Monday, September 24, 2007

Distressed property activity in Redondo Beach

I only get notifications for 90278 so I don't get complete distressed property activity for all of Redondo Beach. I do get some notifications for 90277 but I don't get the extensive coverage that I do of 90278.

There's been a lot of email from RealtyTrac this month on distressed properties. The volume is the highest I've seen it so far. This is what I've gotten during September. (I'm not attempting to disguise these addresses since they are readily available on public records of default notices.)

1641 Ford Avenue    
2305 Rockefeller Lane C
1108 Camino Real 227
1507 Flagler Lane   
240 The Village 202
2609 Curtis Avenue   
2205 Grant Avenue 5
2610 Fisk Lane   

And these are the properties that as far as I know were scheduled to go to auction this month:

3304 Rindge Lane    
1206 Rindge Lane   
1920 Voorhees Avenue 2
1321 Beryl Street 106
1108 Camino Real 227
2016 Vanderbilt Lane 2
1933 Firmona Avenue

I did a little research on some of the owners listed on the notices of default and came up with some unusual data. I've already posted about 1206 Rindge. The owner of the property in The Village is a very experienced financial professional. A search of the Internet archives said the owner "possesses over twenty years of finance, accounting/tax, audit, and project management experience."

I'm not sure, but I think one of the people owning the Camino Real property is a published computer scientist who has worked in aerospace.

And I think the listed owner of the property on Vanderbilt is a realtor with a public website. A little research turns up that this person has had numerous addresses in Torrance, Redondo, Las Vegas, Mansfield, Arkansas, and Allen, Texas, where that person's realty practice currently is located.

Apparently at least some of the people losing their homes to foreclosure are professionals in their fields, and have fallen prey to some misfortune or have grossly mismanaged their own finances, or a combination of both. It amazes me that a finance professional could end up in such a predicament but I suppose it is not surprising, and we'll see many many more such surprises by the time the market has thoroughly shaken out the financially weak. Since we often make our economic decisions (e.g., whether to buy or sell stocks, or a house) based on what "everybody else" is doing (yes, we are subject to the forces of the herd, whether we like it or not), even the most brilliant minds can fall on hard times. Isaac Newton succumbed to the siren call of the South Sea bubble.

I've only got 2 September sales marked as "suspicious" so far. The rate that new inventory has been landing on the market has slowed a bit (down from a rate of close to 3.5 a day), but sales seem to be slowing down too. I don't even count those 27 new homes on Ruxton Lane in my inventory, since I don't have exact sale information about them (and my email has gone unanswered).


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