Yet another example of bad pricing producing bad results

474 North Street, in foreclosure, has sold for $2.1 million. This house was originally priced at $5.495 million in 2006 and stayed over-priced thereafter, for years. I’m sure I wasn’t the only agent who had clients interested in the house but who balked at even extending an offer because of the high asking price.

It might, at one point, been a $3.2ish house, before neglect and rentals took their toll, but that opportunity had long passed by the time the bank showed up at the door.

The original mortgage was $2.450 — instead of walking away with some bit of equity, the owner lost all.

Sad.