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).”
