To: jeevacation@gmail.com[jeevacation@gmail.com]
From: ██████████████████
Sent: Thur 10/21/2010 10:18:34 PM
Subject: █████████████████

Jeffrey
I am interested in making a run at ████████████.

This is the house that failed to sell after a $2.7 bid at an auction last spring. It is owned by Nancy Mendel, a Sotheby's agent. She listed it at $4.2 and now $3.499. She owes $2.6 to Lydian. There is no foreclosure n n this roperty but one was filed in July against her other house and homestead at by Bank of NY/Mellon on a $1.5 mortgage.

Here is the link to the listing:
http://www.sothebyshomes.com/palmbeach/sales/█████████

The house is mediocre but in good shape. It has 5540 sf with 4 or 5 bedrooms, 5 baths, 2 car garage, pool. The land is roughly 160 by 150 (approx. 24,000 se. It says on the listing that it is a potential short sale.

Moens called me and has been advocating this and urging me to make an offer. He argues that he can resell it for $175-$200 psf within a year ($4.2-$2.8). Angle has a $3.6 offer ($200+ psf) on the 100 x 175 lot with a teardown) at . While  has a better street,  does have decent 2nd floor ocean views.

Moens says that there are offers Mendel has turned down in the mid $2s that are "open'. Maybe. She did however accept $2.7 which pays off the mortgage in the past.

Moens has made the following sales in the last 7 months — 310 Polmer Pk, $17.1M in Jan10, McKinney (Acqua Liana) - $22M in September, Maddock Wa lakefront- 16M this month; and Schulhof at $22.5M last week. He has a $9.5M closing on a much bigger Wyeth house on an acre) tomorrow. He has done several smaller deals too. I don't think he is pushing because he needs a deal.

Bill Rollnick (ex CEO of Mattel) bought the 6800 sf house on similar lot just north in June 2008 for $7.9. North of him is Bill Koch. Just south is Nancy Mendel's ex husband who has owned for 20 years, then Jennie Scaife who paid $1.9 in 2003. then Guenther Lehman who paid $4.1 in 2008 for a smaller house.

Moens is advising offering $2.7.

I believe the land is worth around $3.7 ($150 psi) and I believe him when he says he could sell it for that in a year.

What do you think?

P