4620 N Camino Gacela, listed for $985,000, sold today for $955,000 ($237/sf) after just 25 days on the market. It looks like a beautiful house, but when it was listed in November I was skeptical and wondered out loud how they’d manage to get it sold, even if they did find a willing and able buyer. see what happened today)
Why, because Cmo Gacela is in Heatherwood Hills, where the price of homes, for sale and sold, is appreciably less than the high $9’s. And given the super cautious, squeaky tight lending/appraisal standards that we’re seeing, I couldn’t imagine how it could appraise. But maybe the buyers put down a big chunk of cash, like $500k or more. That would do it.
Going back 4 years, the next highest sale in Heatherwood Hills was $705,000, and that was in June 06. Then one at $630, a few in the $5’s and everything else in the $4’s & $3’s.
Appraise or not, you look at those figures and you have to ask, why would someone plunk down $955k. 3 years ago maybe, but today,
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