Uh-Oh, DuncanPosted on Thursday, April 29th, 2010 at 4:05am.
- December 2005: Purchased for $2.53m
- 2006-07: The big re-do
- Oct. 2007: Starts at $3.895m
- Feb. 2008: Cut to $3.695m
- Sept. 2008: Canceled
But trouble was brewing.
The first NOD was filed in Feb. 2009, not so long after the first tenants would have come in.
A trustee's sale date was set in May 2009, as MBC noted in "Courthouse Offerings." The tenants left, but the foreclosure was postponed.
In June, the owner was seeking – and finding – new renters. Caveat rentor.
The bank took the property a month ago, and now offers it back for...
That, of course, is nearly half the start price on the remodeled property in October 2007.
It's also nearly $500k less than the pre-remodel acquisition price in Dec. 2005.
Every dime that went into the massive rebuild/remodel project we described in "A 2-Yr. Flip on Duncan" has vanished. Where does that money go?
Just yesterday, we were talking about 801 11th as a pretty good deal (short) at $1.6m, but it's got a major location issue. For a step more, Duncan, with its views and all its quirks, is now positioned as the deal of the year in the Hill Section.
But every time we say that sort of thing, we're reminded that it's not even May yet.
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