Several of my clients called me on Friday about the new, mysterious house for sale in The Oaks at Calabasas with the dramatically low price and no picture on MLS. I have all of my buyers set up with automatic MLS listings so they are emailed immediately when a home comes on the market that meets their criteria. The system is so great that every once and awhile my clients will know before me about a new listing. It just so happens that I was out with buyers on Friday and although I did see the notice of the new listing on my phone, I was busy and didn't read the details. It didn't matter, if news is important enough you'll hear it from more than one source and I certainly did.
So yes, there is a bank owned property on the market in The Oaks (REO's we lovingly call them). The house was built in 2006 and has five bedrooms and six baths. The lot is 12,050 square feet and the house itself is 5,353 square feet. Since there are no pictures on the Multiple Listing Service I grabbed my camera and took photos when I was there.
Public records show this home was purchased in March of 2006. The buyers originally borrowed $1,461,292, four months later they refinanced their first mortgage and took out a second mortgage for a total of $2,210,000 (an additional $750k). A year later the house was listed for $2,900,000 (6/15/07) just a few weeks before the July mortgage meltdown. Still not landscaped this house just sat on the market. Even a price reduction to $2,500,000 in August didn't help.
Unfortunately the house was foreclosed on just six months later. One wonders if there ever was a payment made on those new mortgages since the process of foreclosure takes just about six months. The house is now on the market again for $2,100,000. This is the lowest price per square foot in The Calabasas Oaks at only $392.30. But is it worth it? Now that's another question entirely. Following are my viewing notes (kind of like wine tasting notes). I don't usually publish my viewing notes publicly (I send them to my clients only) because as a Realtor we're not supposed to advertise another Realtors listing. But I'm making an exception in this case since they're so juicy.
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Foreclosure in The Oaks at Calabasas
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