Want a private and spectacular estate for less money than yesterday’s building pad farm? You can’t have it. It’s been delisted.
10264 MERKLEY Row San Jose, CA 95127
SQ. FT.: 4,416
$/SQ. FT.: $272
LOT SIZE: 2.22 Acres
PROPERTY TYPE: Detached Single Family
VIEW: Mountains, Neighborhood, Valley, City Lights
YEAR BUILT: 1990
COMMUNITY: Alum Rock
COUNTY: Santa Clara
ON REDFIN: 5 days
* BANK OWNED/REO * Private, grand and elegant gated estate nestled on an approximately 2.2 acre parcel w/ breathtaking panoramic views of the Santa Clara Valley floor and neighboring mountain ranges. Large open rooms, guest quarters, library/office and a large master retreat. All non all cash offers must be accompanied by a Bank of America pre-qual. AS IS sale!
Why was this lovely property taken off the market? The homedebtors paid $1,715,000 for it at the peak of the market for non-RBA properties. Then some trust fund snapped it up from the bank last December for $775,625, which is probably what was owed on the mortgage. Here’s the really weird thing. The property was listed on May 18th and delisted on May 25th.
What flavor of Kool-Aid made this property worth $1.7M in 2006?
What did the FBs do to the place that the property was being sold AS IS? The house was built in 1990-91 with a quality level of 9.0, so this is not new but incomplete construction. Perhaps we are talking about new and incomplete destruction.
Is the location so non-RBA that the high quality of the construction and the private, grand and elegant gated estate nestled on 2.2 acres with breathtaking panoramic views comes down to lipstick on a pig?
How come only Bank of America pre-qualifications were acceptable on this foreclosure? Is this some kind of inside job? Is there a whiff of funny business to this property?
Why is the Trulia listing only for 4416 sf but the Redfin one presents 5227? Is that why the property was AS IS? Are we to believe that someone bought a 4400+ sf property on 2+ acres and decided it wasn’t big enough? And that they then managed to wreck their financial health by adding to a gated estate in Alum Rock? But they didn’t bother getting any permits?
Good luck answering these questions, especially why you cannot buy this property today. Or whether you should have bought it in May to grab the state tax credit. Or if you’ve been – TOO LATE – priced out forever.