Catching a Falling Knife: 4350 N. Broadway in Buena Park
We last chattered about 4350 N. Broadway in Buena Park in January 2008.
At the time, Unit #1010 was going to foreclosure auction and Unit #1012 was already bank owned.
See the pictures here.
Unit #1012 sold in February 2008 for $405,000 (including 2 parking spaces.)
Here’s its history:
Unit #1012: 3 bedrooms, 2.5 baths, 1950 square feet
- Sold in December 2005 for $711,000
- Was listed in January 2008 as a bank owned property for $399,000
- Sold in February 2008 for $405,000
- Listing stated it is “sold in as-is condition. Great opportunity!”
- Assessments of $675 a month
Did that buyer catch a falling knife?
Because Unit #1010 has finally come back on the market as a bank owned property a year later (as no one bought it at the foreclosure auction.)
It’s listed a full $150,000 under what #1012 sold for a year ago.
Here’s its history:
Unit #1010: 2 bedroom, 2 bath, duplex, 1700 square feet
- Sold in January 2006 for $557,500
- Sold in August 2006 for $650,000
- Foreclosure auction price in January 2008 of $482,081
- Now bank owned
- Currently listed for $256,450
- Listing doesn’t say anything about parking
- Assessments of $554 a month
- Area Wide Realty has the listing. See the listing here.
There are no interior pictures available so it’s unclear what the condition of the unit is.
Here are comments on the building in April 2008 from Mark, who said he was an agent in the building:
“Many of us active in the area were shocked by these sales as we just weren’t selling condo’s for any amount near these sales back in ‘05.
Interesting, of the 7 or so that sold for above $700K—all ended up being rentals. Odd, eh? Why would someone pay $700K for a brand new condo and rent it out is a mystery. Over time it became evident that the renters weren’t taking care of the units and weren’t paying rent. At the same time, the owners of these units stopped paying their mortgages, condo fees and taxes. Surprise–1 foreclosure recently sold (#1012), 2 more are pending (#1001 and #1004, both under contract in less than 20 days).#1002 is on the market (beat inside) and I suspect that #1003, #1005 and #1007 will be on the market soon as all are vacant. That will take care of the foreclosure issue in this building–to the best of my knowledge there aren’t any other foreclosures elsewhere in the building and very few in the area.SO what happen to the PH level at Buena Pointe? GOOD question.
I would give anything to review the original lending files of the units that sold at $700+ in ‘05. I cannot imagine what is in those appraisals as comparable sales—they just didn’t exist. So whatever lenders and owners got nailed on this–they deserved it. Unfortunately the condo assn and other owners in the building have been forced to deal with the PH’s (due to lack of payment of monthly fees), but by the end of this year as all the foreclosed units have been sold and new owners make payments–they’ll be in good shape.
This is a good building with surpising decent lake and some city views. The lobby is very nice, it is well-managed, the board is active, the roof top party room/outside decks is phenominal AND ++ for the garage—you can still get a second spot (for about $20k).”
We went to go check out unit 1010 a few weeks ago. The doorknob was sawed off with a haxsaw or smashed off with a hammer or something so we couldn’t get in. So basically I have no idea what the interior of this place looks like. The realtors of this property didn’t even know that the doorknob was messed up and nobody was able to enter.
My friends live in this building, they have a 1 br 1ba. They had a lot of problems with drug dealing renters. I feel sorry for them as they are good people. The party deck/area is sweet! I wonder if the buyers realize that public housing is going up across the street.
This building is an architecturally bankrupt nightmare of a place. Not only must the architect have obtained his license from a Cracker Jack box, he surely got his education from the “Architecture for Dummies” book.
How anything this unattractive could be approved and then built is beyond me.
This place looks like public housing to me…
The building is actually pretty nice inside, just a visual abortion on the outside.
interesting wsj article
http://online.wsj.com/article/SB122834060514976935.html?mod=djemRealEstate
Ironically, there looks like there’s a WAMU branch in the building (see photo).
GOod article in the WSJ – regarding the snow dugout, she may have confused the side of the Lake she will be leaving in, that will be a pleasant surprise.
Hideous building, horrid location, ugly surrounding neighborhood, public housing going up across the street, street crime problems….what more could you ask for.
The only good thing about the credit bubble was that it at least partially rescued a lot of really marginal areas. Sadly, some of these nabes really made it over the hump, and will lapse into their former status as prices adjust to the incomes and rents. This will be one of those neighborhoods.
Oh, that building! When passing it I often wondered how long it would be until someone chucks a glass bottle or other garbage up onto the balconies. Seriously, because at least once a year that happens by me and I’m in a much better location than this. Oh, and check out the wedge shaped building across the street – the balconies are only a few feet off the sidewalk. These condo builders did realize they were building in a big city, right?
All kidding aside, I never realized it was so easy to separate people from their money. Laura is spot on about the ultimate fate of this location.
Laura, I live in the area and nothing wrong with the area , specially crime wise…I know friends living in south loop and they have had crime more than what i have experienced in the area. Have you experienced street crime yourself in this area to state that? Also, along with public housing, there are good chances Target and more retail might come into this location. WOn’t that have a positive impact on the neighborhood?
I would agree with you regarding the schools being bad in the area, but location wise it’s pretty neat … close to the lake, wrigley…
My fiance and I rent a 2 bdrm, 2 bath unit in this building (and no, we are not drug dealers!!). The owner had it on the market for a while and could not find someone interested in buying so instead of taking a complete loss and leaving it vacant… we rent it for a very reasonable amount per month. We have over twice as much room as we had in our old place in Lincoln Park and we only pay a few hundred more with the parking included! It’s been just over a year since this article was written, and I am not sure if their are still many empty units or not, but the floor I live on seems very occupied. Everyone I have met in the building seems nice and welcoming. I’m always pleasantly surprised how clean the inside of the building looks and smells everyday. (including the main floor entry, and hallways).
I have nothing bad to say about this place at all! The neighborhood may not be the most glamorous… but I do not feel unsafe. And NOTHING had ever been thrown on our balcony! The Target will most likely be completed in July (They are making great progress). I think this is one of the area’s little treasures, and I would encourage those looking for a place to check it out.
Unit 1012 has been on the market since September and is currently listed at 399K. Looks reasonably nice for the money, but that location…