It took more than 4 years, but they've finally transferred title to 521 MBB
, a little duplex just up off Ardmore.
If you've ever been stuck at the light at MBB/Ardmore, you've seen it. You may see it tonight. For the first time in... forever, you'll know there's a new owner.
It's hard to recap the tale as well as we did last year in "Forget the $300k, Forget It All
," which took note of 521 MBB as it became a short sale.
But the super-short version is:
- Purchased for $1.495m in Aug. 2006
- Tried to resell, 2007-2010, from $1.875m-$1.499m
- Offered short for $980k in Spring 2010, found a buyer
- Repo'd Oct. 2010
- Sold July 20, 2011, for $1.130m
It was a long, painful rewind on what must surely have seemed like a can't-miss "investment" during the bubble years, but you've heard that story before.
Just to tie up some loose ends – the short-sale price of $980k last year didn't exactly ignite a wildfire of interest. But a buyer did come in, and it sure looks like the lender balked at the price, preferring to foreclose.We were skeptical
when the bank put up 521 MBB this March at $1.285m, or more than $300k above its last offering price. Turns out, they split the difference – selling for $150k more than the short-sale price, but $155k less than the bank's first hopeful request.
Of possible interest:
The buyer's agent is from out of area – "Burbank" is in the office name. Here's hoping the buyer's not an out-of-area investor who's overvalued the property. We'd like to keep these particular books closed now.