McLean Housing Bubble - Half Off & Bank Owned

I have to say that I was not surprised to see a for sale sign outside my favorite McLean housing bubble home. This newest listing advises that the current owner is a bank. That is not surprising either:

***BANK OWNED***GREAT VALUE FOR THIS BEAUTIFUL, BRICK SPLIT FOYER HOME IN MCLEAN*QUALITY UPGRADES*4 BEDROOMSW/PRIVATE BATHS*HARDWOOD FLOORS*2 FIREPLACES*2 CAR GARAGE*WALK-0UT TO NICE BACKYARD*GREAT LOCATION*CLOSE TO I495, I66, TYSONS CORNERS -Long & Foster Listing

$664,900 is lots of money for this house. Way too much, especially once you get to see the other half of the property that is not included in the listing's photos. The price however is almost one half what was being asked about a year ago when the house first went up for sale after the first flipper renovated it. Here is a snapshot from what I believe was the first withdrawn listing:

Spectacular whole house renovation includes 4 bedrooms and 4 fabulous baths, plus a 2 car garage. Plus, a major price reduction from $1,250,000 to $825,000. Nice corner lot with plenty of expansion room. - Paton Real Estate

Clearly, the house did not sell due to the unrealistic goals that the flippers had when they first started trying to sell this house.

The last sale price for this house was $815,000 at the end of April 2007, just weeks after a scheduled auction for 1 April 07 where the opening bid was set at $600,000 with an undisclosed reserve. (Then owners were listed on the auction site as Gabriel Ode and Ola Olasimbo)

Now this 'jewel' is the property of a bank. Surely one of many bank owned properties. I don’t know how long it will take for the bank to get rid of this one, but there are a number of places in the area that are nicer and are not located right on a major road.

Previous Coverage:
McLean Housing Bubble - Auction - 1 April 07
Update: McLean Housing Bubble - *** Failed Auction? *** - 29 April 07