Wednesday, May 16, 2007

Stunning Loss on Downtown Condo at ParkLoft #602

This loss is so large that I have to wonder if the sale in 2006 was fraudulent, a clerical error of some sort or the buyer was extremely uniformed. That said a large unit like this could have sold for around this price at the high point in the market.

Type: Listed on MLS(#076032940)

List Price: $787,900
(Range priced $787,900 to $787,900)
Cost: $1,100,000
Loss@6% Sales Expenses: $359,374
Loss%: 32.67%

Purchase Date: 06/05/2006
Holding Period: 11 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1609

Purchase Details: view


Anonymous said...

Check your facts. The new owner is DEUTSCHE BANK NATL 2006-FF11.

The listed sales price is the amount that was owed on the 1st Trust Deed.

Anonymous said...

I live in the building. There was something fishy about this deal. I think that it was cross collateralized with another property. It was never listed for $1.1 million in 2006. I can't remember the amount but I don't think it was anywhere near that amount.

Anonymous said...

Anon, so you you think that because the bank lost a lot of money on this deal that the loss is any less stunning?

Whoever appraised that property for that $1.1 million loan was smoking something. Perhaps that unit was at one time appraised at $1.3?!

Something does not pass the smell test.

Anonymous said...

There are several units in this building for sale as well. Must be a ghost town there and the other units look a bit less expensive.

I think Downtown SD is headed towards a blood bath and very rough times. Way too many spec or second home purchases with the funny money.

Anonymous said...

This property was a mortgage fraud case. Jim Abbot is involved in this. If you can, check the list price changes in MLS. This was listed in the low $800ks and raised to $1.1m when it went pending. This defines mortgage fraud.

Mr. Brightside said...

Any details you can offer would be greatly appreciated! What role did the real estate agent play in this transaction?

Anonymous said...

I am a realtor and ran this on the local mls. The list price on this property was lowered and raised several times before being raised from $845,000 to $1,125,000 and having this close at $1.1m. Ouch. This has since been foreclosed and is now listed at $787,000 on mls.

Anonymous said...

Wow that's stunning. Thanks for the stunning info Mr. Realtor.

Anonymous said...

This is a classic "ISAC" scheme (Inflated Sale And Crash). The listing agent raises the list price to give cash back to the buyer at closing, then the property forecloses and crashes the area values. This term (ISAC) is now a commonly used term in mortgage fraud cases.

Anonymous said...

"This has since been foreclosed and is now listed at $787,000 on mls.

hahaha That dump will be lucky to sell for $500k.

Anonymous said...

Anyone know anything about Parkloft #1102. It's a bank listed property for $1,894,900. As a top floor, 2900+ sqft unit, selling at $650 PPSF, it seems too good to be true. There must have been a huge loss on this property...