This property was bought by the owners on 8/1/06 for $2,850,000 with a loan of $2,280,000 which comes to 80% of the purchase price. It was recently listed for sale at $3,395,000 and was on the market for 4 months when the listing expired on 4/1/09.
Based on the price trend, sales and availability of similar properties in the area, my estimate is that this property should appraise in the $2.7 to $2.9 M price range. Whether the Seller would be willing to sell at a price close to or slightly lower than what they bought it for is questionable. Incidentally, lending criteria for properties in this price range are very restrictive with most lenders asking between 30 and 40% down payment. Only very few direct lenders will give you a special deal with 25% down payment if you have a special banking relationship with them. There may be exceptions to this but I have not come across any recently.
If you are still interested in the property, let me know.
United America Realty