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With teardowns still selling for $2.35 million, Santa Monica Surreal Estate sometimes appears bubble-proof. Not so, though, according to the enterprising folks at Westside Bubble, who have found a couple of short sales in the People’s Republic.
First, 813 Pier, a teensy 1 bedroom, 1 bath, reduced to $800K: ‘According to the County it last sold 2/23/2006 for $800K. It was listed July 2006 for $979K, then reduced four times, now from $879K to $800K. Such a deal: ‘SHORT SALE... Back portion of house was built wihtout permit and is yellow tagged. BUILDERS OPPORTUNITY.’
Craig, who digs around for loan documents and posts them on the site, reports this was a zero-down, 100% financed sale back in February for $800K. He also found this 1/1 condo meltdown on Idaho in Santa Monica: Currently asking $535K, sold on 10/03/2005 for $559K. Financing back then? You got it: zero-down, 100% financing.
Comments? Insights of Staggering Brilliance?
Photo Credit: Westside Bubble