There are currently 41 blog entries related to this category.
Wednesday, July 10th, 2013 at 8:25pm. 338 Views, 0 Comments.
It was 3 years ago now when we last mentioned 3613 Pine, a 2002-built Caliterranean, here on MBC.
Back then we noted the past listing's odd pricing approach in "Curious REO Strategy on Pine," back in mid-July 2010.
The home had last been purchased in early 2005 for $1.520M. But things went off track and it was foreclosed upon in late 2009.
The listing price in 2010 had bounced around over a period of several months, from $1.695M to $1.495M and back up, again (really?!?), to $1.549M.
Alas, even by raising the price, they were somehow unable to sell it. The listing quit, and the foreclosed home rented out instead of selling.
But it's all different these days, isn't it?
3613 Pine has just hit the market $54K higher than the highest list price of 2010,…
Tuesday, May 28th, 2013 at 3:08pm. 393 Views, 0 Comments.
It was a years-long saga of strangeness, largely behind the scenes.
The big and peculiar home at 923 1st in the Hill Section was not fated to sell in the post-bubble or bust years.
Listings failed in 2008, 2009 and 2010, before the property rented out. (For $18,500/mo., we might note.)
This gigantic bachelor pad with ocean views, pool and a ton of entertaining space – not to mention guest bedrooms for the whole team – was purchased for $3.3M in 2003.
The would-be seller wanted $7.998M, $7.595M, $7.350M and the like in '08 and '09. The market said no.
A short-sale listing at "just" $4.0M in Summer 2010 also flopped. (Our last story on the property, from June 2010, was occasioned by that short-sale attempt.)
And then a 3-year slouch toward foreclosure…
Thursday, December 22nd, 2011 at 10:00pm. 614 Views, 0 Comments.
But for anyone who gets closer, there are reasons to be wary and to do some extra due diligence.
1205 23rd St. (5br/5ba, 3500 sq. ft.), which – we kid you not – has not been lived in for 5 years.
5 years, no people. In a house. There's a yellow flag.
The short version of the answer to "why?" is that the property has been caught for years in a web of litigation over an investment fraud scheme. A former owner of the house was alleged to have lured people into bogus investments and frittered away their…
Tuesday, October 4th, 2011 at 11:10pm. 481 Views, 0 Comments.
|1311 MBB #5|
That's 1311 MBB #5 (2br/2ba, 850 sq. ft.), described in the listing as the rear unit (furthest off MBB) in an "intimate" 5-unit complex.
New asking price: $393,536. (Where do they get these oddly precise prices?)
This raised 2 obvious questions.
Since it's an REO, what did someone buy it for before losing it?
The answer there: $545k in June 2006. Today's price is -$151,464 (-27.792%) off that mark.
Also, when was the last time an MB residential property sold for less than $400k?
Three answers on that one:
1466 MBB #2 (1br/1ba, 685 sq. ft.)…
Friday, July 29th, 2011 at 4:35am. 604 Views, 0 Comments.
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.
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…
Monday, July 11th, 2011 at 10:30pm. 403 Views, 0 Comments.
Not so many, actually, at least according to the MLS.
We find just 8 coded as REOs, shorties and in-foreclosure listings, looking among all SFRs in all of MB (just 5 are west of the highway). Here are some highlights:
1750 Ruhland (5br/6ba, 4250 sq. ft.) nearly rules the roost, with an asking price just dimes shy of $2m ($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. It's a short sale now at just a 10% discount from '07, not quite the same sort of rewind you find on other 2007 purchases. So worry a…
Thursday, February 3rd, 2011 at 5:21am. 382 Views, 0 Comments.
Here's an update on one of them: It didn't work.
801 11th (4br/3ba, 3025 sq. ft.) is a newer (2004) custom Caliterranean in a compromised location. (The home runs along somewhat busy Pacific and backs up to a commercial property, 50 yards from MBB.)
This one's been on the radar multiple times. It was offered for sale from May-August 2006 at $2.495m (pre-MBC), and again from June-August 2007 for $1.995m. (See "Figuring Out a Location Discount" from June 2007.)
In April 2010 it came back as a short…
Monday, January 31st, 2011 at 8:58pm. 395 Views, 0 Comments.
That is what happened at one point to 1604 Poinsettia (5br/4ba, 3125 sq. ft.). Upon its completion in late 2004, investors paid $1.8m for the home, and soon had tenants moved in.
By July 2005, with a wondrous surge of real estate optimism all around, the owners were ready to cash in. (Even if it had been only 6 months.) The property came to market at $2.495m (+$695k/+39%).
That astonishing markup may look delusional now, but guess what they got for it?
In December 2005, a resale of the same property closed at $2.2m (+$400k/+22%). Even with 5% costs of sale deducted, that's still a…
Friday, January 21st, 2011 at 7:23pm. 531 Views, 0 Comments.
A listing comes, it goes, it comes back. In the not-quite 4 years since MBC launched, we've had the opportunity to cover the sales, and then resales, of several properties.
Looks like we'll have another chance, this time with 2509 Palm.
You may recall that 2509 Palm (5br/4ba, 3200 sq. ft.) was one of the last speckies developed by one particular builder in the last cycle. Facing a torrent of issues, he put up 5 unsold speckies for auction back in November 2008. None sold, and 2509 Palm wound up foreclosing.
(For a refresher, see MBC's first post on the auctions, "Name Your Price?", the post on Palm foreclosing, "Back to the Bank," or the recent wrapup story on the auctions' results, "…
Wednesday, December 29th, 2010 at 5:36am. 433 Views, 0 Comments.
But rules always have exceptions.
Two active listings in very different areas west of Sepulveda cry out to buyers with bargain prices for foreclosed/bank-owned properties.
1508 Oak (4br/2ba, 1775 sq. ft.) is as far east as you can get but still be west of Sepulveda, and it's got all the liabilities you might worry about.
It's on the "wrong" (commercial-adjacent) side of Oak and adjoins a…