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?

Free Fall Friday - 632 NE Russell - $550k

Here's another case of "instant equity". It looks like this house was bought for $314,550 in 2004, with about 8% down. The house was refinanced on 3/31/2006 for $504k (a 60% increase in 15 months!) with a second loan of $116k taken out on 11/10/2006 for a total of $620k.

It's now for sale for $550k. $70k instant equity!

It's now listed as a short sale, and gotta love the marketing "Charming 4-Square on the edge of Irvington! " Yup, the edge of Irvington would be Elliot. Not that there's anything wrong with that.

"Unfinished attic & basement are framed & plumbed w/good height. Room for garage to be rebuilt. Sale is subject to lenders' approval of a short sale."

Oops, we ran out of money before we finished the attic or basement. But hey, it's got granite countertops!

MLS# 8013821

33% off in Irvington - 2817 NE 24th Ave.

I stumbled across this bungalow this weekend, which is currently offered "subject to a short sale" at $450k, down from the previous selling price of $675k.

MLS ID# 7092039

Any tips from those in the know?