Foreclosure and distressed property topics

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<p>While checking out the Space Coast Real Estate section of the paper yesterday, I notice in the rental section 5 or 6 rentals in this extremely high end subdivision in middle Brevard, west of I-95. In fact, I would say this is the most expensive subdivision in Brevard. There are more expensive homes along the water or in non tract groups, but not tracts.</p>

<p>Rentals 4-5,000 dollars. Very expensive for here. Methinks that a lot of speculators and flippers got into that subdivision and now can't sell. I've never seen anything like it. I went thru a bunch of those houses when they had open houses, and they're on acre and more lots, some on a big lake lots of square feet, all the amenities. The owners must be in a world of hurt. Here, anything over a million dollars is super fabulous.</p>
 
<p>Graphrix - First, thanks for pointing us to the FIS site. That is cool.</p>

<p>Second, a question. I think I understand the <strong>Opening Bid Amt.</strong> and the <strong>Sold Amt.</strong> but I am unsure of what the <strong>Notice of Sale Amt.</strong> is. Do you know?</p>
 
<p>Anyone have any idea how or why Countrywide's # of foreclosures dropped way down week-over-week? Their count is down 425 homes between last Monday and today... Is it possible they sold 10% of their inventory in a week? </p>

<p>REDC is pre-advertising an 11-day auction event, yes you read it right, 11 days:</p>

<p><a href="http://www.ushomeauction.com/">http://www.ushomeauction.com/</a></p>

<p>Maybe Countrywide is going to generate some capital by unloading 10% of their foreclosure portfolio at auction?</p>
 
Getting close, I should have them by the end of the week. I will do a blog post on it soon, and just know... it isn't getting any better.
 
<a href="http://calculatedrisk.blogspot.com/2008/03/more-on-record-foreclosures.html">More on Record Foreclosures</a>

<p>Here are a few quotes:





From CNNMoney: <a href="http://money.cnn.com/2008/03/06/real_estate/defaults_continue_climb/?postversion=2008030610">Foreclosures hit all-time high</a> </p>

"Declining home prices are clearly the driving factor behind foreclosures, but the reasons and magnitude of the declines differ from state to state," said Doug Duncan, MBA's Chief Economist said in a prepared statement. From AP: <a href="http://ap.google.com/article/ALeqM5g5p1V4diO9oEysg51J_ONG460lwgD8V80H180">Home Foreclosures Hit Record High </a>"Clearly it's the worst it's been," chief association economist Doug Duncan said in an interview with The Associated Press. ... "We expect some increases in the next couple of quarters," From Bloomberg: <a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aFsei3CmYabI&refer=home">U.S. Mortgage Foreclosures Rise as Owners `Give Up'</a> ``U.S. mortgage foreclosures rose to an all-time high at the end of 2007 as borrowers with adjustable-rate loans walked away from properties before their payments rose, the Mortgage Bankers Association said today.





``We're seeing people give up even before they get to the reset because they couldn't afford the home in the first place,'' said Jay Brinkmann, vice president of research and economics for the Washington-based trade group. These quotes hit on several key points: Declining prices is the driving force behind foreclosures, foreclosures are at record levels and the foreclosure rate is expected to continue to increase, and people are giving up "before they get the reset". All points we've discussed before.
 
<p>Looks like per RealtyTrac, there were 109 NODs filed for Irvine places in February. Appears to be up 11-12% from the January number at glance level. I was just eyeballing though so the figures could easily be off.</p>

<p>There are 9 so far in March for Irvine.</p>

<p>I'd characterize the majority of Irvine NODs as being on smaller properties or older properties. I survey the NODs for zip codes I am hunting in and there is very little. One recently on a 2800sf property in NW Pointe though... </p>
 
<p>Sorry I've not been on much, but I have had actual work to do. No closings tho.</p>

<p>I wouldn't buy anything in Miami, especially condos, for another year. THEY ARE STILL BUILDING THEM.</p>

<p>A client told me he is looking at 50s and 60s homes and they are selling in the 130-160,000 range.</p>

<p>Thing is, even if you were offered $100,000 for a million dollar condo, you have the problem of who is going to pay for the maintenance, especially the insurance in an empty building. The banks have to be coerced to do it and once they are forced to catch up, they promptly fall behind again. Plus the other stuff, like electricity.</p>

<p> </p>
 
<p>I, personally, like Coconut Grove. Also SoBe.</p>

<p>I wouldn't buy on Brickell, unless I worked on Brickell. really just a bunch of towers with very few restaurants etc at street level, and no little shops or anything. A few blocks further in there are some.</p>
 
Lawyerliz,



I grew up in South Miami and lived in The Roads area. A buddy of mine told me two months ago that he counted 98 construction cranes still planted in the Brickell area.



I have a question for you in the Brevard County area - how is the condo market there? Have prices dropped dramatically (I hear you can't give awat a SFR in Brevard). My wife is from Merritt Island and we've thought about buying a vacation rental place in the area.



Thanks,



FH
 
<p>NOD just filed recently on this bad boy:</p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1432935">http://www.redfin.com/stingray/do/printable-listing?listing-id=1432935</a></p>

<p>Bought it for $3.9M and the 1st mortgage is at $2.9M.</p>

<p>I have a feeling the the owner has a Lambo too. Maybe he'd include it with the house?</p>

<p><a href="http://www.ssrcorp.com/fun.html">http://www.ssrcorp.com/fun.html</a></p>
 
<p class="MsoNormal">Looks like the dude spent all his extra cash on Lambos rather than landscaping, furnishing, and upgrading the house. </p>

I was expecting the inside to be upgraded to the hilt instead the rooms were extremely plain and ordinary. Worst of all is the view. For $4.3M, your view is a stunningly large dirt mound, unbelievable.
 
<p>"Does it show a second lien recorded, or just the $2.9mil first? If they put one million down, they should be able to unload this thing and save themselves from foreclosure."</p>

<p>RealtyTrac shows a 1st of $2.9M and a revolving line up to $250K. They'd have to get $3.4M to avoid being short if that is all the loans on the property... I doubt they would sell if for $3.5M today. More like high $2M range or maybe low $3M range.</p>

<p>Probably stopped paying so the bank would allow a short it it came to that.</p>
 
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