Remember when blue tape was only used for painting? In my mind, it is now forever linked to foreclosed home toilets! Here’s a few quick items from this week in real estate:
– I’ve written about the Marmot group and their in-house construction, real estate, and property management wings. They bought up sort of run down properties often with the zoning to add additional units, fixed them up, and rented them out for the “long haul”. Well Marmot just listed their entire portfolio for sale. 1053 Bell. 390 11th. 350 11th. 440-450 Claremont. 308 Vassar. 201 Caliente. 135-137 Caliente. 134-136 Caliente. 1698 Plumas. 221 Pueblo. 128-130 Caliente. 104 Arroyo. Some of the pricing is realistic (and even a net loss), some is reasonable, and some is in the trees. I wonder what caused the change of strategy? And I doubt the wisdom of listing multiple properties in the same neighborhood at one time and becoming your own competition.
– 2 major apartment complexes are heading for the courthouse steps after receiving NOSs. Vizcaya at 1350 Grand Summit in the northwest is in default with $31,175,000 remaining principal outstanding. Village at Iron Blossom aka Mountain View Apartments at 690 and 695 Patriot with $35,572,500 principal outstanding.
– Remember Belvedere – Time to Jump In from May? I have been contacted by several parties interested in buying there this week, and have learned a lot. I will post what I know over at REreno later this weekend.
– 620 Nixon was a house that refinanced and then when short sale 75 days later for $125,000 loss (the listing was swiftly removed from the MLS). I thought it might be a fluke, but then 8180 Sierra Ridge in Somersett did the exact same thing. Originally $358,703 in February 2004, refied for $386,574 on August 1 2011 through Primelending, and just listed this week as a short sale for $207,500. Inept appraisals? Could be. Or are the big banks subsidizing these refis to get them off their books? Yeah, I’m a grassy knoll theorist, too, but this will be an interesting trend to monitor.
– Don’t forget the RRB meet-and-greet Wednesday at 5 at CommRow. Please note that CommRow has a no guns policy, even with a concealed carry permit! Would even love to see the Orable of Spanish Springs and quiz him about his new project.
Sully
Mike, if you” note under the link to Marmot there was 3 comments:
Also, they must have an awful lot of faith in this area to take on so many rentals. (mine)
Something to keep in mind: if they’re passing a lot of money through real estate, but not actually making any money, they may just be laundering it. (MikeZ)
Either one could be the reason for their change in strategy. Most likely the fact they bit off more than they could chew in an economy that wasn’t going anywhere fast!
Grand Wazoo
So Mike, where’s your analysis of the whole CommRow project you promised for shortly after it went live? I for one am looking forward to reading it.
Drove by Thursday at 5pm, wasn’t sure if it was open or not. A few people milling around, the front windows and doors were filthy. Maybe it is the whole grunge climber thing, but I would bet not.
Maria
I drove by the CommRow last night on my way home about 6:00 pm. It didn’t look open to me. There were 3 or 4 people standing in front but nobody else. Didn’t see anything happening with the climbing wall. Is it open now?
Carlo
You would think that people driving by would at least be able to tell if the place was open. Not off to a very auspicious start it seems.
joey
IMO Commrow looks like crap on the outside.. could they have spent a little more on the facade? my god !
joey
I think a better place to meet would have been the freight house district next to the ballpark.. oh well! I can’t make it anyways since im currently working on a renovation.
inclinejj
Who is selling in this market? People who have to sell!!
Distressed sales!
bob_c
Wasn’t July 2011 median 149,950 ?
joey
who is buying in this market? people who see opportunistic pricing over the long term!