Friday, August 11, 2006

UPDATE: Foreclosed Downtown Condo at Renaissance #507

The foreclosed unit feature in a post a few week ago has endured a $30,000 price cut. It's important to keep in mind that financial institutions are not in the business of owning real estate and will want to get these properties off of the books.

Also keep in mind that if you use the current Fed Funds rate of 5.25% and add in taxes and HOA that the bank is paying this vacant unit is costing over $3,000 per month to carry. This makes cutting the price to get it sold the most practical move.

The numbers below have been updated to reflect the reduced price.

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Listed on Foreclosure.com as fully foreclosed this unit ended up being owned by WMC Mortgage Corp which presumably was the lender on this unit.

Check out Foreclosure.com for a free trial to access more information on this unit.

The site shows this as inactive so let's assume the unit has changed hands again.

Resale Price: $599,000
Cost: $760,000

MLS: 061033138

Loss@6% Sales Expenses: $196,940
Loss%: 25.91%

Purchase Date: 10/25/2004
Purchase Details: view

6 comments:

nykid said...

http://www.treas.gov/auctions/customs/ambercreekct.html

I'm not quite sure if this is relevant, you decide.
In any event, thanks for the updates
invaluable job.

Anonymous said...

There is information on hundreds of foreclosures in San Diego County at fidelitysd.com. You can find out what the buyer in default paid for the property and the loan amount.

Mr. Brightside said...

nykid,

It's interesting that US Customs seems to be involved in this, perhaps this more of a siezer sale and isn't the product of a seller that's run out of money.

I'll watch this to see where it sells relative to the last time it came on the market.

Mark in San Diego said...

Mr. Brightside

This is a great job you are doing - too bad the media isn't focusing in on the foreclosure problems. They are always a day late and a dollar short. . .the SD Union is now only running stories about decline in values. . .most bloggers knew this a year ago!

Mr. Brightside said...

Mark,

Thanks for the feedback. When it comes to the media they play a role.

Have you ever noticed that when you see a newsworthy event personally or when a topic that you are an expert on is discussed that the account by the media typically has glaring inaccuracies or is missing key information? Makes you wonder...

Lew Breeze said...

FYI, this unit went into "pending" status as of 8/15/06.