Sunday, August 27, 2006

Milestone - foreclosure on a real estate brochure!

Well this is the first for me anyway! A bank-owned foreclosure being advertised on a real estate brochure, on a bubbleminium built very recently (2003). Not some little post-war box with some poor eccentric elderly person living in it. And what's even more astounding is that the asking price is a full-blown fantasy asking price, not a realistically marked down asking price. If this keeps up, somebody will be foreclosing on the banks!

Long-time blog readers know that when I talk about specific addresses in my neighborhood, I scramble addresses. This is partly to protect the privacy of any parties involved from random Google searches, though you are probably able to figure out how to unscramble the address to get the actual address. Anyway, the address in question is 3022 Naatab Unit A., not even a block away from me.

According to Zillow, the Zestimate for this bubbleminium is $880,173. The value range is $783,354 - $985,794. The property has 2,521 square feet. The fantasy asking price is at the top of that value range: $984,900. According to Zillow, a sale occurred on 4/24/2006 for $890,137. This sale does not show up in Domania. But according to Domania, the first sale of this bubbleminium was March 2004 for $810,000.

OK, so was this recent sale to some phantom flipper who promptly got into trouble? Or maybe it was a legit sale to a totally clueless individual who got blindsided by the downturn.

I wanted to know a little more about Boardwalk Properties, so I took this photo:

See all the icons that look like the Monopoly board game? I wouldn't exactly compare these bubbleminiums to Park Place and Boardwalk. But people are buying and selling houses with fake money, that's for sure!


Blogger bearmaster said...

Real estate $$$ volume transaction charts for August will go up next weekend (September 2 or thereabouts).

5:11 PM, August 27, 2006  
Blogger bearmaster said...

I neglected to mention, the bank that owns this bubbleminium put this property on the market June 7. $5K was slivered off the asking price on August 3.

6:39 PM, August 27, 2006  

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