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– The Siena received a NOD this week. This looks like a Dallas / Dynasty sort of thing, with Dad foreclosing on the prodigal son. Don’t get too excited – this one is probably just a paperwork deal, but worth watching. I really like the Siena, and would hate to see anything bad happen to it.
– The first legitamate attempted resale at the Montage hit the MLS. Unit 2018 was purchased for $445,900 on 29 May 2009 (all cash, it looks like), and just listed for $399,900 or $263 PSF. My guess is that the original contract price was about $600,000, and a $60,000 deposit. With transaction costs, it looks like the owner would have been better off just forfeiting the deposit and taking the risk that the various law suits would work out. (Sonic has no connection to this unit that I am aware of. I just couldn’t find a link on the RRB feed)
– The first foreclosure at the Palladio hit the MLS this week. Unit 909 sold for $480,000 on 11 July 2007 and went back to the bank on 23 November 2009 for about $421,000. Listed at $312,900, or $262 PSF.
– 10025 Desert Canyon is an interesting one. It was purchased from the builder for $735,000 on 29 March 2002, and is listed as a short sale for $549,000. The original purchase was with a $300,000 15 year fixed bundles with a $350,000 HELOC. It was fefied on 15 August 2005 with a $766,500 first backed by a $300,000 HELOC. A NOD was filed 15 July 2009 based on a missed 1 March 2009 payment. Just another train wreck, but it caught my eye because it is the first property I’ve seen with a "Certificate of Mediation" recorded along with the NOS.
– So what’s a Certificate of Mediation? 129 have been recorded since 20 November 2009. There are 3 boxes to check: no request for mediation was requested, a mediation was held and the parties could not agree, and the loser blew off the proceedings. I checked out about a quarter of the filings, and 100% have been "no request filed". This is part of NV’s new foreclosure prevention system, and I think this Certificate of Mediation is required now before the NOS can be filed. It doesn’t track sucessful mediations, just those that failed. It seems that a lot of people are just giving up and chucking the system.
– My gift for you last minute shoppers who need to mail off some boxes – the Verdi post office rocks! They are friendly, communicate in English, and one person ahead of you represents a major line. Exit at East Vedi going west on 80 (exit 5?) and go about a mile. It is on your left and well worth the trip. I actually look forward to my visits there.
That’s a wrap. Anything you folks want to hear about?
Grand Wazoo
Anyone been to La Famiglia since they re-opened in their new location across from Pioneer Center?
inclinejj
Barney and Kelly Ng are Bar-K one of the biggest private lenders in the Bay Area.
Wow!!!
Downtownmakeoverdude
Yes Grand Wazoo. I have.
I have a feeling this is Walter NG’s way of telling his son he is not happy wit hthe way the Siena is being run. Just my guess. But why do it in such a public and embarassing way? If dad wanted to wrestle the property out from under the son, is this the only way he could do it?
The Siena has the best decorated rooms downtown, and I can’t imagine them losing that $50,000,000 deed on the property. Perhaps this is Walter’s way to handing the Siena back over the investors.
Grand Wazoo
So Dude, how is the new place? Mrs Wazoo and I were weekly regulars at the old locale, but haven’t made it to the new digs yet.
Son Sergio has left the operation but I assume the rest of the family is intact at the new location.
gg
OT but I had to vent…. We are looking at a house that was listed a good while back. Originally the house was listed at a given number of sq ft and this week it magically grew 300 extra sq ft in the MLS. The listing agent claims that it is because the enclosed porch is now considered in the sq ft calculation since it was permitted.
The assessor lists the house’s sq footage without the porch. The fit and finish is not on par with the house on the whole as it has an indoor outdoor carpet over cement and is enclosed w/glass.
It looks like he is trying to get higher offers now by just claiming the house is larger. I am sure new potential buyers will fall for the trick. I feel it is total BS, and bordering unethical. Any comments?
Waldo
So the Montage unit is already down 10% from the “reduced move in now” price of just 6 months ago?
The Palladio unit is down 35% from the 2007 sales price?
How utterly predictable.
Yet again the doomers and gloomers on the RRB are proved right.
Bronson
The seller of that Montage unit will be damn lucky if he only loses 10% from the “reduced move in now” special pricing of 6 months ago. With all the problems and pitfalls inherent in that place right now, how can anybody even estimate what market value is there?
Is there even a market right now?
Downtownmakeoverdude
Grand Wazoo the new location is nice, better decor, more intimate, better acoustics (the old locale could get a bit loud) and a larger. It was nice looking out the window and not seeing weed-ridden lots and the like. I heard from a direct witness that a drunk puked chunks all over the large windows outside while people were eating inside, and that was one primary reason for moving. The State Street Project was REALLY LUCKY to land a tenant so soon after completing.
There were some freaky resales at the Palladio this year that really raised some eyebrows, did anyone ever figure out what happened with that? There was a series of resales where the resales sold for WAAY over what the units originaly sold for. Is this foreclosure one of those resales Mike M?
About the Montage, I tell you what, those 15 or so folks living in that building know how to throw some WICKED pool parties. I’ve been to a couple. Let’s just say the amenities are definitely being used, and with so few residents, the people living there can be ‘quite liberal’. It must be a weird feeling being that 24-hour security/front desk person, overseeing a near-empty bulding.
Banker
Maybe wicked pool parties is what people need to do to take their mind of the fact that they made one of the worst possible investments.
Those people will be lucky if they ever are able to sell at a 20% loss from the “reduced move in now” sucker prices they paid earlier this year.
Downtownmakeoverdude
LOL banker probably….anyone who bought ‘anything’ in this city in 2004+ as an investment instead of a home made one of the worst possible investments. But the folks I talked to who LIVE at the Montage from part-to-full-time did not buy them as short term investments…Now don’t bite my head off I am just saying what residents there tell me during small talk. I would imagine and hope that the ones who DID buy as short-term investments are the ones who are fighting to get out of their contracts and never closed their deals. If someone closed on a Montage unit as a short-to-medium-term investment, even after everything that happened with the collapse, then they are fools and should have just walked/fight the contract/not closed, because they lost a lot more than their 10% deposit. Right? Then again there’s already a resale who know knows.
MikeZ
It must be a weird feeling being that 24-hour security/front desk person, overseeing a near-empty bulding.
I walk by the Montage whenever on foot downtown. That poor guy. He’s like the Maytag Repairman. I always rap on the glass and wave as I walk by.
bondstevenbond
Violis on the titanic never sounded so good!
tow
wicked pool parties? haha I’m so jealous ! Is everyone invited? Or do you have to have -50% equity to be invited?
LOL
billddrummer
Mike,
Re/Notice of Mediation–
Since this injects an additional time delay in the foreclosure process, will there be a spike in NOS filings and TDs once the lenders are on board with the new procedure? One of the Notices I researched was dated 11/9/09, recorded 12/4/09. Wells Fargo was the original beneficiary, and they filed a NOS the same day as the Notice of Mediation. The projected sale date is January 6, but the original NOD was filed in July 2009, on a 4/1/09 delinquent payment.
So it looks like the homeowners lived mortgage free for 10 months, and that’s if the sale goes through as scheduled.
Isn’t America a fine grand country?
GreenNV
The Siena may be in more trouble than just a family feud. The RSVCA hit them today for a $40K lien today for not reporting monthly room license taxes.
Pretty cool that this little post also had the first Montage resale on it, which has turned into a bigger story.