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Surf City home offered for $2.3 million reverts to the bank

August 6th, 2009, 12:00 pm · 6 Comments · posted by Marilyn Kalfus, real estate reporter

A recently constructed Tuscan-style home in downtown Huntington Beach offered as a short sale for $2,395,000  reverted to the lender on Wednesday. The opening bid was set at $1,742,500, but nobody bought it.  

The house, built by a builder who meant to live in it, went up for sale while it was still under construction. It’s now been on the market for 799 days. main112013

The original asking price was $3,875,000. The listing agent, Tammy Figueroa, says a short sale, which did not pan out, had been approved by the lender at $2,350,000.

Data on ForeclosureRadar.com shows the total loan amount — a first and a second – at $2,912,000.

The Web site’s computer formulas estimated the value at $883,827, but ForeclosureRadar Research Manager Susan Heninger said those appraisals aren’t always in the ballpark. The latest tax asssessment was based on a value of $2,344,395.

The 6,400-square-foot corner house at 1120 Main St. stands out in the neighborhood, but it’s not the only distressed property there.

 

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CLICK on the map to the left from countyrecordsresearch.com for a sense of other homes in the nearby area that are in the pre-foreclosure and foreclosure process.

 

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Posted in: Foreclosures • • •
 
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 6 Comments

  • lee in irvine says:
    August 6, 2009 at 2:09 pm

    Of course this house didn’t sale.

    Look at how stupid things have become in The OC. This seller was originally asking 3.8 million for a downtown HB villa … come on now, this is nuts! This house is really only worth about 25% of that asking price.

    I still cannot believe the banks created this mess.

  • popcorn says:
    August 6, 2009 at 3:11 pm

    I chuckle at the builder. Building a house to the lot lines is not my cup-o-tea. Then you have the price, double the price of the next highest sold in the neighborhood.

  • mvmoomy says:
    August 6, 2009 at 3:15 pm

    sell, not sale.

    OC, not The OC.

  • Nonsense says:
    August 6, 2009 at 3:38 pm

    Builder built this house to invite all traffic vehicles drive straight to his house. This shows me how smart that builder is, and also the same for the bank which approved the loan. This house for free still not get my attention.

  • WebGuru says:
    August 13, 2009 at 10:31 am

    I stopped by this house to check it out before. There was an agent inside the house and was so snobbish that they didn’t even let pay attention to us and didn’t open the doors to let us in to view the house. How can a RE in this day and age be so high on themselves?

    Good riddance.