March 13, 2012
A Savvy Buyer Loses The Race To The Courthouse Steps
In 2006, the 1,286 square foot Opera Plaza two-bedroom sold for $612,000. A year later, the "Best in City Living for the Savvy Buyer" marketed condo sold for $665,000.
The 2007 purchase was financed by way of a $531,750 first mortgage, a $100,000 second and $33,250 (5%) down. By the beginning of 2011, the savvy buyer was already $34,945 past due on the first alone.
Having been listed as a short sale this past January, and with a list price that was changed to $465,000 last month, 601 Van Ness #75 is currently in contract but contingent according to the MLS. At the same time, 601 Van Ness #75 is also scheduled to hit the courthouse steps this afternoon.
We’ll let you know who (fore)closes first.
Postponed by a day, the bank successfully foreclosed upon 601 Van Ness #75 on March 8 with no bidders at $489,000 in cash on the courthouse steps. We hate to be the one to tell you, but if you thought you were in contract, you’re probably not anymore.
First Published: March 13, 2012 1:00 PM
Comments from "Plugged In" Readers
[Editor's Note: As "WH" predicted on the earlier thread: "The condo is worth significantly more than $362 PSF. Bank forecloses, eats transfer taxes, brokerage fees, etc., and still comes out on top."]
Posted by: WH at March 13, 2012 2:04 PM
This certainly didn't turn out to be the "can't miss" investment that the realtor promised back in 2007!
Posted by: El Bombero at March 13, 2012 3:37 PM
+"This certainly didn't turn out to be the "can't miss" investment that the realtor promised back in 2007"
Why encourage people to make stuff up? Don't get it.
Posted by: [anon.ed] at March 14, 2012 9:11 AM