$2000 / 2br - BEAUTIFUL NEW COMMUNITY !!!!!Date: 2007-07-16, 3:12PM PDT
2+2 condo stainless steal appliances, granite counters, pool, jacuzzi, weight room, new elementary school, easy freeway access, water trash and HOA included, for more info. please call (805)981-xxxx
274 riverdale court at village at the park drive google map yahoo map
PostingID: 375364884
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EN is pleased to provide a translation:
FAILED FLIP - PAY MY MORTGAGE!!!!!
2br/2ba apartment in moribund perpetual construction zone. Can't sell at a loss, need a greater fool. N.B. "steal appliances."
15 comments:
Moist, Moist and ......
MOIST!!
$2k for a lousy condo in Camarillo? Good grief.
Sorry Dawg, I know Camarillo is your neck of the woods, and parts are nice, but that's WAY overpriced.
We're paying a similar amount for a larger place, in a much more upscale neighborhood in Ventura County. Plus we have kick ass schools.
The Camarillo place is a joke! The rental market in Ventura County is just starting to see some influx of failed flips and homedebtors in over their heads. There are lots of listings like this in Simi. Just wait until the Riverpark folks realize what a joy the Oxnard schools are!!!!
Does "easy freeway access" translate to "continual freeway noise"?
Reminds me of the new development I pass on my way to work: a row of townhouses with pocket-handkerchief yards shoehorned onto the slope between 680 and its frontage road.
He won't get $2000/month for that, I don't think. What would a fair rental price for the unit? $1200-1400/month?
aaack!!
New KC post.
ATTACK!!
yeah, KICK-ASS!!
thpptt!!
S_t_C
I am witnessing similar events in the IE, specifically Corona.
Around 05, several apartment complexes went condo conversion, right at the peak. They look just like that pic you posted. Remodeled with granite, stainless applicance, new cabinets, marble tile, etc.
I'm at one of them now off of Green River Road. The 2/2 units here were selling high 400s/low 500s at the peak. Now they're sitting on the market for weeks, months asking low 300s.
It looks like a freaking ghost-town now. Every unit adjancent to this one has foreclosed. There are 20 units or more that either entered pre-foreclosure or are bank REO now. Many of these foreclosures were people who bought in just the last year. A few only lasted 6 months. Obviously the sub-primers who should have never been able to buy anyway.
To buy one of these units today, a convential 30 year loan, property taxes and association fee will run you around 2000/month.
Or you can rent one for an average of 1500. I've renting this one for 1200 for 6 months after scoring a sweet deal on a unit that sat for 2 months asking 1400/month. They were desperate to just get anything. No idea how long it will last. So far the owner hasn't gone under like most have here but I'm expecting it to happen.
This problem is epidemic in the IE and parts of OC that I know of. Rents don't even come close to covering costs, even if they're doing some interest only b.s. loan.
Why pay 2000/month+ when you can get the same thing for 1400 or less?
@Rob Dawg,
This is a tidbit of news re: housing stocks...
http://biz.yahoo.com/prnews/070717/cltu144.html?.v=18
Pulte Homes Reports Preliminary Results for Second Quarter 2007
Tuesday July 17, 5:13 pm ET
* Net New Orders Were 7,532 for the Quarter, Down 20% from the Prior Year Second Quarter
* Backlog at June 30, 2007 of 14,928 Homes, Valued at $5.2 Billion
* Closed 5,938 Homes in Second Quarter 2007, a Decrease of 40%; Average Sales Price Per Home Decreased 4% to Approximately $320,000
* Preliminary Q2 2007 loss from Continuing Operations in the Range of $2.00 to $2.10 Per Share, Inclusive of Impairments, Land-Related Charges and Restructuring Charges
* Impairments and Land-Related Charges in the Range of $740 Million to $770 Million for the Second Quarter 2007
Huge Hollywood apartment complex approved
By Roger Vincent
L.A. Times
17 Jul 07
In another boost for Hollywood, the Los Angeles City Council today approved a major new apartment complex with 1,000 rental units in seven buildings that will rise on sprawling parking lots around the historic Pantages theater.
After decades of being considered seedy, the Hollywood business district has been on a growth spurt since 2001, as many new commercial and residential projects are turning the area into a more sophisticated urban locale.
The complex would be the largest residential project among more than 2,500 upscale condominium and apartment units that have been built, are under construction or planned just on blocks around the famous intersection of Hollywood Boulevard and Vine Street.
[snip]
Blvd6200 would house 2,696 parking spaces underground or concealed behind stores on the first floor. 'We had to get everything inside so we don't have ugly parking garages,' Hackett said. 'They're not inviting to walk by.'
