Ocean-View Shortie Returns – Again

Posted by Dave Fratello on Saturday, December 3rd, 2011 at 5:30pm.

Sometimes a story repeats itself.

Back in August, in "Ocean Views for Less," we took note of the then-recent return to market of a sleek, conceptual modern just east of Highland that had been up as a short sale.

329 19th (4br/4ba, 3625 sq. ft.) is that home. Purchased for nearly $3m in March 2006 ($2.950m), it was up short in August at a bank-approved short sale price of $2.380m (-$620k/-19% from acquisition).

What made the situation odd was that the property had been in escrow for some time, and the original short-sale buyer was still in the mix.

However, he was "playing chicken with the bank," repeatedly dropping the offering price to try to negotiate a better deal.

Sensing that the buyer might walk, the agent put the property back up to the open market, even though it was technically still in escrow. He was right – the game of "chicken" ended and that buyer left.

Another buyer came along and locked up 329 19th about 6 weeks ago. Indications are that this new buyer worked an even better deal, bringing the bank down to about $2.295m.

Alas, that buyer suddenly had a change of heart this week and walked, too. (So much for our declaration the other day that 19th was "about to sell for about $2.2m.")

So, once again, let the games begin. Time for another round of bidders to come along targeting 329 19th.

Is this a horrible property? No.

Is the price bad? Doesn't seem to be. And there seems to be room to keep working on it.

But there is some urgency – for the seller. This property could well foreclose if yet another buyer doesn't step up soon.

You have the sense that someone will make a move for 19th, but the recent history is concerning. Are people going to wait, instead, for this to go REO?

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Note to readers: There was literally nothing new on the market this week for agents/brokers to view, so, rather than another "recap" sort of post, we'll skip the "Weekend Opens" this week and, for that matter, occasionally each week if there is just nothing new to point out.

We will note that 228 33rd (3br/3ba, 1825 sq. ft., $1.750m) is open Sat. & Sun. 2-4pm, and a 60s triplex at 125 10th ($3.199m) is open Sat. only 1:30-4:30pm. We have not previewed either one.

If you'd like to see what is available, try this Redfin map list of open houses – sort by price or sub-region of MB by clicking the title on a column, or click here for the more traditional Beach Reporter list of opens.
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