Close the Books on 939 Duncan & 617 6th

Posted by Dave Fratello on Wednesday, July 7th, 2010 at 7:51pm.

For a little while, a bank owned 939 Duncan, but now new owners have taken the keys.

As we noted in "Uh-Oh, Duncan" back in April, the 4br/4ba, 3950 sq. ft. home was purchased in Dec. 2005 as a rehab project for $2.53m.

Almost 2 years later, it was ready for market at a big markup, though it ultimately found only renters, no buyers: 
  • Oct. 2007: Starts at $3.895m
  • Feb. 2008: Cut to $3.695m
  • Sept. 2008: Canceled
  • April 2010: Offered for $2.040m as an REO
  • late May 2010: In escrow
The remodel-turned-REO has now sold for $2,111,888 – one of those oddball prices you sometimes see with bank transactions.

The sale price is -$418k/-17% off the pre-remodel acquisition price. Looks like the rehab was essentially donated to the new owners.

Also worth noting – another lender foreclosure sale at 617 6th (5br/5ba, 5725 sq. ft.) that also just closed.

The big Caliterranean with ocean views, home theater, etc., is a speckie that was never properly finished before hitting the market back in early 2008 – not so long after the 939 Duncan remodel.

A long-running (600+ DOM) listing for the almost-complete home crashed in late 2009 when the investors foreclosed.

Launched at $5.995m long ago, 617 6th just sold for $4.5m (-$1.495m/-25% from start). The lot was acquired in Feb. 2006 for $2.250m.
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