In a November 21st post, I highlighted a property under the heading Deutsche Bank Throws in the Towel.
The final $115K asking price was theorized in the comments here to be an auction price designed to generate bids -- I contacted the real estate agent later and she confirmed this. At the time I made a mental note to follow up when the property was sold.
This property sold for $150,000 on 12/17/2007, according Prince William County's assessment website. The final sales price represents a 52% discount from the property's prior sale in 2005, and was much lower than the prices Deutsche Bank had been asking for seven months.
Dean Foust picked this up at the time in the HotProperty blog at BusinessWeek. The reader comments there were somewhat deprecating:
"Let's get serious. This is such an unrealistic example of what is typically happening in the market today in the metro DC area."A big thanks to Dean for his mention of this blog on this and other occasions at the excellent HotProperty blog.
"Bottom line, don't think this will be the price it eventually sells for."
"Think the writer needs to get a serious beating on his performance review for this one!"
"The problem with this example is the final price drop. A cape like this would probably have sold for $200K."
Deutsche Bank Throws in the Towel
|1926 WILLOW LN|
WOODBRIDGE, VA 22191
List Price: $115,000
Prior Sale: $315,000 4/25/2005
Listing Date: 04/21/07
Price Reduced: 05/23/07 -- $339,900 to $319,900
Price Reduced: 06/20/07 -- $319,900 to $289,900
Price Reduced: 07/19/07 -- $289,900 to $278,900
Price Reduced: 09/13/07 -- $278,900 to $249,900
Price Reduced: 10/19/07 -- $249,900 to $239,900
Price Reduced: 11/19/07 -- $239,900 to $115,000
On Market: 213 days