High End Foreclosures Surge

[UCGal]

I’m curious how the high end is doing with loan mods.

Anecdotal – the house I’ve been following… bought in 2005 for 1.2M. NOD filed in Oct. 2009. NOT filed in Feb 2010. Put up for short sale in April 2010 – went contingent then pending pretty quickly.

But… the owner has couple of liens (tax and absentee judgment) so I assumed the short sale would not go through.

3 trustee sales postponed. Final one (end of June) shows the status as cancelled… so I assume the owner got a loan mod. But the NOT still shows (with no rescission.)

The outstanding debt was over $1M – so he didn’t qualify for HAMP based on loan size alone. Are banks offering loan mods to folks with that size loan? I guess they must be.

[sdrealtor]

A friend of mine got two loan mods on million dollar loans-Coronado and Palm Desert. It was a good deal for the lender because he’s a serial entrepreneur that makes several million dollars then loses it all over and over again. 2009 was a lose it year and he lost about $10M which was most of his net worth. He missed about 7 to 10 months of payments and he got a forebearance of the missed payments added to principal and a 4% rate for 5 years. By the time it was all done his income was back over 30K a month and he’s fine now.

[sdrealtor]

A friend of mine got two loan mods on million dollar loans-Coronado and Palm Desert. It was a good deal for the lender because he’s a serial entrepreneur that makes several million dollars then loses it all over and over again. 2009 was a lose it year and he lost about $10M which was most of his net worth. He missed about 7 to 10 months of payments and he got a forebearance of the missed payments added to principal and a 4% rate for 5 years. By the time it was all done his income was back over 30K a month and he’s fine now.

[sdrealtor]

A friend of mine got two loan mods on million dollar loans-Coronado and Palm Desert. It was a good deal for the lender because he’s a serial entrepreneur that makes several million dollars then loses it all over and over again. 2009 was a lose it year and he lost about $10M which was most of his net worth. He missed about 7 to 10 months of payments and he got a forebearance of the missed payments added to principal and a 4% rate for 5 years. By the time it was all done his income was back over 30K a month and he’s fine now.

[sdrealtor]

A friend of mine got two loan mods on million dollar loans-Coronado and Palm Desert. It was a good deal for the lender because he’s a serial entrepreneur that makes several million dollars then loses it all over and over again. 2009 was a lose it year and he lost about $10M which was most of his net worth. He missed about 7 to 10 months of payments and he got a forebearance of the missed payments added to principal and a 4% rate for 5 years. By the time it was all done his income was back over 30K a month and he’s fine now.

[sdrealtor]

A friend of mine got two loan mods on million dollar loans-Coronado and Palm Desert. It was a good deal for the lender because he’s a serial entrepreneur that makes several million dollars then loses it all over and over again. 2009 was a lose it year and he lost about $10M which was most of his net worth. He missed about 7 to 10 months of payments and he got a forebearance of the missed payments added to principal and a 4% rate for 5 years. By the time it was all done his income was back over 30K a month and he’s fine now.

[desmond]

[quote=sdrealtor]Seeing it also in NCC though its starting at higher levels than NLASDG indicated. Seems to be starting at prices between $1 and $2M. It might be happening above that also but I just dont watch that market as closely.

Its pretty much happening as we expected it would. The difference between this and the lower end is the volume is much smaller so even if the failure rate is fairly high, I dont know how much volume there is up there to push down on the mid-tier significantly.[/quote]

Wait SDR you just said this on “Surge in recent high end activity” topic dated 6/29/10

“Sorry to fly in the face of all the start of the next depression or leg down but I have been noticing alot of properties going pending on the higher end in NCC. By high end I mean from about 900K (i included those with prices between 890 and 900) and most are above $1M. In the month of June we have averaged more than 1 property a day going intop escrow. The count is 35 so far for June. 2 have closed already. 23 of them are $1M or more.

I hjavent seen activity like this since 2004. It is looking pretty hot around her for the good one that are priced at market.”

I am confused, is it foreclosures or a pretty hot market or just a hot market driven by foreclosures?

[desmond]

[quote=sdrealtor]Seeing it also in NCC though its starting at higher levels than NLASDG indicated. Seems to be starting at prices between $1 and $2M. It might be happening above that also but I just dont watch that market as closely.

Its pretty much happening as we expected it would. The difference between this and the lower end is the volume is much smaller so even if the failure rate is fairly high, I dont know how much volume there is up there to push down on the mid-tier significantly.[/quote]

Wait SDR you just said this on “Surge in recent high end activity” topic dated 6/29/10

“Sorry to fly in the face of all the start of the next depression or leg down but I have been noticing alot of properties going pending on the higher end in NCC. By high end I mean from about 900K (i included those with prices between 890 and 900) and most are above $1M. In the month of June we have averaged more than 1 property a day going intop escrow. The count is 35 so far for June. 2 have closed already. 23 of them are $1M or more.

I hjavent seen activity like this since 2004. It is looking pretty hot around her for the good one that are priced at market.”

I am confused, is it foreclosures or a pretty hot market or just a hot market driven by foreclosures?

