This was the first oceanfront house in La Jolla to be foreclosed this year, a 3,049 square footer in Bird Rock. You are supposed to leave the cliff alone here, but doesn’t it looks irresistible to create a little walkway down to the surf?
The former owners paid $5.455 million in June, 2006, and yesterday it sold on the court house steps to a third-party for $3,248,500! A flipper? Owner-occupier?
We’re still waiting on another in La Jolla that was foreclosed in April. This 8,200 square footer was purchased for $6.8 million in August, 2007, and financed with a $7.2 million mortgage from Temecula Valley Bank – cash back at closing?
The opening bid was $4.8 million – but no takers on the ‘steps, so it went back to bene.
Back in the day (late-1980s) we used to do open house in this neighborhood, hoping to land a million-dollar sale (the developer had built a spec house while selling the lots separately). Now look at it!