Having been withdrawn from the MLS three weeks ago last asking $2,195,000 and versus $2,995,000 two years ago, a plugged-in reader reports that according to Redfin the Len Brackett rebuilt 542 Valley up in Noe was taken back by the bank on October 6 with $1,648,285 owed on its first.
The foreclosing note was a $1,560,000 adjustable rate mortgage (ARM) taken out in 2005 which appears to have paid off a $1,350,000 interest-only ARM from 2004 which appears to have paid off a $999,000 interest-only ARM from 2002.
Keep in mind that home equity lines of credit (of which a number had been approved) wouldn’t be reflected in that $1,648,285 “price” (nor would a subordinated “second” note).
∙ 542 Valley Returns Feeling Even More Japanesey [SocketSite]
∙ A Contemporary Japanese Estate In Noe (And No, It’s Not Ellison’s) [SocketSite]