August 9, 2011

To Short Sale Or Foreclose, That Is The Question Of The Day

The proposed short sale of 2040 Broadway #301 has been in contract since June 1 but still hasn’t closed escrow per the MLS. Purchased for $1,850,000 in 2004, the 2,052 square foot view condo has since been refinanced with $2,320,000 in debt which has been in default for over two years.

Speaking of which, the Pacific Heights condo is also scheduled to hit the courthouse steps on Thursday with $2,585,553 owed on a $2,000,000 note.

∙ Listing: 2040 Broadway #301 (3/3.5) 2,052 sqft - $2,100,000 [MLS]

First Published: August 9, 2011 1:00 PM

Comments from "Plugged In" Readers

HOA=$894.00 month (only)

Posted by: snider at August 9, 2011 3:44 PM

If a property that might be worth two million or so had low HOA fees that might be cause for worry. Expensive properties are expensive to maintain, and become problematic if allowed to seriously degrade.

Posted by: Mole Man at August 9, 2011 4:06 PM

No wonder they couldn't keep up with the mortgage, they spent all their money on mirrors.

Posted by: OneEyedMan at August 9, 2011 4:51 PM

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