MB's newest short sale raises some intriguing questions.1410 N. Ardmore
is a little cottage (3br/2ba, 1600 sq. ft.) on a busy part of Ardmore, near the intersection at 15th. It's quite close to downtown, so that's a plus. (Note: No pics on Redfin or MRMLS just yet.)
Two years ago, the property was offered for $1.1m. It went quickly for $1.2m
, closing in March 2006. The new owners spiffed the place up a bit shortly thereafter and folks moved in.
The home is on the market again now at $1.5m
, with this note:
Property is a Short Sale, Commission and Price subject to Lender's Approval.
over the 2006 price?
You might be thinking that the owners went a little HELOC-crazy. But the truth promises to be stranger.
That's because about a year after that 2006 sale, 1410 N. Ardmore sold again for $2.5m
.That's $2.5m, more than double the earlier price.
The property wasn't redeveloped in the interim – just that spiffing-up we mentioned.So how might such a thing happen?
Your blog host dashed off to the county recorder's office one day a couple months back when this property first popped up in default.
Turns out it's a $2m
loan from that Feb. 2007 sale that has now gone bad. (You can see the same thing by looking the property up on PropertyShark.com
now.) So $1.5m may or may not be a great price for this home, but it's at least $500k short to begin.
A clause in the $2m loan suggests that there was some intent to develop the property. But if so, those plans didn't get very far.
There's a lot more to this story. Call this Chapter 1.