EFTA02419859.pdf

To: 'eevacation mail.com[[email protected]] 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 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.M 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 ear $4.2-$ as a $3.6 offer + 100 x 175 lot with a teardown) at While a better street, does have decent r 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 EFTA_R1_01485593 EFTA02419859