Down $700k, Facing Foreclosure or Short Sale

By Dave Fratello | August 13th, 2007
So much for the flirtation with Craigslist601 Larsson is back on the MLS.

A home that began March 20 at $2.695m is now up at $1.999m, with this language:
Bargain priced estate home in the prestigious manhattan beach "hill section". Lender approved short pay.
The owner paid $2.0m in Sept. 2005, so the home is priced somewhat surprisingly at a 2-yrs.-ago level. (This one will throw off the two-year-itch averages.) Last list before they quit was $5k short of $2.4m, so this is a hefty drop.

Now the question is how short you can go.

Can we guess it's the holder of the 2nd who recognized the threat of a total wipeout if this proceeds to auction Sept. 5? (Auctions have been scheduled and canceled a few times, but that game can't go on forever.)

At this price, even with its location issues, there oughta be buyers. Oh, wait, there's some trouble on that side, too...

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