June 24, 2013

Facing Foreclosure Having Cash Out For A Gain

1611%20Broderick.jpg

Purchased for $1,080,000 in November of 2006 with 20 percent down, eight months later the Lower Pacific Heights property at 1611 Broderick was refinanced with a $1,330,000 loan. And four months later, the property was put on the market for $1,995,000 but failed to sell. No building permits were issued for the property in-between.

Permits to renovate the basement were issued in 2008. And in 2011, the property returned to the market first listed for $1,711,000, reduced to $1,599,000 that March.

Withdrawn from the market in September of 2011 and in default since 2012 with $1,519,406 now owed on that aforementioned $1,330,000 loan, 1611 Broderick is scheduled to hit the courthouse steps this afternoon.

First Published: June 24, 2013 1:00 PM

Comments from "Plugged In" Readers

That is a just a really tough location and stretch of houses. I lived across Bush from that location for years. The red house next door is some sort of half way house. There are projects half a block away. And the person taking that picture is pretty much standing at the large church on the corner. That row of buildings right there is sandwiched in between a lot of negative real estate situations. Overcoming one of those things would be ok, but all three... Plus no parking.

Posted by: ew at June 24, 2013 2:32 PM

Postponed to 07/25/2013 (Bankruptcy)

Posted by: inclinejj at June 24, 2013 4:00 PM

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