Sort of a slow period right now, but I have this itchy feeling that big changes are on the horizon. Changes in the mix on the courthouse steps. Some $1M+ houses (re) listing with massive losses yet still regular sales. Boomtown PNK sale still pending. Rumors of more Montage penthouses in escrow, but nothing else moving there and the current release of units on the MLS are generally down on a $/SF basis. Huge interest in the “Carterville” retail development at SVA and Thoma with permits finally filed, but the Carter Brothers are still holding their cards close to the vest. Silver Legacy apparently saved, surprisingly with a contribution of equity from the Circus Circus (been to the Circus Circus arcade on a weekend lately? Best form of birth control I know of!).
– This week on the courthouse step, 90 properties were in play on the sites I track, about 60% of what actually happens there. 45 were Postponed, 22 were canceled, 14 went REO, and 9 sold to 3rd parties. 3rd Party sales are a bit down from what I’ve been seeing, but 8 of the 9 sales went in overbids. I’m not sure if the banks are pricing the opening bids low to get traction, or if there is a pool of buyers getting a bit desperate bidding up the available pool of properties. Here is what went to 3rd parties this week and will show up on the Recorder’s site in the next weeks. Format is amount owing / opening bid / sold amount in $1000:
6754 Peppermint 138/43/60
7250 Borealis 330/164/187
2515 Starks 158/32/35
5635 Scarsdale 482/169/202
1685 Brentford 308/121/143
143 Arroyo 235/74/81
2375 Melody Lane 281/69/83
4085 Grouse 125/49/51
385 Gleeson 271/75/75
– Weird TD Recording – A block of 25 Trustee’s Deeds was file at 2:35 this afternoon but the data hasn’t populated yet on the Recorder’s site. Is one bank moving to free up inventory to dump on the market, or is it closings on time share units gone bad? I guess we will need to wait until Monday to find out.
It’s official, I am now the “design professional” behind the renovation of Cat Pee House. Enlarge the photo at your own risk. It is actually a pretty fascinating project for me and the neighborhood, though a bit removed from my Ivy League commercial interiors safety zone. I’m hoping the owner will allow me to post occasional progress information and drawings as we move forward – they are superb at what they do, and the process might be interesting to the readership.
– Coming up for the end of the month – NRES quarterly update. WOW.