That’s right, $2.5 Billion! Well, OK, it is only $1,377,351,000 with a $2,527,351,000 maximum, but I get giddy when there are that many zeroes and commas.
The property is the Montage, which just passed from Montage Marketing Corporation to Montage Marketing LLC. The Deed of Trust is actually for the entire former Corus portfolio which includes the Monty. Then there is a second document recorded today, subordinating the interests of Montage Marketing and a new player, Corus Construction Venture LLC.
Interesting technical reading for those with with a stake in the project, and an interesting insight to mega deal paperwork. I’ll check APNs that got left out to see if any of the retail spaces are "free flying" and in some other state of being.
Coming up: I’ve got all of Page Ventures / NRES NV I LLC transactions charted, and am working to refine the Excel spreadsheet so that ‘yall won’t laugh at me too much. The story of the Holcomb Townhouses. And there is a rumor going around that Ms. Diane might have a few (thousand) words for us soon. Kuhl!
Grand Wazoo
I see a huge dose of “epic” in our future. Well done all.
Grand Wazoo
RED ALERT!
WSJ article: “American Dream 2: Default, Then Rent”
http://online.wsj.com/article/SB126040517376983621.html
Guy Johnson
Interesting article, Grand Wazoo. Thanks for sharing.
I like the interactive map showing “strategic defaults” by state. If the predictions in the piece come true [4x 2007’s numbers in 2009], then 66% of NV loan defaults this year are predicted to be “strategic” (homeowners who choose to default on their mortgage even though they could still afford to pay it.).
CommercialLender
Slightly off track, but has anyone gone thru, attempted, or experienced in some way the HAMP program (Home Affordable Mortgage Program). This is the gov’ts loan modification program that I read this week is having an abysmal rate of actual permanent modifications. Most are simply not approved via lack of paperwork or borrower interest, over 30% default again within 90 days and therefore never make it to permanent status, and therefore the remainder represents a very small number who actually obtain permanent modification relief. Of 3.1M requests sent, only 33% (1M) are offered trial periods, 24% (760K) trials are started, and only 1% (31K) have resulted in permanent mods. Thats only 5% of those who started a trial period. Abysmal.
Anyone have a background story as to why this program is so ill-received?
Given there were over 700K of these mods initiated in recent months for a very small success rate, could this be a partial explanation for why the NODs and TDs in Reno have dropped of late? If the success rate is small, does this point to an increased NOD/TD rate in the spring? If the banks are screwin’ around with this HAMP program for a 1% to 5% success rate, how many other borrowers are being left out in the cold for lack of available staffing resources or being allowed to stay in NOD homes?
a link to more info on these numbers: http://www.calculatedriskblog.com/
Is this just another in the long line of wildy inefficient big-govt free-market intervention programs resulting in the the delay of the inevitable correction?
skeptical
CL,
Not an answer to your question, but programs like HAMP, Fed buying of MBS, tax credits, and bank holdbacks of foreclosed inventory — these are just a few of the current market manipulations that make me a more than a bit apprehensive about purchasing a property in this environment. In effect, the market is being artificially propped up by the govt and the banks.
So, what happens when these props fail and the market asserts itself (as it inevitably does)? Takeaway these interventions and you could have another very significant leg down, protestations by Smarten and others notwithstanding.
Old Parnell
GW,
Thanks for the WSJ link. Not sure whether to laugh or cry for the future of our great country.
To have two taxpayer funded employees (teacher & fireman, do fireman really make $100K/year?) game the system and openly boast about their spending on vacations, BMW’s, fancy dinners etc, while sticking it back to (ultimately) the taxpayer is a little hard to stomach. I guess I’m old school because when I made a bad investment (there have been a few) I worked twice as hard to make sure that no-one was out any money due to my mistake.
I honestly worry about the future of this country, as sleight of hand will always seem to trump hard work.
…and then I read Diane’s piece.
Is it bad form to have Scotch before 9 am?
Old Parnell
billddrummer
To OP,
You’re probably OK now. it’s after noon.
Kevin
Great article! As someone who just lost 80% of their total equity, and added an additional cars worth of credit card debt to make sure we stayed afloat while selling our home… I could without a doubt relate with a lot of your article, and unfortunately I am also disgusted that our country continues to spend when bankrupt. It’s a scary to see it all unfold as a citizen and a parent.
Moving to Reno recently I have known a few families that have told me how impossible selling or even buying homes via shortsales or forclosures are… and it’s incredible how long a buyer has to wait to even get the bank to ultimately accept or decline their offer. The people believing we’ll pull out of this economic downturn anytime soon with the way we are currently handling this crisis – are holding onto a lot of false “hope”.