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October 20, 2014

Not All REOs Come Cheap: Priciest REO Sold

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Not All REOs Come Cheap: Priciest REO Sold

The average foreclosed home sells for $182,489, according to RealtyTrac. But not all REOs come cheaper than other homes on the market: A bank-owned penthouse condo overlooking San Francisco’s Art District recently sold for $28 million, making it the priciest condo sale in the city’s history, MSNBC reports. 

The condo was originally listed by Bank of America for $35 million. The bank picked up the deed for the home in lieu of foreclosure in July. 

While the steep price tag is high for most average foreclosures or even other home sales for that matter, the bank’s asking price was still half of what the original owner — developer Victor MacFarlane — tried to get for the condo in 2008. Even after a price cut in 2009 to $49 million, MacFarlane still was not able to find a buyer for the condo.

The 20,000-square-foot penthouse features six bedrooms, seven baths and four half-baths, a full gym, a 13-seat movie theatre, a waterfall in the foyer, and a 2,500-square-foot master bedroom.  

Source: “Buyer Found for Nation’s Priciest Bank-owned Home,” MSNBC (Dec. 16, 2011)

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