It turns out that July was a good month to be in distress.
Not even 3 weeks ago, we mentioned 8 MB listings that were in some form of distress – REOs, shorties and homes facing foreclosure – and we discussed 6 of those in some detail. (See "The Distress List.")
Now, of the 6 we discussed, 4 are in escrow. Only 2…
It turns out that July was a good month to be in distress.
Not even 3 weeks ago, we mentioned 8 MB listings that were in some form of distress – REOs, shorties and homes facing foreclosure – and we discussed 6 of those in some detail. (See "The Distress List.")
Now, of the 6 we discussed, 4 are in escrow. Only 2 East MB shorties are still available.
Taken:
456 21st St. (3br/4ba, 3325 sq. ft.) was the highest-priced distressed property listing in MB, a 3br, custom-built Caliterranean overlooking the baseball fields at Live Oak Park.
It had cut from $2.8m to start (a rescue price?) to a short-sale offering price of $2.049m before finding a buyer.
Now, can they get the lenders to approve?
3108 Walnut (pictured) (4br/4ba, 3700 sq. ft.) was listed short with an NOD against it, but also somewhat overpriced at $1.595m when we last mentioned it.
The price had been cut to $1.495m a couple of days ago – still higher than the total amount of the loans. Thursday the listing posted a deal.
1412 Wendy Way (no photo here) (4br/4ba, 3500 sq. ft.) is an East MB REO, a newer (2005) custom build that backs up to Aviation.
The home had run through on-and-off attempts to sell since early 2009, with a high ask of $1.560m in late November last year.
Last list, for a pretty dern big and newer house: $1.128m. You had to imagine that someone would like that.
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860 12th Ct. |
860 12th Ct. (3br/2ba, 1200 sq. ft.) is the short-sale home that once featured The Pig in the listing. It was offered at $935k.
As we noted just a few days later, a neighboring home of comparable size on a corner lot, 837 12th Ct. (3br/2ba, 1200 sq. ft.), tried to jump in front of 860 by cutting its price lower, to $925k.
Both are in escrow now, but The Pig beat the corner lot by several days.
Still out there, from the prior story:
1801 5th (2br/1ba, 800 sq. ft.) is still the cheapest troubled sale, an REO offered at $695k.
The little home on about a half lot (3825 sq. ft.) was purchased for $870k in May 2007, putting the current REO offering price 20% below the '07 value.
1750 Ruhland (5br/6ba, 4250 sq. ft.) is a short sale that hasn't changed since our last update 2 weeks ago, still up at $1.961m.
The newer home (2006 build) was last purchased for somewhat more: $2.225m a full 4 years ago, in July 2007, at the peak.
We previously noted that the sellers had raised the price $100k from the start, raising some questions as to how serious they are about finding a buyer.
But, hey, there are still a couple days left in the month, and July has been good for troubled listings, so maybe things could look up?
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 May 4th, 2024 at 7:55am 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.