Saturday, July 11, 2009

Monteverde Madness In Catta Verdera

Hat tip Wadin' In, here's an example of a double foreclosure in Lincoln. It appears 5140 Monteverde was purchased from the builder in 2006, and flipped before construction was complete for $919,000. (They were initially asking $1,028,816!) The second owner lost the house in mid-2007, and the third buyer bought the REO the bank for $694,000 in January 2008. Now, the house is being offered as a short sale for $379,000. Did I mention there are HOA dues of $225 per month as well? Hope you like to golf:


5140 Monteverde Ln
Lincoln, CA 95648



Asking Price: $1,028,816
Bedrooms:5 Baths: 3 Sq. feet:3285
Last Listing Date: 2006-08-05




Asking Price: $379,000
Total Loss: $315,000
Percent Loss: 45.4%
Bedrooms:4 Baths: 3 Sq. feet:3285
Last Listing Date: 2009-07-11

Listing History:
Down 45.8% from $699,000 On 2007-11-10
Down 45.5% from $694,900 On 2008-01-05

# of Times Listed: 3

Previous Sales:
Sold on 2006-08-31 for $919,000
Sold on 2008-02-15 for $694,000

MLS# 90051934 Google Maps

9 comments :

Anonymous said...

short sale for $379,000 ? - YES !
HOA fee of $225 forever ? - NO !

Wadin' In said...

Truly Priceless.


No, really.....Priceless.


As in price.......less.


As in how low can you go???


To be continued....

patient renter said...
This comment has been removed by the author.
patient renter said...

I could see some knife catcher picking this up for 379k thinking they got a smoking deal because it used to be priced at over a million! I'm not sure why people think that any comparison to a bubble inflated price indicates whether something is a deal or not.

If it does sell for anything near that price, I'll predict one more foreclosure.

Anonymous said...

Verdera HOA is the biggest bunch of crooks I have ever worked with, charging homeowners for services they never provided, under the threats of liens against their properties.

Anonymous said...

Verdera is a homeowner's nightmare!

Verdera HOA and their management company has run the Verdera community into the ground. The HOA has basically handed over control of the community to the management company and their attorney who threaten and intimidate homeowners with legal action at every turn.
Hey HOA President- How much is a neighbor worth these days? You should know. You're the one that sold them out.

Boba the IX said...

Fast forward a couple of years. Sept 2011. Buyers got the home for $430,000 in Oct. 2009.

I surmise they are very happy with their deal. Open space lot with many amenities. Below reproduction cost in a gated community.

And the HOA seems to be getting their act together with a new board and new management company.

Hmmm, I would say these folks purchased at or close to the bottom.

Boba the IX said...

Listed at $379,000. Looks like this went for $430,000, or 15% above asking price, closing Oct 2009.

Fast forward two years to Sept 2011 and you will see these people bought at or near the bottom. They are below reproduction cost in a gated community. Sure the bottom is long and wide, but this house will easily sell for $450,000 to $500,000 today.

And the HOA has new board members, new management company and most of the flipper rif-raf has been ejected, whimpering over their losses and bad credit.

Boba the IX said...

Listed at $379,000. Looks like this went for $430,000, or 15% above asking price, closing Oct 2009.

Fast forward two years to Sept 2011 and you will see these people bought at or near the bottom. They are below reproduction cost in a gated community. Sure the bottom is long and wide, but this house will easily sell for $450,000 to $500,000 today.

And the HOA has new board members, new management company and most of the flipper rif-raf has been ejected, whimpering over their losses and bad credit.