interesting foreclosure auction listing today

[betting on fall]

appears someone could have pickup up a downtown condo project today at the foreclosure auction, if you had a check for about $16 million. Does anyone know if anything has been done on this project- at 701 Island? Curious just what the bank will do when its stuck with this.

http://www.sandiegoforeclosurereport.com/directory/details.php/listing/6595

Street 701 ISLAND AVENUE – ETC. VACANT LAND SEE TD
Assesors Parcel Number 535-115-01-00 535-115-02-00 535-115-03-00 535-115-04-00 535-115-06-00 535-115-07-00 535-115-08-00
Owners SIMPLON BALLPARK L L C

Property Type Vacant Land

Sale Date 2007-07-27 PP
2007-08-17 PP
2007-08-21 PP
2007-08-31 PP
2007-09-06
SaleTime 10:00 AM
Sale Location S. entrance to the County Courthouse
220 West Broadway, San Diego, Ca
Estimated Default $ 16,589,018.08

[bonfire]

Are houses “sold to lender” at auction counted in monthly sales figures? Are the transfers of title to homes which have been “sold” back to the lender in a foreclosure auction reflected in the monthly sales figures in any way? If a house with a 1 mil. loan is sold back to the lender, at the the foreclosere auction for 1 mil, does that home count as sold for that price? I have been a Piggington lurker for awhile and appreciate the education available here. I have not seen this question covered in the posts,although it may have been.
Thanks!

[patientlywaiting]

Looks like Cosmopolitan Square went into default. That’s a pretty big project to go bankrupt.

This foreclosure calls into question the financial viability of this corportation, because in relation to the 39 story project, the $16 million loan on the land is small potatoes.

http://www.simploncorporation.com/
701 Island Ave # 2A
San Diego, CA 92101
(619) 595-0040

According to their website, looks like they moved to:

Downtown Office
704 “J” Street
San Diego, CA 92101
Tel: (619) 595-0040
Fax: (619) 595-0049

La Jolla Office
1266 Prospect Street
La Jolla, California 92037
Tel: (858) 454-3794
Fax: (858) 456-2560

http://www.ccdc.com/index.cfm?fuseaction=projects.projectDetail&propertyID=575

[SD Realtor]

Hi Bonjon –

A quick rehash… when a seller defaults on his loan, if he does not cure the default the home goes to what is called a trustee sale. At the trustee sale you can purchase the home but you will need to come up with cash. Most homes at trustee sales go back to the lenders. Once the home goes back to the lender it is known as an REO. The lender can then market the home on the MLS, or submit it to other private auctions such as usahomeauctions.com (aka REDC)…

Anways to answer your question, when a home goes back to the lender at a trustee sale that information is not compiled into monthly sales figures.

Also when I refer to the monthly sales figures I am refering to Dataquick. I do not know if Dataquick compiles information from private auctions. That is a good question. I can tell you for sure that the MLS does not.

Hope this helps…

[bonfire]

Thank You! And thanks for he many other informative posts you have written.

[Author]

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