In a striking example of the volatile real estate market, a Palm Springs house that sold for $1.3 million in 2023, after being on the market for zero days, has been reported to be in a bank-owned short sale less than a year later, with a current sale price of just $625,000. This represents a 113% increase from its previous sale price of $611,000 in 2021, showcasing a dramatic flip in its market value. This incident is part of a broader trend observed in various local housing markets, with early reports suggesting an increase in sales from January and specific areas like the Austin-Round Rock experiencing a healthier market in January 2024. However, another example in Joshua Tree illustrates the market's unpredictability, where a home once valued at around $1 million is now estimated between $600k-$700k. These fluctuations underscore the challenges and uncertainties facing the real estate market as it moves into 2024.
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Sale history of this 1970s junker since 2009 - $1.7M $3.0M $3.1M $1.4M $1.9M $3.2M $4.9M $16.0M $316/sf Absolute opposite of legendary investment expertise https://t.co/VVANto6mpt
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A Palm Springs house sold for $1.3 million in 2023 after zero days on the market, a 113% increase on its 20121 sale price. Less than a year later, this mother of all house flips is now in a bank-owned short sale. The current sale price? Just $625,000. https://t.co/A82NYZiurz
Wasn’t long ago this was a $1mm home in Joshua Tree and it sold with multiple offers Now it’s a $600k-700k home - below replacement cost https://t.co/NweUEd5dor
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A Palm Springs house sold for $1.3 million in 2023 after zero days on the market. It previously sold for $611,000 in 2021. How is that possible? This mother of all house flips has ended up in a bank-owned short sale less than one year later. https://t.co/uJlYevWHmO @quantanamo