This is something you don’t see everyday. There is a condo on the 27th floor at the Cosmopolitan that will go auction at $385,000. That is a $490,000 reduction from the current listed price for this unit see here: Unit 2704. This is a remarkable opportunity to purchase, that will be over at about 11:30am when the auction at King County is complete. Let me explain how it came to be.
The owners of this unit purchased it on 9/07/2007 for $735,000. Like many other owners today, they may have experienced financial hardship. Prior to going to auction, most owners will try to sell a home as a “short sale”. If you read my post from a few days ago, you can see how many options there are in working with the bank to save your home from the foreclosure process. In this case, the owners were either denied home preservation or they simply didn’t try. So once a bank determines that the owner is incapable of keeping the home they start the process of foreclosure. This is a diagram of how the timeline works as an owner heads towards an auction date:
As sad as this story is, it is a reality of todays market. Some new buyer will own this incredible unit on the 27th floor for a very good price.
See a few more pictures of the unit here: