how did the price go from 1 million in 2006 to 456k in 2009?

Asked by James, Santa Barbara, CA Wed Apr 1, 2009

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This question is about this property: http://www.trulia.com/homes/California/Santa_Barbara/sold/74…

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iNSITES, Agent, Santa Barbara, CA
Thu Apr 2, 2009
Hi James-

This duplex property unfortunately was sold at an aggressive price during the height of the market in 2006 to a buyer that wasn't able to afford the payments. As a result, it was repurchased by the first mortgage holder at a Trustee's auction (foreclosure sale) in 2008 for the amount of their bid, which was a little over $930k and presumably covered their mortgage and fees. After evaluating the property and realizing it was an overpriced asset, the bank priced the property to sell quickly in 2009. It sold after two months on the market.

I hope that answers your question.

Best regards,

Jon Perkins
Web Reference:  http://www.timeforsb.com
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