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| Foreclosure notices posted on Palermo condos owned by Enterprise in 2010 |
This just in: Positively Palermo has learned that a company has closed its purchase of the unsold Enterprise condos (34 units now being rented out in our community, and six vacant units in the undeveloped area) and the other property once associated with Enterprise Cos. of Chicago. The saga began on May 5, 2010 when the developer missed a payment on its Palermo loan. On July 14, 2010, a "Notice of Default" was served on PS Venture Indian Canyon/San Rafael LLC. This was the Palermo LLC of the Enterprise. It owed $13,450,378.36 on a $30 million loan. On Nov. 9, 2010 the front doors of the 34 units owned by Enterprise were posted with a "Notice of Unified Trustee's Sale." The documents stated an auction would be held on Nov. 30, 2010 in Corona. That never happened. Numerous bidders fell by the wayside, but now a deal has been completed. Miss Penny Lane says: A warm welcome to the neighborhood. Cosmo, anyone?
12 comments:
Is this new company going to finish the development or hold it until land prices increase?
This is terrific news after a year-plus of a bank owning all these units, and not paying its fair share but interfering in the hoa election last year.
Wuuunderfullll news to my ears.
FINALLY!!!!!!!!!!!!!!!!!
re question asked by 7:33 - there was a representative from the new owner at an HOA meeting a few months back. Impression I was left with is they're looking at this as a longer term investment and will build out the empty land some time in the future when the property markey comes back. In the mean time they're going to rent out the units they have acquired.
Travis, our HOA president, posted some details of the transaction yesterday on the "Palermo 92262" Facebook page - apart from getting the bank out of the picture there's some major benefits to the community as a result of this.
They are going to hold onto the condos for awhile until the market turns (which it already is). I know the board has asked them to consider a program for renters to buy, which as a tenant I appreciate that the board did this --- see what happens.
Things are really happening here. Glad to a part of it all.
I wish that someone would let us renters know what is happening. Who do I make out my rent check to?
This post does not mention that the HOA board also wrestled a large settlement from the bank for the deal to go through and this means a good deal of money for the HOA. Good job guys, really good job.
These were the 4th bidder for this property and it took until now for a pact. Sounds like the right combination of the right bidder and the right board that brought this together for the community. We should celebrating what Harry and Travis did for us in this, which can't be underestimated how this will move us ahead, increase values, rather than being stuck as we were. The new management company, no increase in monthlies, and more money in the rainy day funds, all are remarkable in my book, but a few people tried to push a Recall on us and where would we be today if that succeeded? I feel terrible what our board has to go through during those many months, while never once losing their cool and always acting with class. I am so thankful for these Neighbours.
To 12;41 p.m.: You have expressed my very feelings as well about what is happening at Palermo. I know personally that some of the board leaders have spent 100s of hours working to better this community and the work is paying off in truly inspiring ways, and they did so while being viciously attacked on Facebook.
Good news all around.
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