The foreclosed-upon 34 condos at Palermo Palm Springs once owned by Ron Shipka's Enterprise Cos. and the undeveloped Phase 2 land is up for sale as a package. Positively Palermo has learned that the "offer date" is 1 p.m. Friday, May 20 — meaning there may soon by a new owner and the bank holding the loan could be gone. It's all on the Internet site of The Hoffman Company. Here's is the link for the Hoffman Web site. The listing says what's for sale is: 40 built condo units (34 ones being rented out and six models), 88 improved lots in Phase 2, and .82 acres of commercial land. Here is how it is described: "This well positioned investment and development opportunity is one of the last remaining bulk standing inventory purchases available in the Coachella Valley today. Palermo has been partially built and units have sold to homebuyers with the clubhouse and pool previously built and currently open for residents." The marketing flyer adds:
• "34 Fully-Completed Condominium Units, Currently 100% Leased.• 6 Near-Completed Model Home Condominium Units.
• 88 Improved Residential Lots Well Poised for Future Development.
• .82 Acre Commercial Land Corner Partially Improved with Space for a 10,000 sq. ft. Pad.
• First New Development Potential Home Buyers Come to When Entering Palm Springs/Coachella Valley from Interstate-10/ Hwy. 111.
• Less Than 2 Miles Away from Downtown Palm Springs with Shopping, Dining, Resorts, Casinos, & Spas.
• Small Home Sizes from 831 sq. ft. to 1,375 sq. ft.
• Entry Level Homes are the Fastest Selling Product in the Coachella Valley today.
• Gated Well-Planned Community with Majority of the Common Area Improvements Already Installed Including Clubhouse & Pool.
• Modern Architecture Popular for Palm Springs area which Attracts Desired Buyer Profile.
• One of the Last Remaining Bank-Owned Improved Properties Available in Supply-Constrained Palm Springs!
• One of the Last Remaining Standing Inventory Properties Available in the Coachella Valley!"
There is a second property tour scheduled from 10 a.m to 4 p.m. Thursday, May 12. You can read past postings here about the foreclosure, with most recently MB Bank calling in the Enterprise loan and moving the assets into an LLC. Miss Penny Lane says: Thank you to Palermo's resident real estate pro for this head's up. She's so excited she might just have a Cosmo (or two) tonight to celebrate. Cheers!
5 comments:
Wow wow. Thanks Penny, what would we do without you to tell us what is happening?
Hi Palermo neighbors: I've been meaning to post this but now it's probably moot but remember the discussion here about whether or not the new owner NCB Development IX LLC of the 34 foreclosed units was just the bank under a different name? Don't know why that had to be a secret but no one would tell us, remember? I had a bud in the realty biz look it up and it is just the bank (the posting above about it being still "bank-owned" verifies that. The NCB contact info my bud says is Julie Mebane, Suite 900, 101 W Broadway, San Diego CA 92101
Does anyone think that Enterprise will bid?
Good question.
I wonder what they will get? Enterprise bought the land for $5.6 million back in the day. About half of it isn't developed.
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