678 14th Green in Incline received it’s 6th NOS today. Maybe this one will turn out to be the charm.
The property was purchased in late 1997 for $382,000. Then there are a bunch of Refis and HELOCs recorded, non of which seem to be big deals but are hard to verify. There was another Refi for $380,000 in 6/04 and then the fun began:
– Refi 9/04 for $700,000 125% Option ARM.
– 2nd loan in 9/06 for $250,000.
– 3rd loan in 5/07 for $344,455.
– NOS on the 1st loan in 5/07.
– 4th loan in 8/07 for $40,000. In a strange coincidence, I know the private party lender!
– NOD on the 2nd loan and another NOS ($764K) on the 1st in 8/07.
– Another NOD on the 2nd loan in 9/07, along with a NOD on the 3rd loan.
– NOD canceled on the 1st loan in 10/07.
– 5th loan for $150,000 in 11/07.
– Another NOD on the 1st loan in 1/08.
– NOS on the 2nd loan in 2/08.
– Another NOS on the 2nd loan filed in 5/08.
– NOS on the 1st loan once again in 6/08 ($783K).
– Finally, an NOS on the 1st loan was filed for the 4th time yesterday.
If I’m tracking the reconveyances correctly, there are 5 loans in place totaling over $1,484,000 plus penalties, interest and fees. Over 2 years of various defaults, and it still hasn’t gone back to the bank(s). This may have been listed in the past, but the home doesn’t seem to be on the MLS now. After 6 NOSs, is time finally up for 678 14th Green?
Another Incline property received a NOD yesterday, and it is a bit of a puzzler. 581 Sugarpine was purchased in 10/02 for $740,000 with a $350,000 loan. It was Refied in 9/04 with a $250,000 15 year 1st and a $250,000 HELOC, and Refid again in 8/07 with a $450,000 loan. The HELOC looks like it is still in place, so total indebtedness may be around $700,000. The house has been on the MLS since 2 November 2007, and is now listed reduced to $750,000. Is this a roll back to 2002 prices in Incline? Have they been chasing the market down, or is there a problem with the house?
Reno Ignoramus
Mike, you have posted before about Belsera Heights in SW Reno. Well, it looks like the 50% off sale has arrived at Belsera Heights.
5210 Bellazza Ct. sold on 6/1/05 for $749,925. Hit the MLS today as a short sale at $380,000.
This listing really ought to be in Somersett. It would fit right in.
inclinejj
I wonder if the 2nd & 3rd finally will cut the losses and bail or cure and bring him to sale.
I know the owner is involved in a pretty complex Bankrutpcy
inclinejj
581 Sugarpine has no “Tahoe” look or feel to the house..A nice house in suburbs yes..Tahoe house no..
Just my 2 cents
Paul
I am seeing price capitulation all over Incline, and its accellerating. Example: Mill Creek Lot previously 900k sold 472K. We are zooming toward (maybe past) 2002 valuations in Incline. When the baby boomers want out, Gen X and Y are gonna be pretty cheap buyers (if they even like incline).
Real Estate Fan
Paul,
I totally agree. The aftermath of the the real estate bubble is going to allow the next generation of buyers to enter the market at experience the long, slow appreciate real estate should provide.
First time buyers and even folks with a few real estate transaction under their belt can benefit from understanding how to take advantage of a down market and what to expect when the market grows at a normal rate. Here’s a great book that covers these topics and more:
http://www.lawlessinvesting.com