Homewood Nation

Let's elevate the conversation!


Post Reply
Forum Home > Title Transfers -2010 > 04-11

Elwin Green
Site Owner
Posts: 41

520 Clawson St., by Copper Street Property Group LLC, for $12,500

This is an interesting case. As houses go, it's fairly new, built in 1992. The county says its market value is $64,700, and that may not be far off the mark, since a similar townhouse just a block away is listed for sale with a Realtor for $67,000.

If I recall correctly, 520 Clawson was listed for sale with a Realtor for a price in the mid-$30s.

Why was the seller asking so little? Because, as the recent history shows us, it was a foreclosure. The seller was Dwelling House Savings and Loan, the Hill District thrift that went under last year.

So if it's worth, say, between $65,000 - $70,000, and it was listed in the mid-$30s, how could it possibly sell for $12,500?

Again, it was a foreclosure. It was a foreclosure in Homewood. And maybe it needs some work.

And a buyer sophisticated enough to take title in an LLC is sophisticated enough to not offer the list price on a foreclosure.

April 12, 2010 at 2:21 AM Flag Quote & Reply

You must login to post.