Bargain Watch: 1500 Sq Ft Bank Owned Foreclosure at Allenmore Ridge for $129,000

Allenmore Ridge Condos in Tacoma

I visited this foreclosure a few months ago with a buyer of mine who had been looking at another unit in the building. At the time, the other unit was priced lower than anything had been at Allenmore Ridge, at $225,000.

This unit was priced at $185,000, but they reduced it to $160,000 $129,000.  The building doesn’t go FHA, so you have to have 20% down.  That would put your payment (including HOA dues) around $1200/month with taxes, insurance, etc.  HOA dues here include landscaping, earthquake insurance, Water, Sewer, and Garbage.

I love that it’s huge (1551 sq ft), with a great view of the golf course.  Also, it has more storage than any condo I’ve ever seen.

The condo is listed with Robert Tourney at Remax.

UPDATE:  Price has been reduced to $129,000 due to the reasons stated in the comments below- this has probably gotta be paid for with cash, folks.

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This entry was posted on Monday, June 29th, 2009 at 9:31 pm and is filed under Bargain Watch. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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3 comments

Janet Matzke:
 1 

I like your posts, Marguerite. That is a terrific deal on the condo also-are these the ones that were just remodeled?
Janet

June 30th, 2009 at 11:02 pm
Patrick:
 2 

Well not exactly, PITI on this property will be closer to $1400 when you add in taxes. Still a good buy!!

July 1st, 2009 at 3:32 pm
patrick:
 3 

Went and looked at this property this past weekend and we where in the process of making an offer. When the Red flags came out. 1st off the property HOA is involved in litigation that makes it very tough to get financing until this process is complete. The second issue is that it has a $20,000 special assessment levied against the unit from the HOA and there is another $10,000 of work yet to be completed that will be assessed by the HOA. This deal is not for the first time home buyer! You will need deep pockets to maintain this unit. That said, I have no doubt that this is a great buy and if you are looking for a condo and have some long term money to put to work, this would be a great option.

July 21st, 2009 at 1:30 pm

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