2nd Foreclosure Flip in a WeekPosted on Friday, September 10th, 2010 at 4:24am.
Now the home is freshly back on public offer. And it's at a substantial markup over the foreclosure sale price, but just a trifle below the price at which the market rejected an "approved" short sale offering earlier this year – at $1.600m.
The new price: $1.590m.
The investor grabbed this newer (2004) home for $1.320m in July, meaning a full-price sale would bring $270k (+20%) more, or a cool $190k with a 5% cost of sale.
Good work if you can get it.
The home's a custom build that MBC called "a veritable steal for a fairly large Hill Section house" in a post earlier this year. There is the compromised location to worry about – the home runs along somewhat busy Pacific and backs up to a commercial property. It's perhaps 50 yards from MBB.
That's probably more compromises than you see over at 2612 Poinsettia, the Tree Section foreclosure flip that hit the radar last week. (See "Sketchy Speckie Returns" and "Sunday Opens (9/5)" for a review.)
Then again, we haven't seen 801 11th in person yet, with all the hassles involved during its last round on market, while occupied. (There was a single, 30-minute open house.) The new listing calls it "a definate must see," and with cringe-inducing spelling like that, we're inclined to avoid the property entirely, even if it's unfair.
A coincidence of no obvious significance: Both foreclosure flips are priced with a $1.59 in front.
A more relevant parallel: Of necessity, each listing description begins with a clarification:
- 2612 Poinsettia: "Not a Short Sale, Corporate Owned REO Bargain"
- 801 11th: "This is a regular sale, not a bank sale."
A quick note to regular readers: Thanks for bearing with us during a slow posting week. We're coming back full force.
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