It's funny that we mentioned
801 11th (4br/3ba, 3025 sq. ft.) just yesterday, noting that title had transferred at the courthouse steps back in July.
Now the home is freshly back on public offer. And it's at a substantial markup over the foreclosure sale price, but just a trifle below the price at which the market…
It's funny that we mentioned
801 11th (4br/3ba, 3025 sq. ft.) just yesterday, noting that title had transferred at the courthouse steps back in July.
Now the home is freshly back on public offer. And it's at a substantial markup over the foreclosure sale price, but just a trifle below the price at which the market rejected an "approved" short sale offering earlier this year – at $1.600m.
The new price:
$1.590m.
The investor grabbed this newer (2004) home for
$1.320m in July, meaning a full-price sale would bring $270k
(+20%) more, or a cool $190k with a 5% cost of sale.
Good work if you can get it.
The home's a custom build that MBC called "a veritable steal for a fairly large Hill Section house" in a post earlier this year. There is the compromised location to worry about – the home runs along somewhat busy Pacific and backs up to a commercial property. It's perhaps 50 yards from MBB.
That's probably more compromises than you see over at
2612 Poinsettia, the Tree Section foreclosure flip that hit the radar last week. (See "
Sketchy Speckie Returns" and "
Sunday Opens (9/5)" for a review.)
Then again, we haven't seen 801 11th in person yet, with all the hassles involved during its last round on market, while occupied. (There was a single, 30-minute open house.) The new listing calls it "a definate must see," and with cringe-inducing spelling like that, we're inclined to avoid the property entirely, even if it's unfair.
A coincidence of no obvious significance: Both foreclosure flips are priced with a $1.59 in front.
A more relevant parallel: Of necessity, each listing description begins with a clarification:
- 2612 Poinsettia: "Not a Short Sale, Corporate Owned REO Bargain"
- 801 11th: "This is a regular sale, not a bank sale."
It feels a bit like the race is on. Which recently wiped-out MB property will make the most money the soonest for a savvy investor? And which one... not so much?
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of April 28th, 2024 at 9:50pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
