Miss Penny Lane has been noticing more "for sale" and "foreclosure" signs popping up in our little enclave. Several units have had auction notices taped on their doors. It's said that some have to do with the kind of loan offered by a lender many homeowners had used. Some are being sold at auction. One May 28 auction notice for 240 Enterprise was taped to the front gate. One at 210 Enterprise has a notice on its door. So does one at 3671 Melody Lane (the owner of this unit, a lovely man named David, passed away). There also are or were recently for-sale signs on 235, 248 and 258 Sandy Point (some of these are bank-owned). On the Quiet Side, the 3617 and 3627 units have been foreclosed on. They same family owned both properties. Also the end two-bedroom units, 3587 and 3697 units of the Quiet Side, have been or are on the market due to foreclosure. 3525 and 3686 Sunburst are for sale. It's a great time to buy into Palermo. Miss Penny Lane says: She's eager to meet the new residents who will move into these empty units and join our wonderful community of good spirits. Welcome.
6 comments:
these difficult economic times have crushed the dreams of so many. These empty residences cause our HOA to lose so much vital revenue which could be used to correct some of the issues our community faces. But the spirit of this community is strong and positive and together as a team we will figure out ways to resolve the issues at hand..
I agree with Lobo and Penny. There's such a spirit among those who live here but there will be some more pain unfortunately. In addition to the homes on the market more might be coming because a group of people are behind on paying HOA fees. Some of these units are empty; some aren't. Units that have been behind apparently include those below (note, though, this doesn't mean the present owners/occupants aren't paying cuz in some cases the units have been sold and the debts are old, from previous owners):
3671 Melody - owner died
3592 Melody
240 Enterprise - up for auction
3573 Penny Lane
272 Breeze Loop
235 Sandy Point - was for sale - past owner in bankruptcy
258 Sandy Point - for sale
3586 Sunburst - same owner as 240 Enterprise that is up for auction
3587 Quiet Side - foreclosure
3617 Quiet Side - foreclosure
3697 Quiet Side - had a foreclosure sign on it earlier
Sad but typical. Also, in larger complex there are always some people not paying HOA bills. A certain percentage of nonpayment is factored into the budget as a matter of course and SOP, if the budget is done professionally. So the impact on the Palermo budget isn't as big, if the factoring in was done as it should be.
Now is a great time to buy. The prices have hit bottom. What deals - sorry but there's no reason not to profit from these foreclosures. These people shouldn't had the loans in the first place and good riddance to some of these people who never should have been here.
I think someone bought 235 Melody Lane, so the hoa dues should starting coming from that unit. Does DRM know when a unit is sold/bought? I would not be surprised if they didn't and aren't contacting the new owners. Most of the nonpayment list above are units on the market or bank-owned, so once they sell the new buyers will pay future dues. The problem doesn't seem that great because it is temporary. Worse if an owner never pays.
Isn't Daniel Lass an investment advisor for Merrill Lynch in Palm Springs?
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