– New purchase to short sale in 4 months. I’m sure 15085 Broili has a back story and I am in no way being critical of the owner, who purchased the home for $350,000 on 31 October 2011 with a $359,800 VA loan and just listed for $359,900 as a short sale. I AM being critical of government loan programs offering 97-103% financing in a declining market.
– I don’t think I have seen a commercial building sell at a Trustee’s Sale until this week. The 5128 SF building at 9437 Double Diamond sold for $420,400 on the courthouse steps, after selling for $1,100,000 in January 2009. Interestingly, the buyer was Arif McAllester LLC, both long term members of what I called the Investors Club when I started tracking TDs almost 4 years ago.
– You Can”t Buy a House Here – I was checking out the MLS earlier this week for a story, and realized that there are ZERO single family residences listed for sale in the West of Wells neighborhood, aka the Bungalow District. WOW is slated to merge into the newly proposed Midtown District centered on South Virginia Street between California and Regency.
– inclinejj and I have a ritual of sharing the week’s Trustee’s Sales data gleaned from the title company sites. I check LPS and Priority Post (links in the Resources tab) which seems to pick up about 60% of the Washoe sales. There were 103 this week: 52 were Postponed, 20 were Canceled, 13 went REO, and 18 sold to 3rd Parties. I have never seen 3rd Party sales outnumber REO sales. Since it takes 7 to 30 days for these sales to show up on the Recorder’s site, it is an interesting snapshot of what we will be seeing in the next few weeks.
Here are the properties I track that sold this week at Trustee’s Sales to 3rd Parties. The format is Amount Owing / Opening Bid / Sale Price. In general, the bigger the difference between the Opening and Sales price, the more bidders were involved. It is interesting how many of these propertied got bid up.
7553 Gold Mine 293/97/121
8713 Sunset Breeze 170/52/61
2215 Novara 664/199/242 $648,649 new 1/7/08
110 Lofty View 87/28/28
2418 Darby Rose 289/118/132
6351 Woods Creek 247/136/141
7055 Peppermint 191/57/62
264 Thoma 386/172/201 7 1/1 apartments
11546 Chesapeake 263/59/59
17765 Sapphire Canyon 430/107/118
1671 Fargo 131/80/90
614 Sheffield 245/69/91
17910 Blue Creek 305/90/109
10025 Grosse Point 261/83/103
9090 Alsandair 97/78/94
6931 Sacred 228/99/132
1124 Waverly 399/180/203
1165 Hunter Lake 271/122/122