Listed on Foreclosure.com as fully foreclosed and bank owned this Pacific Beach condominium carries a massive loss of $129,000 and that's not including the $5,000 carpet and paint credit offered at closing.
You can discern from the price cut history that the lender that owns the unit wants it off of its books:
Price Reduced: 07/01/06 -- $515,000 to $505,000
Price Reduced: 07/17/06 -- $505,000 to $495,000
Price Reduced: 08/25/06 -- $495,000 to $485,000
I'm very curious what the rules are, accounting, regulatory or otherwise, that the banks are financial institutions are under when holding foreclosed properties. These institutions would seem to be highly motivated to cut the price in order to get a buyer into the unit. Of course this has downward price pressure ramifications for the rest of the market.
Type: Listed on MLS(#061047870)
Resale Price: $485,000
Loss@6% Sales Expenses: $129,100
Purchase Date: 01/31/2005
Holding Period: 20 months and counting...
Square Feet: 913
Purchase Details: view
Thanks to Gary for finding this property!