It turns out that July was a good month to be in distress.
Not even 3 weeks ago, we mentioned 8 MB listings that were in some form of distress – REOs, shorties and homes facing foreclosure – and we discussed 6 of those in some detail. (See "The Distress List
Now, of the 6 we discussed, 4 are in escrow. Only 2 East MB shorties are still available.
Taken:456 21st St.
(3br/4ba, 3325 sq. ft.) was the highest-priced distressed property listing in MB, a 3br, custom-built Caliterranean overlooking the baseball fields at Live Oak Park.
It had cut from $2.8m to start (a rescue price?)
to a short-sale offering price of $2.049m
before finding a buyer.
Now, can they get the lenders to approve?3108 Walnut (pictured)
(4br/4ba, 3700 sq. ft.) was listed short with an NOD against it, but also somewhat overpriced at $1.595m when we last mentioned it.
The price had been cut to $1.495m
a couple of days ago – still higher than the total amount of the loans. Thursday the listing posted a deal. 1412 Wendy Way (no photo here)
(4br/4ba, 3500 sq. ft.) is an East MB REO, a newer (2005) custom build that backs up to Aviation.
The home had run through on-and-off attempts to sell since early 2009, with a high ask of $1.560m in late November last year.
Last list, for a pretty dern big and newer house: $1.128m
. You had to imagine that someone would like that.
860 12th Ct.
|860 12th Ct.|
(3br/2ba, 1200 sq. ft.) is the short-sale home that once featured The Pig
in the listing. It was offered at $935k
. As we noted
just a few days later, a neighboring home of comparable size on a corner lot, 837 12th Ct.
(3br/2ba, 1200 sq. ft.), tried to jump in front of 860 by cutting its price lower, to $925k
Both are in escrow now, but The Pig beat the corner lot by several days.
Still out there, from the prior story: 1801 5th
(2br/1ba, 800 sq. ft.) is still the cheapest troubled sale, an REO offered at $695k
The little home on about a half lot (3825 sq. ft.) was purchased for $870k in May 2007, putting the current REO offering price 20% below the '07 value.1750 Ruhland
(5br/6ba, 4250 sq. ft.) is a short sale that hasn't changed since our last update 2 weeks ago, still up at $1.961m
The newer home (2006 build) was last purchased for somewhat more: $2.225m a full 4 years ago, in July 2007, at the peak.
We previously noted that the sellers had raised
the price $100k from the start, raising some questions as to how serious they are about finding a buyer.
But, hey, there are still a couple days left in the month, and July has been good for troubled listings, so maybe things could look up?