620 Nixon in the heart of Newlands Manor hit the market today as a short sale at $249,900. The property was purchased in August 2008 for $419,000 with a $381,813 (90%) loan. It was refinanced on July 1 2011 for $374,686 through Mortgage Capital Associates out of LA.

After a drive by today, the short sale price might even be bit aggressive, given the recent comps on Arlington. So what gives? How could this house appraise for close to $500K 75 days ago (assuming 80% LTV) and now be listed at half that? Is this a sham listing, or should Arjun Dhingra be looking for a new job? And you have to wonder if a reclining nude over the fireplace is the most tasteful staging choice!

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