The Acid Test

It seems like every week I see some new sign of how distinctly different this market is from all others I’ve seen. Multiple offers are the rule now, but multiple offers on homes in terrible condition or in bad locations are happening as well. It’s simply amazing! Well, this week we have a true acid test. This property pictured above is an 1190 sq ft, 2 bedroom townhouse at 3317 Kimberly in San Mateo. It’s just across the water from the houses on Port Royal in FC. It’s a pretty cute unit really and it’s priced pretty well at $498,000. A waterfront 2 bedroom at Isle Cove at 827 Phoenix was listed at $599,000 and closed at $710,000 but it’s in Foster City and boasts FC schools. Still, $498,000 is pretty low for a waterfront anywhere.

The problem is, this place has a fairly unusual disclosure that in every single market place I’ve been a part of would harm it’s chances of selling. The disclosure here says the following:

“Previous owner (brother) died of natural causes in the property. The date of death was October 4 2012. The body was not discovered for 2-3 weeks. Remediation and restoration was done on the property beginning in October”

The listing agent also states this:

“As the owner mentions, the prior owner passed away in the home and was not discovered for 2-3 weeks. Per death certificate. Some neighbors thought it might have been longer”

Seriously, this kind of disclosure would have turned plenty of folks away from this house in markets past. I honestly thought this place would get multiples but I thought they wouldn’t be large in number. Turns out this place got 20 offers yesterday! TWENTY! So much for damaging disclosures! This market is truly amazing!! There’s no such thing as a problem that can’t be overcome I guess!

 

Comments

  1. Fu-Ling Yu says:

    Well, this property is now sold @ $645K (almost a 30% overbid).

    The craziness of this latest RE bull run!

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