Bank of America foreclosed on Barratt American’s 12 projects in Southern California, and has now put them out for bid.
Carlsbad’s Magnolia Estates is being offered as a package of:
Five finished lots that average a half-acre, plus
Six almost-complete houses that range from 4,985sf to 6,219sf.
The HOA fee is currently $199/month, plus the Mello-Roos is $233.25/month through 2035.
There is also an outstanding balance of $280,000 for Grading and Erosion Control Bond, but the outstanding surety bond may pick up part of that amount.
Bids are due by May 15th, and must close by June 22, 2009.
Eight of the 13 previously-sold houses closed for $2,000,000 or more, and the last sale was that 5,293sf REO a year ago that closed at $1,355,000.
What’s the package worth??
Here’s the youtube tour: