Saturday, February 27, 2010
There are a couple Villas for sale in Santana Row. These are very special units - only 21 of them were built. Located in the building directly across from Hotel Valencia. Most of the 21 are approximately 2,300 square foot, 3 story, 3 bedroom, 3.5 bath homes. The most recent sale in the complex was just over $1,500,000 for a home facing away from Santana Row. The better located homes and the ones with more balconies will sell for significantly higher prices. We've seen 1 or 2 homes sell per year in this building, mostly using private marketing efforts. Call for our list of homes that may be available.
Tuesday, February 23, 2010
My San Diego Intero partner just took a great Bank Owned listing in a newer high-rise in downtown San Diego. 2 bedrooms, 2 baths, with spectacular views for $299,000! These same units were selling for over $800,000 just 3 years ago. Let me know if you would consider a great pied-a-terre just a short Southwest flight away!
Friday, February 19, 2010
Saturday, February 13, 2010
One very effective strategy for commercial property distress purchases is the purchase of a defaulting note at a discount paired with a concurrent short sale approval. Instead of approaching the property seller for a short sale purchase, then presenting to the bank for a short sale approval. A concurrent workout is best. If the seller wants out and the bank would consider an offer on it's distressed note, then an offer to the bank and seller will wrap up everything concisely. This is better than just buying the note and then being in limbo for the borrower to either completely default, cure or for you to start foreclosure procedures. At close of escrow, you now own the property outright.