That didn't work out so well.
The lot was bought for $1.085mm back in April 2003 and in December of 2007 this almost completed house was listed for sale at the hefty price of $3mm before being cut to $2.7mm in March 2008.
Looking on Property Shark, I see that there are multiple mechanics liens with the first one back in 2006! As for the bank, Indymac foreclosed for $2.3mm in June 2009.
REO Listing History: 10/14/09 - $2,650,000
Reduced down to - $2,146,500
SOLD: 5/17/11 - $1,821,000
I am not familiar with the way that liens get paid so I'm wondering if the bank had to pay them or if the new buyer here has to pay (could be why the price came down so much if so). Either way, this property was a complete mess for years and years and its nice to see it get taken care of finally.
Ordinarily the buyer would get it free and clear of all liens so the bank would pay them out of the proceeds, but in this case who knows.
ReplyDeleteIt is good that the property has been cleared up.
The bank receives whatever is left after the mechanics' liens are paid off.
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ReplyDeletewhatever happened to that place south of Montana and east of 26th that was bare plywood waiting to be finished? Did that ever sell?
ReplyDeleteYou talking about 825 Berkeley? I don't know what has happened but I drove by the other day and it was rotting. Looks abandoned and no construction happening still.
ReplyDeleteYes, that's the one, thanks.
ReplyDeleteIIRC, those half finished units on Broadway/Berkley have been that way since at least Dec 2005. I know because I used to pass them on my way home every night. Every few months something would change - ie new fitted windows in a few of the units - and then months of complete inactivity.
ReplyDeleteYou're not wrong in thinking they're rotting either. I remember a time when the particle board was actually wood coloured ;-)
Nobody talking about the abysmal Case-Schiller numbersyesterday? Can you say housing double dip?
ReplyDeleteWell, since this is a Santa Monica blog, what did the numbers say about Los Angeles, and specifically Santa Monica?
ReplyDelete825 Berkeley was sold. Eventually the 1/2 finished will be worked out - probably at a pretty good profit for those willing to do the work.
ReplyDelete