They seemed like good ideas at the time.  Here are a couple of properties suffering from buyer’s remorse, and a real oddity from the Caughlin fire.

–  1005 Kit Carson in Verdi was featured in the Hulks post.  It sold as a partially completed shell REO for $140,000 on 3 June 2011 with a $160,000 hard money loan. The views of the mountains and Dog Valley are incredible.  Kit Carson may be the most dangerous winter road in the area – it is very steep, on the north side of a hill, and actually slants towards a cliff.  The new owners managed to add a partial wrap of Tyvek, judging from the listing photos, and after a 5 month hold the owners think it has increased $59,000 in value!

–  2335 Eagle Bend is a vacant lot in Somersett.  It originally sold for $240,000 in May 2005 before being  sold in a major short sale for $50,086 in October 2010.  The new owner chickened out, and it is now listed for $29,000.

–  228 Shepherd’s Bush is a vacant parcel in the non- wooded portion of St. James Village.  It was originally sold in October  2006 for $300,000 before returning to the bank in September 2009.  After languishing on the market for 2 years, it finally sold on 17 November 2011 for $140,000.  Less than 10 days later it is listed for $59,900 in what may be the most rapid case of buyer’s remorse yet.  Or is something else going on here?

–  I drove around the Caughlin fire site today.  It was really freaky that most of the burned homes were not directly in the path of the fire, but in areas where traveling burning embers landed in areas otherwise untouched by the fire.  The ones around Lakeridge Shores that I saw were all older homes with wood siding and sometimes wood shake roofs.

450 Anitra was a bit different.  No other house burned within 3100 feet of it.  It was built in 1993 with a stucco exterior and a concrete tile roof.  The aerials shown on the link shows a decent amount of defensible space.

The RV was apparently more fireproof than the house.  Purchased for $2,750,000 in January 2007, and listed for $2,375,000 in October before being reduced by a whopping $25,000.  I only see a $1,000,000 loan involved.

It’s been a tough road for the owner, the president of Western Insurance Company.  WIC was taken over by the Utah Insurance Commission and this liquidation order was issued on 13 September 2011.

And another tidbit – the Feds represented by the ATF have been called in on the Caughlin fire investigation, though Reno Fire says the cause was most certainly arcing by an NV Energy power line.

450 Anitra was a pretty vulgar, self-indulgent house, and it will not be missed on the skyline.  The fires skipped the even more ostentatious Farahi thing (can’t call it a home) just up the street and directly in the path of the fire.  Why was 450 picked out for total destruction?

Advertisements