Deal of the Week: Banked Owned REO at The Palms:
555 4th St #625 1BR for $405,000
Per tax records 555 4th St #625 (The Palms) was purchased for $598,000 in 2006. It was then taken back by the Bank for $510,698 this past October. Listed by an out of area agent (don't get me started at that topic) for $450,000 not even 3 weeks later (well, a fast bank turn around at least) it went into contract one month later. But yesterday, it came back onto the MLS for $405,000 representing a 33% loss from it's '06 purchase price. Pretty typical of what I'm seeing at The Palms and just about all of the newer buildings in the area.
6th floor is over the roof tops looking across 4th Street where this unit and this balcony face.