Something strange is happening with 225 39th St., a recent El Porto remodel. (Click address for details.)
MBC reported in April that the home was in foreclosure:
Also coming up for auction May 4 – 225 39th St., just a door down from Highland Ave. in El Porto. No recent purchase here, but records indicate a $1.005m…
Something strange is happening with 225 39th St.
, a recent El Porto remodel. (Click address for details.)
MBC reported in April
that the home was in foreclosure:
Also coming up for auction May 4 – 225 39th St., just a door down from Highland Ave. in El Porto. No recent purchase here, but records indicate a $1.005m loan gone bad.
It seems rare that homes go to auction and go anywhere from there but back to the bank. Fast-forward a bit, though, and records show this home closed for $1.595m
on June 14.
Seven weeks later, on Aug. 10, it was on the market, freshly remodeled (3br/3ba, 1600 sq. ft.), at $1.745m
No takers. It was re-listed to wipe out the start price, then it came down a bit, and this week, the list price came down to $1.629m
. That's right, just $34k more
than the June purchase price.
You'll give the buyer's agent $40k at that price, which makes the deal a loss
, straight up.
The big questions are: When the remodeling was done, and by whom?
That is, was the work done before or after the June sale, and by the June buyer or a previous owner? Obviously, if the current holder did the work, the losses are magnified.
The only thing that's clear is that this owner wants out.
You do not often see a listing go from profit to loss like this in 60 days.
Please see our blog disclaimer.
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 March 21st, 2023 at 11:15pm 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.