The buyers were taking no chances of missing out on this deal.
The house at 4744 E Mission Hill Dr was listed on 9/26/06 for $848,000 and right away they rushed in and put a contract on it for $824,000 – but there was no house, it hadn’t been built yet.
It was a ‘to be built’ AF Sterling spec house. So with contract and down payment in hand, Sterling went ahead and built the house. And a year later when it was completed, it closed on 11/15/07 for the agreed to $824,000.
Here’s the good part. Two days later, on 11/17/07, the proud new owners promptly turned around and listed it for $1,250,000 – $1,250,000 - irrational exuberance, bad timing and greed, what am I leaving out.
OK, let’s be charitable. Maybe they didn’t realize it, or maybe they just couldn’t believe it could happen to them, but, boy oh boy, did they miss the boat.
By then we were 16 months into it. And there was no mistaking it and no way you could escape it. It was doom and gloom everywhere. Heck the mortgage meltdown, a watershed event, sounds quaint but remember that, had blown its gaskets just a few months before. And unless you were a Rockefeller, no mortgage – no way.
Anyway, you know how this one ends. It’s been on the market since then and expired today at $719,500 and where it goes from here I have no idea.