It’s time for what will most likely be our final update on the Avondale Albatross, the storied spec home first spotted on these pages in June 2006, and most recently foreclosed by Bank of America, who had been attempting to unload it since last November.
According to the MLS, yesterday Bank of America was finally successful in their quest, finding a buyer at $663,087—just 52% of what it sold for in February 2007.
Here’s the history of this 4,900 sq. ft. spec home on 3 acres a bit 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
- 2011-11: Back on the market at $782,100
- 2011-12: Price drop to $742,995
- 2012-01: Price drop to $705,845
- 2012-06: Sale Pending
- 2012-08: Sold for $663,087
Nearly a million dollars under the price that I originally called out as “ridiculous” back in 2006.
Asking price: $1,625,000. Most recently sold in: October 2004 (as an empty lot). Most recently sold for: $350,000. Days on the market: 23. I don’t know how much it costs to build a 5,000 sqft home and do all that fancy landscaping, but my gut check tells me that this asking price is a tad on the greedy side. I mean, just a few years ago I remember walking through nearby neighborhoods with comparable homes listed in the $600k-$800k range.
It took a few years, but it looks like my value prediction for this home was pretty spot-on.