It’s not often we see listings for “Medieval” estates in San Francisco (although it does happen), but yesterday the 4,100 square foot Monterey Heights “fixer” at 1150 Monterey Boulevard hit the market as a short sale listed for $1,400,000.
How does a home with a tax assessed value of $127,816 get listed as a short sale for $1,400,000? Well, in January 2006 a first mortgage for $1,500,000 was written on the property and was quickly followed by a second for $150,000 that February.
If you’re interested in the short sale you better act fast, however, for while not noted on the listing by the agent, a notice of default was filed against the first mortgage with $212,570 past due as of this past September and a foreclosure auction for 1150 Monterey Boulevard is currently scheduled for the courthouse steps in San Francisco this Thursday.
And while the current listing for the property on the MLS doesn’t offer any peeks inside, an old listing does, but get ‘em while you can.
UPDATE (1/25): According to the listing agent, “We have postponed the foreclosure date to facilitate the short sale.” As always, we’ll keep you posted and plugged-in.
∙ Another $150,000 Flushed At Albion Castle (881 Innes Avenue) [SocketSite]