The key element is in the listings description:
Priced $566,300 under assessed value.
Now you should know that on the r/e chat boards, Real Estate bulls have been quick to point out that it wasn't a massive amount of inventory on the west side combined with a dearth of sales that resulted in a sale so dramatically below assessed value.
The neighbourhood speculative builders and many Asians wouldn’t purchase it because it was at the end of a T-steet. Apparently this is a big no-no for the all important Asian 'Feng Shui'.
According to VCI contributor 'West Coast Woman'
About two weeks ago I was viewing a new build in the area and started talking to a Caucasian couple at the open house. I told them about the McBain house and their first reaction was “yeah, but it’s at the end of a T-street so it has little resale potential”. I was shocked at that comment and replied that it was a much superior location with much less traffic (probably less than 20 cars a day drive down that street) than the one we were viewing. Regardless of whether the T-street thing makes any sense, it WAS the reason for the reduced price as the long-time older owner simply couldn’t take care of the house anymore and was motivated to sell.Any truth to this? Perhaps.
Two houses in the 2400 block McBain sold a couple of months ago in a crazy bidding war. One was purchased as an “investment” by an Asian man living across the street. It is the one now being rented out. The one next door to it (which wasn’t even listed) was purchased by someone who “lost” the bidding war; it is now back on the market for about $2,670,000 – about 150,000 more than they paid for it. Another house across the street at 2408 McBain is another slightly renovated flip – purchased last year for about $2.2 million, it’s now back on the market for about $2.6 million!
The one part I do agree with is that the reduced price was because the long-time older owner simply couldn’t take care of the house anymore and was motivated to sell... which is the whole essence of the Boomer Trigger. She had the ability to move significantly on the price, she wanted to sell the property, and she pulled the Trigger.
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