Foreclosure Could Bring Back 923 1st

By Dave Fratello | May 28th, 2013

It was a years-long saga of strangeness, largely behind the scenes.

The big and peculiar home at 923 1st in the Hill Section was not fated to sell in the post-bubble or bust years.

Listings failed in 2008, 2009 and 2010, before the property rented out. (For $18,500/mo., we might note.)

This gigantic bachelor pad with ocean views, pool and a ton of entertaining space – not to mention guest bedrooms for the whole team – was purchased for $3.3M in 2003.

The would-be seller wanted $7.998M, $7.595M, $7.350M and the like in '08 and '09. The market said no.

A short-sale listing at "just" $4.0M in Summer 2010 also flopped. (Our last story on the property, from June 2010, was occasioned by that short-sale attempt.)

And then a 3-year slouch toward foreclosure began.

Late last year, in an effort to forestall the foreclosure, the (now former) owner filed a lis pendens, which in this use means "a piece a of paper used as a last act to try and block the bank from taking the house."

But we now see that that failed, too. This Spring, the bank did take back title to 923 1st. The stated value on the recording: $4.675M. (That's probably more a measure of what the bank was owed than the market value.)

So what's next?

Some computers make a rather specific prediction: "Zillow's Foreclosure Estimate predicts this property will sell for $5,398,210."

Could the bank spiff up the place and put it back on the market? Why not?

And if 923 1st sells for that price, it will be more than it ever – or never – sold for before.

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Fun with the MBC Wayback Machine: Our first story about this home, "Unpredictable," was posted anonymously in Jan. 2008. It's a whirlwind recap of a dizzying tour. That post, somewhat famously, almost got then-shielded Dave caught in the act of blogging, but the storm passed.

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