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$4 million short sale has a buyer

August 17th, 2010, 6:00 am by Marilyn Kalfus, real estate reporter

A Shady Canyon home offered as a short sale for $4,195,000 that I wrote about 6 months ago in the story, Real Short Sales of O.C., is now a pending sale.

The story was about high-end homes in Orange County being offered for less than what is owed on the mortgages.

As I wrote then, ”Pricey distressed properties are just a slice of the overall housing market, but a growing one, according to national reports and local real estate agents. They say the pain just took longer to penetrate that sector.”

That’s more true than ever.

The house under contract, at 93 Canyon Creek in Shady Canyon, has 8,300 square feet, a theater, “connoisseur’s” wine room, gym, sauna, steam room, swimming pool, and out in the “gorgeous grounds … a few little hideaways when you want to be alone,” as the listing puts it.

We’ll have to see what it sells for.

Posted via email from Newport Beach Blog

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