Here now, From Curbed Marketplace, highlighting an intriguing real estate listing from the many thousands of properties found in the Curbed Marketplace. Browsing the Marketplace and spot a property worthy of being featured? Send it to the tipline.
We won't waste time reviewing the predicament the U.S. housing market is in. But we will make mention of the phenomenon of inept banks all-too-willing to issue mortgages on residential real estate back in the day, yet now demonstrating little knowledge about how the residential real estate business actually works. Especially as they begin to take these homes back from foreclosed-upon homeowners. Here's a great example of an "REO" house, as in "real estate owned" (by the bank). While the homeowner who got in over his head on this modest house in Peachtree Park is now living with his parents or in a depressing efficiency apartment or on the streets, the bank is sitting on this real estate and attempting to "sell it" with this very poor effort of a listing. You might think that a financial institution whose health depends on finding buyers for all of these homes it owns (but most definitely does not want) would have some knowledge of the basics of what it takes to sell a home. But you thought wrong.
For instance, how about the photo selection here? Highlighting the air freshener working its little heart out in the bathroom is sharp. And the can of paint? insect spray? surface cleaner? pictured on the stove looks really nice under its spray trail on the microwave. The saddest part is that in a real estate recession-ravaged city like Atlanta, there are thousands of able-bodied real estate and construction folks un-or-under-employed that could snap this place right into shape and help the bank get it sold for a good price. But the banks- in their infinite wisdom- are both penny stupid and pound poor, and refuse to get their heads out of their asses, hire enough folks to help them clean up the mess and help everyone move toward some semblance of normalcy in the real estate market. 3 beds, 2 baths, 1685 feet in Buckhead for $380,000. The house might actually be worth something close to that. But if the bank actually manages to find someone interested, we can assure them they'll get far less because they were too lazy or cheap to get the thing in selling shape. Whatever. 23 bank failures in Georgia thus far in 2011. Keep 'em coming.
· 2860 Elliott Circle NE [Zillow]
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