More on 'Foreclosures' in MB, Pt. II

Posted by Dave Fratello on Friday, August 28th, 2009 at 7:02am.

We'll continue here looking at some of the properties from a recent foreclosure-related data run. Recall that the list is in PDF form, downloadable via Blake Roberts' post from Tuesday.

Also recall our warning – virtually any data you find online regarding the "foreclosure" status of a given property needs to be verified. Even the paid information services provide inadequate data, often out-of-date or overtaken by events.

We're trying to lay out what we know about homes on the list, but we're not intimately familiar with these situations. If you have more to contribute, please share information here.

Yesterday's post focused on homes that are active on the market or had recently sold or gone into escrow. Today we'll examine homes that were listed for sale at one time, but are not now.


Recently Off Market

755 31st (listed as "preforeclosure," i.e., a notice of default was filed in late July) (pictured) is an attractive home on one of MBC's "Great Streets" that first hit the market in March at $2.450m. (See "Weekend Opens (3/7-3/8).") The listing cut as low at $2.375m, but canceled in early August, not long after the NOD.

660 33rd (listed as headed to "auction" in early August) is a new home that's lingered 400+ DOM. We don't know whether it went to auction a couple weeks back or not. The listing canceled this week, last at $2.379m after a start at $2.999m. A new agent has posted it as open this weekend (at $2.395m). REO or no?

217 32nd Place (listed as "bank owned") (pictured) was a new home first on the market exactly one year ago, late August 2008, at $2.850m. We were skeptical for a home on the corner of two alleys, but it was new and fairly large (4br/4ba, 3050 sq. ft.).

32nd Place was last offered as a short sale at $1.999m in July, referenced in MBC's "Short in the Sand" the day before the bank actually took it (for $2.046m, including costs).

121 42nd, a crusty 2br/2ba, 1075 sq. ft. home (listed as headed to "auction" 2 weeks ago) had been offered as a short sale off-and-on since May at $860k. In March 2005, this property sold in a week, above asking, at $1.345m. The listing's now "on hold." (For more, see "Trying to Unload.")

1026 Duncan (listed as "preforeclosure" but with no date for the NOD) was offered for sale beginning in Dec. 2008 at $3.350m, which seemed to MBC a bit high for a home purchased for $2.5m in 2005. We ran a pricing poll on it. The property canceled after 6 months, last at $3.050m.

325 4th (listed as "bank owned") does not make sense to us; we don't see a transaction recently. The property was the half-lot on the walkstreet with no garage discussed in "When We Say Walkstreet..." The property did not sell; we had assumed it rented out.

444 33rd Place (listed as headed to "auction" in late May) was purchased for $1.260m in Oct. 2005. It was first offered at a small markup in April 2008, but drifted to $889k before making a deal this Spring. Last discussed in "Not Worth Their '05 Prices?" – a question to which the answer was obviously "yes" in this case. The property has been lingering in escrow for some time. (This one might have belonged in yesterday's story.)


Less Recently On the Market

758 14th (listed as headed to "auction") actually went back to the bank 10 days ago. This one takes us back to the earliest days of MBC.

The property was purchased in July 2006 for $1.695m. Just 7 months later, the sellers offered it for $1.990m. (See "On Second Thought, Let's Flip It.") That really did not work, and attempts to sell several months later at $1.699m or so didn't, either. (See "Shaking the Trees.") The home rented out at some point.

The bank's price taking it back is listed as $1.184m. But there were loans worth $1.5m or so. An REO deal on the horizon in Arbolado?

801 11th (listed as headed to "auction" in early August) is a newer home (2004 build) at the corner of Pacific and 11th, backing up to a commercial building.

In 2006, the first year of loan problems, the home (3br/3ba, 3025 sq. ft.) was offered for sale at $2.45m. By June 2007, it was at $1.995m. (See "Figuring Out a Location Discount.") This one has not been on our radar for some time since then.

508 3rd (listed as going to "auction" in mid-August) (pictured) was offered for sale in 2008 (see "Weekend Opens (7/5-7/6)"). The owners paid $1.8m in Sept. 2005, and offered it up at $2.299m, a figure that now appears to have been close to the total amount owed by that point.

939 Duncan (listed as headed to "auction" in May) is a radical remodel (4br/5ba, 3950 sq. ft.) offered for sale over 9 months in 2007-08. It's a massive remodel/rebuild that MBC called "A 2-Year Flip on Duncan."

In December 2005, someone had paid $2.53m for this home, then really went to work. Price started at $3.895m (+$1.545m and +54%). It dropped only a token $200k over the listing's 9 months on market.

We hear it's recently been rented to a second tenant since the failed attempt to sell; perhaps the NOD has been, or will get, cured.

3109 Laurel (listed as "bank owned") is a little cottage offered as a short sale late last year. (See "Close Shaves in the Trees.") Purchased for $1.375m in April 2006, priced at $1.199m for a while with no takers.

Ready for a little shock?

The record we see shows a sale at $568k in late July to an LLC. If that's the whole story, that group didn't buy 3109 Laurel for a song, they bought it for the first bar.
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