Sunday, March 16, 2008

Freeway foreclosure*

*SM Distress Monitor beat me to the post on this strange bank-owned 2 bed / 2 bath house at 3121 Urban Ave., asking $837K. It was last listed in June 2006 for $1,425K, and sold 9/26/06 for $1,390K, way over other comps near the freeway that are well below $1M**. Makes you suspicious that a fraudulent high price could be justified by comps only a couple of blocks to the south.

I wanted to add these photos. Above, the beige spot in upper right is the freeway soundwall above its minimal backyard. Below is another view looking to the right, from our post on 3208 Urban Ave. last July 7.

**Added: See our September 5 list. The featured 2 bed / 1 bath house at 2937 Delaware Ave., listed 9/2/07 for $720K and sold (with multiple offers) 10/16/07 for $757K, is a better house in a better location than Urban.

5 comments:

Anonymous said...

I previewed this house. It is a long pie shaped lot that backs up to the 10 fwy. It's really dismal.

Julie said...

As I told War chest at SMdistress there is something very shady about this property.

There is also a REO on 32nd St.:

Some of the same people owned both of these properties. Then the properties passed through other people's hands without a sale (all with Armenian surnames) before finally being sold for a very inflated price then being forclosed upon.

I can also tell you that on the 32nd St. property they never paid the property tax.

So either they are REALLY good flippers, getting people to pay WAY over comps or this looks like fraud. Googling the names on the transfer deeds gets no hits, except one each of the final foreclosed buyers, and the person who received the last grant deed for this property (a gift, how nice) appears to have a real estate office AND mortgage brokerage...

When I cam across the other one, I was puzzled that they could ever get an appraisal so high above comps, even at the height of the bubble, but it makes more sense that they were all in cahoots and there was fraud involved.

Westside Bubble said...

Thanks, Julie. Per 2658 32nd St., it was listed about 2/3/06 for $995K, yet recorded a sale on 9/6/06 for the incredible price of $1,525K!

Its REO was listed 2/19/08 for $959K, already as "Looking for Backup".

Anonymous said...

Armenians rule in mortgage fraud all around LA. These people pulled so much money from the housing in LA that we are going to pay for it Arm and Leg.
The Armenians are master pieces in finding/creating straw buyers. I hope the banks/FBI will catch and punish them in year in jail. It is fairly easy as all the crooks are the sellers of 2006-2007, not the buyers. I would not be surprised if many of these poor buyers that were foreclosed never existed...

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