Foreclosure on Upland Drive

Reader Gil brought my attention to 45 Upland Drive and so I checked: sure enough, it's been lost to foreclosure. I lost interest in this house way, way back, when its builder spurned our attempt to pull off a short sale at, if I recall, $4.5 million. He'd started at $9.250 million in 2007, was hopelessly in debt, and could have salvaged something by accepting our offer, but refused.

That was in 2008 or maybe 2009 and my clients, and I, moved on. And now, I guess, so has the builder. Okay house, unfortunate siting (the pictures are deceiving: it's perched on a cliff, but there's a decent side yard), but it could work, at the right price: $9.25 wasn't the right price.

Debt was along the lines of $5 million, so I imagine the lender will try to recoup that by putting this back on the market soon in the $6s, which will also be the wrong price.

Patience.

UPDATE: Turns out I underestimated the lender's sagacity, and it listed it yesterday at $4.6 million. That was my best estimate of its value ten years ago, and it's been ridden hard and put away wet since then, but at least it's a starting point for negotiations. $3.75? depending on condition, could go higher, or lower. (Per listing, "Property does have some deferred maintenance and is being sold "as is". Gotta love that bit of Realtorese, "deferred maintenance")