The saga of the Avondale Albatross continues…
A brief history of this 4,900 sq. ft. spec home on 3 acres north of Redmond:
- 2006-06: Originally spotted here, priced at $1,625,000
- 2006-08: Price drop to $1,495,000
- 2006-10: Price drop to $1,275,000
- 2006-11: New brokerage, still asking $1,275,000
- 2007-02: After 9 months on the market, finally sold for $1,275,000
- 2007-12: Time to flip! Listed by buyer for $1,650,000
- 2008-03: Price drop to $1,590,000
- 2008-04: Price drop to $1,550,000
- 2008-05: Price drop to $1,490,000
- 2008-06: Price drop to $1,450,000
- 2008-08: Taken off-market unsold
- 2009-04: Re-listed at $1,500,000
- 2009-06: Price drop to $1,200,000
- 2009-06: Price drop to $1,000,000
- 2009-07: Taken off-market unsold
- 2010-10: Sold back to bank at foreclosure auction for $711,535
Can’t say I’m surprised. I could hardly believe it sold in 2007. Looks like the spec builder lucked out and just barely passed the buck to some poor sucker who was left holding the bag when this home eventually met its inevitable fate.
It will be interesting to see what this place sells for as an REO in today’s more rational market. Any guesses? For comparison, it’s currently assessed at $894,000, and Zillow’s got it at $925,500. I think both of those might be a little optimistic, especially considering that a bid of $725,000 would have bought it from the bank at auction.