Coquille Riverfront Foreclosure - NEW
On Parkersburg Road in Bandon, Oregon sits a 2683 square foot home on the Coquille River. It even has a boathouse and sits on 3.74 acres, but it just hit the foreclosure listings.
It's currently a Bed & Breakfast (Alder House) with a great reputation, but times have been tough on bed and breakfasts lately. In fact, most vacation rentals have struggled to stay profitable through our current economic downturn. Some have resorted to renting the homes long-term or month-to-month just to get some relief from mortgage payments that originated during the height of the market.
With a tax assessed value of $184,840 and a list price of $498,000, these owners are in the difficult position of trying to sell a nice property in a market where everyone is looking for a deal. In Bandon and the greater Coos County, a "deal" is defined as "rock bottom price".
The scheduled auction date is December 30, 2010.
Written by: Rushel Reed
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