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?
A quick note to regular readers: Thanks for bearing with us during a slow posting week. We're coming back full force.