No, $525,000 is only the outstanding First loan (there could be a second too) and may not have any bearing on the sale price. The local Multiple Listing Service, coincidentally, has one Active property listing measuring 2,818 square feet located at 2060 N. Beverly Drive. This is Bank Owned and when the bank foreclosed on it on 6/2/2008, it had an outstanding First Loan of $525,000, a secod loan of $35,000 (both loans with the same bank) and a third private party loan of $40,000. The bank foreclosed at $1,300,000. Initially it was listed for sale at $1,799,000 and is now listed at $1,499,000 and has been on the market for 90 days.
Should you need any more details on this property or on other properties in the area do let me know.
A Happy New Year.
United America Realty
U. A. Property Management