It took longer after the housing crash for high-end short sales to come on the market in Orange County, and while they are still relatively rare, you do see more of them now. Here’s a bayfront Balboa Peninsula house that closed this month at $3,875,000.
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- Address: 1314 West Bay Ave.
- 5 bedrooms, 5 baths
- Lot Size: 3,778 square feet
- Style: 2 level, contemporary, Spanish
- View: Bay, city lights, harbor, marina
- 2.5-car garage
- Year Built: 1936
The home was listed in August, 2009 at $5,900,000.
The remodel included a 55-foot boat dock, with room for a Duffy, says Spyro Kemble, the co-listing agent with Rosanne Kline at Surterre Properties. Kemble also represented the buyer.
Redfin shows 10 nearby, comparable homes have gone for $1,110,000 – $3,700,000 in the last 6 months. Just two on that list were distressed, both bank-owned sales.
Kemble says he’s got 2 more pricey short sales expected to close in the next week. We’ll check in with him soon again..
http://mortgage.ocregister.com/2010/10/25/see-waterfront-3-8-million-short-sale/39478/
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