– 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.
– Check out the moving-on-up action at 14001 Welsh to 8330 Fairway Chase. Hey, why not a lateral move if the banks aren’t going to invoke their (our) rights to pursue a deficiency judgement?