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.
∙ A Savvy Buyer’s Short Sale And Race Against The Courthouse Steps [SocketSite]