CJ
Posts:52
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| 05/02/2008 9:47 PM |
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| TREO -- Foreclosure Units: 607, 1107, 205, 212, 2403, 317, 415, 502, 511; In foreclosure proceedings Units: 1508, 2107, 211, 219, 307, 311, 321, 400, 401, 413. Only 2403 and 1508 are listed on the MLS. Expect big price drops here once these other units hit the market. |
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CJ
Posts:52
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| 05/02/2008 10:08 PM |
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TREO -- Current Short Sales: units 806, 1114, 1313.
Brian, are you seeing any hidden distressed properties in this building? E.g. any units with major delinquencies on property taxes? |
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jpinpb
Posts:4532
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| 05/03/2008 7:37 AM |
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| Wow. It looks like this building is getting hammered. |
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Brian
Posts:4652
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| 05/03/2008 8:58 AM |
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9 foreclosures 1 on MLS
10 pre-foreclosures 1 on MLS
17 Total "stealth must sell inventory"
You're awesome CJ.
This is the kind of analysis that Realtors should provide their buyers. If Realtors truly know their markets, they would anticipate future inventory and prices. If you buy without looking a the health or your building, you'll end up a knife catcher.
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Brian
Posts:4652
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| 05/03/2008 11:22 AM |
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I see that #522 is defaulted on taxes. Another stealth inventory unit.
http://www.sdlookup.com/Property-9AC60603-1240_India_St_522_San_Diego_CA_92101#20971
A smart buyer would go all all 326 units to determine who is in tax default and who is behind on their HOA payments..
Sometimes, I wonder what we are paying Realtors for. Realtors should have one spreadsheet for each building downtown. They have access to tax liens and NODs. They should keep track of that data and provide the info to their clients. Do you think that we can count on them to do a modicum of work?
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CJ
Posts:52
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| 05/03/2008 3:34 PM |
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Speaking of our "helpful" realtors. Check out this story in my backyard.
http://abclocal.go.com/kgo/story?section=news/7_on_your_side&id=6119088
Summary of the story: A 95-year-old Palo Alto woman w/ alzheimers and her 70 year old daughter contacted a realtor to put their home on the market. The realtor showed them some comps and suggested they list the home for 998K. They agreed, and had an offer for 1.1M the first day the property was listed. The realtor told them that the offer was hundreds of thousands above comparable properties. They accepted the offer. (Now the bad part of the story.) After accepting the first offer for 1.1M, three additional offers came in at 1.5M. Turns out the comps the realtor showed the home owner were for 2,000sqft lots but the homeowner's property lot size was over 7,600sqft. And that first offer they accepted? Turns out that offer came from a realtor from the same office as the listing realtor. After further investigation it was shown that title work was being prepared for the first offer even before the property went on the MLS.
Gotta love these realtors. |
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CJ
Posts:52
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| 05/08/2008 4:06 PM |
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| OK. A lot has happened in just a week at Treo. Add the following units to the "in foreclosure proceedings" list: 212, 1103, 1114, and 408. |
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jspoto
Posts:249
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| 05/08/2008 5:07 PM |
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| I made an offer on a unit there a few days ago...multiple offers and I lost it. Nice penthouse unit. Sure there are some bad units there, but if you are an savvy buyer it is your job to find the gems. |
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CJ
Posts:52
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| 05/22/2008 1:19 PM |
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| More foreclosure activity in TREO!!! Notice of Defaults were filed last weekend on units 209 and 1313. Unit 1313 was previously listed as a short sale. Expect further depreciation in this complex for the foreseeable future. |
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Brian
Posts:4652
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Omid
Posts:33
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| 05/22/2008 3:31 PM |
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| phew!!! |
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Downtown fan
Posts:57
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| 05/22/2008 4:01 PM |
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| Treo will be a good value when prices hit the floor (not now, obviously). Quality is good and location is great. HOAs aren't too bad for downtown. This building would be near top of my list for rental income when the math works. |
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CJ
Posts:52
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| 05/30/2008 3:28 PM |
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| New NOD (notice of default) filed on unit 1711. Unit 2107 (previously in foreclosure proceedings) has been foreclosed on. Unit 806 (previously a short sale) now has a NOD filed against it. Unit 607 a 2/2 went sale pending at $369 PPSF...comp killer for the building. TREO slide continues. |
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CJ
Posts:52
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| 06/03/2008 3:23 PM |
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| New foreclosure activity in TREO: NOD filed on unit 213. Total of 25 units foreclosed or in foreclosure proceedings in the building so far. |
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CJ
Posts:52
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| 06/12/2008 10:30 PM |
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| More foreclosure activity at TREO: NOD filed on units 518 and 2001. Unit 408 has been foreclosed on. Up to 27 units foreclosed or in foreclosure proceedings at TREO. |
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stella
Posts:501
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| 06/14/2008 8:59 AM |
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| Anyone know more about the lawsuits at Treo? |
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Brian
Posts:4652
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Brian
Posts:4652
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Brian
Posts:4652
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Brian
Posts:4652
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