Short Sale Pending on Valley

Posted by Dave Fratello on Tuesday, June 12th, 2007 at 12:17am.

Today it seems we're saying goodbye to a couple of old friends.

2507 N. Valley is pending after, sheesh, at least 15 months on the market (with some periods off).

High: $2.249m, Low: $1.799m.

The news comes almost two months after the selling agent dropped this bomb into the listing language:
Subject to short sale approval by bank.
As we have noted before, the seller paid $1.54m in Feb. 2004, but the "short sale" stuff popped up when the price was at $1.999m. Uh-oh. At something less than $1.799m (we're guessing), a bank somewhere is looking at about a $300k loss on this one.

Now it can be said: The sneaky "price increase" tactic didn't work here. Two others that have tried that are still looking for action.

UPDATE: An anonymous comment tells us the sale is $370k short.

Also working its way off our inventory lists: 710 Manhattan Beach Blvd. It's also in escrow. This is the townhome that undercut its neighbor when it dropped to $1.249m a while back. The neighbor (714 MBB) dropped out of sight a while later.
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