 5//20/11. I look at it two days later and make an offer the next day. They accept the offer the day after that, but it takes a week to get it officially de-listed in response to that.
So the difference between the $175 sale price in March and the $280 listing in May is entirely value-added construction and remodeling work.
no subject
* 2005 - Some nice person buys the property during the boom and has great plans for it. But ...
* 2008 - The market crashes, maybe they lose their job, they may be underwater, and they try to sell for what they owe on it. They fail (listing removed May 2009). The house has likely been unoccupied since that point.
* March-April 2010 - Not sure why the change from NRT California to J. Rockcliff Realtors, but I believe at this point this is a foreclosure.
* September-December 2010 - J. Rockcliff fails to get any offers at their original price and starts making stepwise adjustments.
* December 2010 - A prospective buyer starts investigating and the inspection report determines that not only does the house need foundation and roof work, but thieves have stolen all the copper piping and wiring they could get their hands on. This results in ...
* February-March 2011 - ... an even larger price drop, associated with a cash purchase by a house-flipping company on March 11. They replace the roof, fix the foundations, wiring, plumbing, etc. etc. and do a near-complete interior remodel. They do this in an astoundingly short period of time because ...
* May 2011 - ... they list the completed house on the market on 5//20/11. I look at it two days later and make an offer the next day. They accept the offer the day after that, but it takes a week to get it officially de-listed in response to that.
So the difference between the $175 sale price in March and the $280 listing in May is entirely value-added construction and remodeling work.