Friday, March 1, 2013

Foreclosure filed on #104



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Green Tree Servicing filed 'Lis Pendens' 3/1/13 on Unit #104, Roberta Jones, Case Number: 13000418CA. 

Increasingly the 'old' owners at NCC are simply letting their units go as many have become dissatisfied with the condo and of course many have mortgage payments greater than what they can rent out their units for. 

I have said for years that it makes no sense at all to deplete your savings by pouring money into units that are in many cases worth only half (or less) than what you paid for them. 

This particular unit had been on sale and listed with a broker for some time and the price has gradually come down but not enough to compete with those similar units which were foreclosed and going at 40% of original price.  The 4/3 unit was purchased 12/12/06 for $184,900.  It was as low as $89,900 (48.6% of OSP) and was unsaleable even at that price.

I was fortunate that my run for the 2013 Board resulted in the developer deciding to buy me out for 93k (56% of OSP) when such units as mine would probably bring only 80k. So despite taking a 78k loss on my unit, I ended up much better off than most owners who would like to sell but can not find a buyer.