3369 Pond Crossing Court

3369 Pond Crossing Court was appraised in Spring 2007 at $2,150,000 comparable market method and $2,310,000 using the cost approach. This new home has sadly gone through foreclosure on 4/14/2008. One of the original partners had to bid to purchase back the property. It went at foreclosure for $1,313,000. The deposit was made at that time. The bidder must now close escrow on May 14, 2008 in order to complete the sale. He would prefer to sell and close prior to the new financing so as not to incur new debt. The cost to purchase would need to include the closing costs and fees. The purchase needs to occur on or before the May 14th, 2008 deadline. There is a chance that the bank's attorney may allow a short extension if there is a formal contract in hand.

This home could not be constructed today at $1,450,000 which is what I think may work as a contract price although not sure. When you review the appraisal you will see that the estimate to reconstruct this property was $2,310,000 a year ago. I genuinely believe that in another couple of years this home will sell in the $2.5 range which would effectively make for an approx. $1M gain for the owner.

This is a very special luxury estate on deepwater.