[desmond]

[quote=sdrealtor]Seeing it also in NCC though its starting at higher levels than NLASDG indicated. Seems to be starting at prices between $1 and $2M. It might be happening above that also but I just dont watch that market as closely.

Its pretty much happening as we expected it would. The difference between this and the lower end is the volume is much smaller so even if the failure rate is fairly high, I dont know how much volume there is up there to push down on the mid-tier significantly.[/quote]

Wait SDR you just said this on “Surge in recent high end activity” topic dated 6/29/10

“Sorry to fly in the face of all the start of the next depression or leg down but I have been noticing alot of properties going pending on the higher end in NCC. By high end I mean from about 900K (i included those with prices between 890 and 900) and most are above $1M. In the month of June we have averaged more than 1 property a day going intop escrow. The count is 35 so far for June. 2 have closed already. 23 of them are $1M or more.

I hjavent seen activity like this since 2004. It is looking pretty hot around her for the good one that are priced at market.”

I am confused, is it foreclosures or a pretty hot market or just a hot market driven by foreclosures?

[desmond]

[quote=sdrealtor]Seeing it also in NCC though its starting at higher levels than NLASDG indicated. Seems to be starting at prices between $1 and $2M. It might be happening above that also but I just dont watch that market as closely.

Its pretty much happening as we expected it would. The difference between this and the lower end is the volume is much smaller so even if the failure rate is fairly high, I dont know how much volume there is up there to push down on the mid-tier significantly.[/quote]

Wait SDR you just said this on “Surge in recent high end activity” topic dated 6/29/10

“Sorry to fly in the face of all the start of the next depression or leg down but I have been noticing alot of properties going pending on the higher end in NCC. By high end I mean from about 900K (i included those with prices between 890 and 900) and most are above $1M. In the month of June we have averaged more than 1 property a day going intop escrow. The count is 35 so far for June. 2 have closed already. 23 of them are $1M or more.

I hjavent seen activity like this since 2004. It is looking pretty hot around her for the good one that are priced at market.”

I am confused, is it foreclosures or a pretty hot market or just a hot market driven by foreclosures?

[desmond]

[quote=sdrealtor]Seeing it also in NCC though its starting at higher levels than NLASDG indicated. Seems to be starting at prices between $1 and $2M. It might be happening above that also but I just dont watch that market as closely.

Its pretty much happening as we expected it would. The difference between this and the lower end is the volume is much smaller so even if the failure rate is fairly high, I dont know how much volume there is up there to push down on the mid-tier significantly.[/quote]

Wait SDR you just said this on “Surge in recent high end activity” topic dated 6/29/10

“Sorry to fly in the face of all the start of the next depression or leg down but I have been noticing alot of properties going pending on the higher end in NCC. By high end I mean from about 900K (i included those with prices between 890 and 900) and most are above $1M. In the month of June we have averaged more than 1 property a day going intop escrow. The count is 35 so far for June. 2 have closed already. 23 of them are $1M or more.

I hjavent seen activity like this since 2004. It is looking pretty hot around her for the good one that are priced at market.”

I am confused, is it foreclosures or a pretty hot market or just a hot market driven by foreclosures?

[sdrealtor]

Its a hot market for nice well price properties. If they are priced too high or have major flaws (power lines, busy street, bad yard etc) they will sit. For good well priced properties and by well priced I mean in line with recent comps there are strong sales. For example, I just checked LC Oaks today and there are 4 nice homes priced between 1.1 and 1.3M. The comps are all between 900 and 1M for these homes. Price these homes at 999K and they will be sold in a week or two. Price them at 1.1 to 1.3M and they sit.

[sdrealtor]

Its a hot market for nice well price properties. If they are priced too high or have major flaws (power lines, busy street, bad yard etc) they will sit. For good well priced properties and by well priced I mean in line with recent comps there are strong sales. For example, I just checked LC Oaks today and there are 4 nice homes priced between 1.1 and 1.3M. The comps are all between 900 and 1M for these homes. Price these homes at 999K and they will be sold in a week or two. Price them at 1.1 to 1.3M and they sit.

[sdrealtor]

Its a hot market for nice well price properties. If they are priced too high or have major flaws (power lines, busy street, bad yard etc) they will sit. For good well priced properties and by well priced I mean in line with recent comps there are strong sales. For example, I just checked LC Oaks today and there are 4 nice homes priced between 1.1 and 1.3M. The comps are all between 900 and 1M for these homes. Price these homes at 999K and they will be sold in a week or two. Price them at 1.1 to 1.3M and they sit.

[sdrealtor]

Its a hot market for nice well price properties. If they are priced too high or have major flaws (power lines, busy street, bad yard etc) they will sit. For good well priced properties and by well priced I mean in line with recent comps there are strong sales. For example, I just checked LC Oaks today and there are 4 nice homes priced between 1.1 and 1.3M. The comps are all between 900 and 1M for these homes. Price these homes at 999K and they will be sold in a week or two. Price them at 1.1 to 1.3M and they sit.

[Author]

Posts