FNMA Foreclosure on Park Granada in Calabasas
May 16th, 2011 Categories: Calabasas Foreclosures
“Whoops I did it again” sang Chase as they closed another mortgage at the height of the market. This one, a 2 bed, 2 bath condo on Park Granada sold in November of 2007. Chase made a nice $274,500 loan on a purchase price of $366,000. Not so risky, you’d think since this is 25% down, but alas, it was actually past the point of no return and the real estate market was already headed down. The market continued to slide…well you know the story. This owner tried a short sale in June of 2010 listing the property at $299,000. I guess no takers at that price so Chase foreclosed on the property in September of 2010.
The condo was listed in March as bank owned for $259,200 and then reduced to $238,000 2 weeks later. This property is still overpriced so watch for future price reductions on this one or call me for more information on how to make an offer that makes sense. This unit would make a great starter home or rental at the right price, probably closer to $200k since this unit is tiny at 1,006 square feet. For more information about this or other Calabasas Foreclosures call Tracey Thomas at 818-652-2937.
Update 6/28/2011 – The price was reduced from $238,000 to $219,900
Update 7/5/2011 – This property is now in escrow. Stay tuned for final sale price.
Calabasas FNMA Foreclosure
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Tsk, Tsk Chase! 100% Financing ~ Calabasas Foreclosure on Park Capri
May 16th, 2011 Categories: Calabasas Foreclosures
Tsk, Tsk, 100% financing will get you every time. Chase is left holding the bag on this bank owned Calabasas condo. It seems they didn’t see that the end was near in the summer of 2007. They lent $350,400 on a first mortgage and another $87,600 on the second for a whopping total of $438,000 to the buyer of this beauty. This condo is now listed for sale as bank owned for $256,500. That’s a 41% decline in value on this 2 bedroom 1.5 bath with a balcony overlooking the trees.
It seems there are a few law suits against this HOA but the upside is it’s listed at less than $200 a square foot and the demand for rentals is strong in Calabasas. A two bedroom condo near the lake rents for approximately $1700 a month, so for all you investors or even wanna be investors, this might be just the perfect starter investment. For more info on this or other Calabasas foreclosures call Tracey Thomas at 818-652-2937.
6/1/2011 Update – Property is now in escrow.
6/21/2011 Update – Property sold for $250,000 to an all cash buyer.
Park Capri, Calabasas REO
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