It took more than 4 years, but they've finally transferred title to
521 MBB, a little duplex just up off Ardmore.
If you've ever been stuck at the light at MBB/Ardmore, you've seen it. You may see it tonight. For the first time in... forever, you'll know there's a new owner.
It's hard to recap the tale as well as we…
It took more than 4 years, but they've finally transferred title to
521 MBB, a little duplex just up off Ardmore.
If you've ever been stuck at the light at MBB/Ardmore, you've seen it. You may see it tonight. For the first time in... forever, you'll know there's a new owner.
It's hard to recap the tale as well as we did last year in "
Forget the $300k, Forget It All," which took note of 521 MBB as it became a short sale.
But the super-short version is:
- Purchased for $1.495m in Aug. 2006
- Tried to resell, 2007-2010, from $1.875m-$1.499m
- Offered short for $980k in Spring 2010, found a buyer
- Repo'd Oct. 2010
- Sold July 20, 2011, for $1.130m
It was a long, painful rewind on what must surely have seemed like a can't-miss "investment" during the bubble years, but you've heard that story before.
Just to tie up some loose ends – the short-sale price of $980k last year didn't exactly ignite a wildfire of interest. But a buyer did come in, and it sure looks like the lender balked at the price, preferring to foreclose.
We were skeptical when the bank put up 521 MBB this March at $1.285m, or more than $300k above its last offering price. Turns out, they split the difference – selling for $150k more than the short-sale price, but $155k less than the bank's first hopeful request.
Of possible interest: The buyer's agent is from out of area – "Burbank" is in the office name. Here's hoping the buyer's not an out-of-area investor who's overvalued the property. We'd like to keep these particular books closed now.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 8:15pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.