Wednesday, July 30, 2008

632 NE Russell - Now $475k and Bank Owned

It looks like the owners lost their foreclosure battle, and 632 NE Russell - the house that inspired the great "is it IN Irvington, or looking in on Irvington" debate - is now bank owned. And $75k or 14% cheaper. That's $145k instant equity for those keeping track.

For $475k I'd still like a garage or two. But I'm just picky.

RMLS# 8060441

EDIT: We drove by a while back and this is teh view across the street. Think this might be one reason why it's not selling?

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bearlee said...

Did anyone ever find out what happened to the approx $300K of equity the owners pulled out? Are they selling their two new SUV's with the house? Any criminal charges?

Anonymous said...

Of course not, Bearlee! They lived the American Dream in the new republican century! They live by the credo, "Get as much a you can, all that you can and don't give a second thought to how you got it!"

Let's all bow our heads out of respect to the death of honesty and ethics.

PDX Outsider said...

We can now see that they spent at least some of it on framing. Looks like the sold the fancy range.

I added a photo to the main page with the view across the street. Yikes!

AllanF said...


Yeah, I'd call that Irvington looking in alright. If only the lot across the street were REO this one might have had a chance.

I often wonder about those that didn't sell their ghetto lots bought 20 and 30 years ago for nothing. Certainly a lot of folks flipped them, but not all. Those that didn't are they comatose? We have a land speculation bubble and long term capital gain tax rates at 15%. The upside is in. There is no where to go from here but down.

Sid said...

Good Lord. If this is the place I think it is, I went to a party at that place back in 1996. If it's the same house, I hope like hell the Powell's employees who bought it had fun with the HELOC ATM while the cash lasted.

Jeff Bernheisel said...

You could always buy this place, then use the "instant equity" to buy the place across the street and convert that into a garage/carport!

PDX Outsider said...

Damn, why didn't I think of that! It's getting harder to find the elusive 6 car garage in the inner city!

Are you a Realtor? Is this an example of the Realtor-vision that I hear so much about?