Both Harlow Cuadra and Joseph Kerekes have been given their 1028 Stratem Court residence back from the Commonwealth of Virginia - due to lack of equity. Is this a blessing for Harlow and Joe... just another burden... or do we even care?
The reason I ask is because real estate prices, and sales have dropped significantly since the duo bought the 'love shack' back in October 2005:
The current assessed value of the residence is around $542,000. Sounds great since they only owe around $530,000 right? It could be an easy $12,000 or more for attorney fees some will exclaim. Well probably not.
Let's take a look at the last 3 homes that have sold in the very same neighborhood:
1021 Stratem Court was assessed at $494,500 - sold for $480,000
1000 Stratem Court was assessed for $215,000 - sold for $512,000 ( The original assessment was for land only, then a brand new house was built, and the land value still dropped $35,000 )
1025 Stratem Court was assessed at $514,500 - sold for $469,000
Additional homes that were bought and their assessments:
1005 Stratem Court was sold for $534,000 on 8-17-05 and is now assessed for $498,500 for fiscal year 2008 - down from the $542,000 for fiscal year 2007.
1009 Stratem Court was sold for $545,000 on 02/07/06 and is now assessed for $520,500 for fiscal year 2008 - down from the $546,400 for fiscal year 2007
There is a brand new house for sale in the neighborhood ... asking price is $489,900.
I don't know about you... but there seems to be a pattern here. If it can be sold for more than what's owed... good job indeed.
The house is not currently listed in the MLS, but there have been rumors that a private buyer is interested. Guess we'll see.