There are currently 16 units that are in foreclosure/preforclosure. There are a couple that have gone back to the bank and are not listed yet. There are probably another 10 units that aren’t paying that have not received NODs. That means that 10% of the building in currently in distress. I’m not sure what this will do to prices. The HOA is 399 a month and there may be some deferred maintenance due to default rate. Lending is going to be a problem in the near future in this building due to default rate/owner occupancy. When all this works it’s way through the system, this will be a nice place to own.
