A new bank owned listing came on the market in Lake Park West this week, in a good cul d sac location and priced competitively at $582,750. It had not been on the market since the last owners bought it in 2005 for $800,000.
From the information available on the tax rolls, it seems that they put down about $120,000 when they bought it, then took out a $60,000 line of equity in 2006. I wonder why they didn’t attempt to do a short sale, as it would have delayed the foreclosure for at least several months. The trustee sale was completed on 7/08/2008, and went back to the bank who listed this week with one of their REO brokers.
I stopped by to see it the first day on the market, and although there are a few items that need fixing, I think it is one of the better values available today. (I’ll add more details and photos tomorrow.)
Here is the latest activity report for the neighborhood:
Lake Park West YTD 08-09-2008