More than 650 spaces will be reserved for the Pantages on event days, and a portion of those will be available for public transit users on days when no performances are scheduled.
The project is within a block or so of the Hollywood and Vine subway station. That fact helped Clarett get city approvals to develop 140 units per acre, which makes Blvd6200 one of the densest projects in Los Angeles. It would take as much as two years to complete, Hackett said.
http://tinyurl.com/2b2lpt
This is just starting.
Yes, I live in Camarillo but my kids don't go to Camarillo schools. Bust on this place with my blessing. There are soo many things wrong I don't think you want to get me started. ;-)
$2k for a freakin' 2 bedroom! $24k per year. Sadly it isn't too far out of line. Might bring $1800 at best. Rent in VenCo is uniformly high. "Op tiki room" is correct, there are a lot of really nice places for $2k with better schools.
This is indeed the tip of the iceberg. There's a huge bifurcation going on. Half the county owns houses with "car payment mortgages." We could rent our properties for twice our carrying costs on average. Then there's the other half who are sucking on $5000 monthly nuts. Any market deterioration means we comfortable half will always get out renters and trhey will NEVER get theirs. Double bad news for them.
The IE is a neutron bomb target zone. THere are going to be government interventions there. If you rent from a FB make sure there is recourse of some sort. Something like moving expense that persist outside of property sale or refund of security deposit should property taxes ever go arears. You get the idea.
I'm preparing a couple big posts. Bear's worthless hedges, ABX cliff, the HBs teetering, my corn futures and my bond futures and more.
The owner of this Corona condo conversion is an employee of the company that manages the conversions. They got in pre-conversion. Still, they paid too much. I also see they're a little late on the current property tax due. I check on things once a week just so I won't end up getting surprised at some point.
I can't see all the details of the mortgage but I know it was bought for around 320k with a 1st and 2nd and I'm guessing it's interest only on the 1st. Taxes are 3500/year. Then you have association fees, $100 to the property mgmt co, etc. Even with the most crazy loan they have to be burning though 600+ a month on this place. And the prices are still falling.
I use this place as an office so I'm not too worried. It's kind of neat that so many of these units are empty. So far the common grounds, fitness room, pool etc are still very well maintained. It's gotten extremely quiet around here since I showed up in December.
The dumb property mgmt co started asking 1495, then 1395, and it sat empty. Everything brand new, lots of black granite and other shiny stuff 2 bd/2ba. I offered 1200 and they took it. SWEET!
And this is in probably one of the best neighborhoods in the IE. Other areas are experiencing the same thing compounded many times over. Mira Loma, south of Rancho Cucamonga is a disaster zone. People paid 600k for homes in the middle of a horrible environment shit pile and they can't even rent them for 1300/month. I've seen streets in the south IE where 50% of the homes have for sale signs and even though prices are 30% off the peak, they are still asking way way too much.
The renters in the unit next door moved out a few weeks ago because they knew the owner was foreclosed on. They didn't quite understand how things worked and were afraid they'd be locked out by the bank.
Days later there was a "cash for keys" offer posted on their door.
Rob said:
If you rent from a FB make sure there is recourse of some sort. Something like moving expense that persist outside of property sale or refund of security deposit should property taxes ever go arears. You get the idea.
So true!
When my husband and I started looking for a place to rent a few months back, one of the first thing we did before calling on rental ads was to look up the property sale records on Zillow. No way did we want to rent from a FB who was going to default!
We lucked out and found our place, which is owned by a stable (read extremely well-to-do) couple who purchased the townhome new back in 1990.
Good call on not having your kids in Camarillo schools. What a nightmare! We chose our neighborhood specifically for the schools and low crime. Consider southern Ventura County, spectacular schools, and an affluent area and I'll give you one guess what the "OP" in my handle stands for. :D
As for non-Casey related items you're working on, this Ventura area gal would love some more articles about our area, specifically some of those crazy developments up north, like Riverwalk, and the condos in Port Hueneme!
OP Tiki,
Village at the Park looks to be massively popular according to their website which shows near full sold out. I don't believe it and will be investigating. riverpark is a huge disaster. It is Oxnard after all. The evil Ventura smart growthers are developing a real hard core underground resistance to their controlling plans. Hueneme, are you talking about the stupid towers idea? Heck, Oxnard and Ventura have their own high rise condo plans abrewin' as well.
The rental market is going to go insane before it settles into some new patterns. Good deals in every aspect await the prepared.
Highly nauseating housing news found here.
Brief snippet: Their plans for entertaining friends and family poolside at their $3 million, 3,300 square-foot ultra-contemporary Tiburon home evaporated when it sold within one hour of being on the market
I seriously need to vomit after reading that crap.
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