OMG on MLK: UPDATE

Back from Vegas with a quick update on a property I featured back in April.

To jog your memory, the property was facing a quarter million in equity evaporation if it sold for the then-current asking price of $375,000.





Well, I'm happy to report that after a year languishing on the market...it sold!

Well, sort of.

The house went off the market in September, and in October a sale was posted for $340,000. Without the actual property records, I'm guessing that's the bank taking it back.

Taking it back for $163 per square foot, by the way. OUCHIES.

It hasn't popped back onto the market yet, so who knows how much they'll ask. In this neighborhood, that per square foot price sounds reasonable. But then again, the bank just lost -$280,000 and I imagine they want to recoup at least some of that money.

Work has been crazy--yes, even during Christmas break--so hang tight for resumption of regular updates.

I hope everyone has a safe, exciting New Year's Eve. I, on the other hand, am two weeks into a beard-growing contest, thereby killing any chance of a New Year's make out party. No, seriously, I'm even grossing myself out.

2009 is going to be a big year economically, politically, personally, and in just about every other way. Who knows, maybe some of you will step up to the plate and buy your little slice of the American Dream(tm)!