What ever happen to some of the properties that have been profiled here? Here is some closure on properties from The Incredible Hulks post from a year ago, and even Bonanza.
– 1005 Kit Carson in Verdi – Half completed house on the bluff sold out of foreclosure for $140,000 in 6/2011, with a $160,000 hard money loan. The place got a quick Tyvek wrap, re-listed and went into contract at $199K before falling out. It is still sitting there.
– There is action at 270 Burks. The property changed hands on 29 February 2012 for $173,000 on an original construction loan amount of $581,000. The construction loan had been funded by failed Cetus Mortgage, and one of the members of the mortgage “pool” bought the property, so it may not be exactly an arms length transaction. A construction permit with a value of $70,000 was issued last week to complete construction by the new owner / contractor.
– 5050 Bella has now been completed and is on the market. Purchased half finished for $166,500 by RYBO LLC (worth looking up on the SOS site) on 8/10/2011, it hit the MLS asking $595,000 on 10/24/2011. Price was reduced to $568,500 and finally to $544,900, and it is showing as Active/Pending Call (note – link will go dead when this closes).
– 456 Ponderosa was profiled last May – purchased for $11,900,000 for cash in 2000, debt ratcheted up to $4.5M over the years. It just sold for $5,750,000 or so. Watch the agent jizz themself in their Tweet to the world:
NEWS FLASH – MARCH 9, 2012 – I am pleased to announce that I just closed the largest transaction of my real estate career. I represented the buyer of 456 Ponderosa Ave. which was originally listed at $19,725,000 and purchased at the Ross Dress for Less discount of just under $5.9 million. This will go down as the deal of the century for Incline Village and Crystal Bay real estate. Over 11 acres, 13,000+ square feet, superb high-end luxury home with a gorgeous view of Lake Tahoe. I would like to thank the listing agent Dan Schwartz of Chase International for his professionalism and integrity while we worked on this transaction. Click Here to See the MLS Info
– Not really a hulk, but 345 Juniper Hill Road continues to rise to it’s 17,226 SF plus garages and outdoor terraces (profiled in Sunday Drive last October). How did they get wood shakes approved for the roof? My estimate is at least $1M for the “sound wall” surrounding the property now. I guess it helps to be TJ Day. “Tin Roof – RUSTED!” But damn, that outdoor covered terrace with killer views of downtown and a fireplace big enough to spit roast a bison is gonna be SWEET!
– Lastly, congratulations to out first time buyer DL who just went into contract on a pretty sweet short sale. I hope he/she will keep us informed on how the short sale process progresses, and if the banks are actually getting reasonable and easier to work with. Taking me to lunch to “pick my brain” my be the most expensive lunch they ever bought!