Close the Books on 521 MBB

Posted by Dave Fratello on Wednesday, July 20th, 2011 at 10:02pm.

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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