Fri 25 Jul 2008
Park Place Homes in Lake Forest
Posted by Vicki Lloyd under Foreclosed Properties, Park Place
No Comments
After 6 months of no activity in the ParkPlace neighborhood, we finally have a new listing! Unfortunately, it’s a bank-owned foreclosure that backs in to the corner of Lake Forest and Serrano. The list price is $549,900 which isn’t too bad for a 2600 square foot home with a pool. I haven’t looked at it yet, so I don’t know the actual condition inside.
The history on this home is interesting – it last sold in February 2002 for $401,000 after 55 days on the active market. At that time, the home had a wood shake roof, which was old enough that its age probably affected the final sale price (lower.) Here is the photo used on that listing :
Sold 2002
That buyer refinanced the home several times over the next few years, taking out cash each time and spent some of that cash on a new roof, which is mentioned in the details of the listing that was offered last year at $835,000 then later reduced $795,000. There was no sign on the property, no lockbox, and to view it, you had to make an appointment with the owner, but there was no phone number to call the owner. Not surprisingly, that listing expired unsold. The photo below is what showed as the only photo on the MLS for this home that now had a new roof :
Expired 2-28-2008
Today, that same house in on the market as an REO. Knowing that banks don’t paint or landscape foreclosed homes, I’m now wondering if the last listing agent ever even drove by the home that he had listed for $795,000! (Actually, since there was no sign or owner phone number, I am wondering if he ever had a valid listing!) Here is the current photo provided by the bank’s agent:
Bank owned home - 4 bedrooms + loft + pool: $549,900
