– Belvedere 1 – Back in May, the owners of the Belvedere condos, Secured Assets Belvedere Tower LLC, financed / refinanced 102 of the units they owned for $2,600,000. The lender was GreenLake Real Estate Fund LLC out of Pasadena. Judging from some of the unit numbers, I think this is primarily a construction loan to continue the build out of units. I posted earlier about building permits being pulled.
– Belvedere 2 – Starting last October, a guy named William K Vandever out of Santa Barbara started acquiring Belvedere units as bank foreclosures and at Trustee’s Sales. He acquired 15 for prices between $10,000 and $27,000 with an average about $20,000. Last month, he sold the portfolio back to Secured Assets Belvedere Tower LLC for $593,811 – $40,000 per unit.
– Grand Sierra Resort – You can pick up hotel condo units at the GSR on the open market for $12-13,000 these days. Unit 2153 originally sold for $565,335 back in 2007, and was purchased as a short sale in June for $13,000. In either a joke or a seriously bungled real estate deal, the unit just listed for $120,000. $1100 per month in HOA / hotel fees.