MB's newest short sale raises some intriguing questions.
1410 N. Ardmore is a little cottage (3br/2ba, 1600 sq. ft.) on a busy part of Ardmore, near the intersection at 15th. It's quite close to downtown, so that's a plus. (Note: No pics on Redfin or MRMLS just yet.)
Two years ago, the property was offered for $1.1m.…
MB's newest short sale raises some intriguing questions.
1410 N. Ardmore is a little cottage (3br/2ba, 1600 sq. ft.) on a busy part of Ardmore, near the intersection at 15th. It's quite close to downtown, so that's a plus.
(Note: No pics on Redfin or MRMLS just yet.)Two years ago, the property was offered for $1.1m. It went quickly for
$1.2m, closing in March 2006. The new owners spiffed the place up a bit shortly thereafter and folks moved in.
The home is on the market again now at
$1.5m, with this note:
Property is a Short Sale, Commission and Price subject to Lender's Approval.
Wait,
short at
+$300k over the 2006 price?
You might be thinking that the owners went a little HELOC-crazy. But the truth promises to be stranger.
That's because about a year after that 2006 sale, 1410 N. Ardmore sold again for
$2.5m.
That's $2.5m, more than double the earlier price.The property wasn't redeveloped in the interim – just that spiffing-up we mentioned.
So how might such a thing happen? Your blog host dashed off to the county recorder's office one day a couple months back when this property first popped up in default.
Turns out it's a
$2m loan from that Feb. 2007 sale that has now gone bad. (You can see the same thing by looking the property up on
PropertyShark.com now.) So $1.5m may or may not be a great price for this home, but it's at least $500k short to begin.
A clause in the $2m loan suggests that there was some intent to develop the property. But if so, those plans didn't get very far.
There's a lot more to this story. Call this Chapter 1.
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 30th, 2023 at 5:46pm 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.
