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Recent foreclosures in the area
A Richmond BizSense look at recent foreclosures in the city lists 15 in Richmond, 4 in the local area.
2315 East Broad Street,, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $346,700
Borrower: Sara Lane
Foreclosure date: June 9, 2011 at 2:15 p.m.2911 E Broad Street, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $253,800
Borrower: James Pociluyko and Debra Pociluyko
Foreclosure date: June 9, 2011 at 2:15 p.m.509 Chimborazo Boulevard, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $227,500
Borrower: Christian Comeau
Foreclosure date: June 9, 2011 at 2:15 p.m.2010 Cedar Street, Richmond, VA
Execution of a certain deed of trust-original principal amount: $168,000
Foreclosure date: June 17, 2011 at 1:00 p.m.
I’d be interested in purchase dates for these. I’ll look that up later myself if someone else doesn’t beat me to it. I’m guessing it was at the peak of the market 4-5 years ago.
As an FYI I live in the second building, which has been converted into condos, and it’s just one unit that’s under foreclosure.
The house on 2300 block of Broad was a bubble sale – sold in 2006. Selling price was $365,000. We were shopping for homes recently and noticed it up for sale for $299,000 (short sale). We never actually toured as the listing agent seemed incompetent and didn’t seem to know how to make a short sale work. We didn’t have much confidence that it would be able to go through even if we liked it, so it seemed like a waste of time. That said, the pictures on MLS looked pretty good and it should go for a pretty fair price.
The condo on Broad is unit B in that building. This one sold right as the market was softening (7/2007) for $265,000. Looks like two of the units in the building are still vacant and another one has been sold for much lower ($189K) as the market cooled off. Probably a case where the owner realized that they’d never come out ahead in the near future and decided to wash their hands of it. Nicely renovated unit but it may be tough to sell unless someone can bring cash to the table since the building is not fully occupied so getting FHA/Fannie/Freddie could be tough. This building might be better going to rental at this rate.
@Alex–all of the units at 2911 East Broad are occupied although two of them (both upstairs units) are up for sale, one of them being the soon-to-be-foreclosed unit which is owned by the architect of the renovations. My husband and I and another woman own the two downstairs units. We were the ones who benefited from the soft market since we had good credit, a big down payment and a preapproved mortgage; we moved in last week. We talked to the architect and you’re right, his rationale is “get what I can.” Our realtor is the listing agent on the future foreclosure and he said that they were asking way too much for it–I believe the price is $234K. If someone’s paying attention they can get their hands on a very sweet condo for a lot less than assessment.
Ahh – I had seen that they were corporate owned and assumed these were still the ones owned by the developer and that they hadn’t sold. How many are actually owner occupied? Parcel mapper seems to show just you guys after he gets foreclosed so I assume the others are renter now? Or the parcel mapper could be wrong. Just trying to get a sense of what kind of financing they qualify for as my sister may be interested.
The building’s divided up into 2911 and 2911 1/2. Our unit and the future foreclosure is in 2911. The downstairs unit of 2911 1/2 is occupied by the owner, the upstairs unit is rented (and also for sale).
Speaking as a real estate broker and Church Hill neighbor, do we really need to have the names of the local borrowers posted on our own Church Hill website to add insult to injury? Lots of people are going through a tough time right now financially and I’m sure they don’t need their own friends and neighbors knowing the details of their financial troubles. It is public knowledge if you search trustee sales, but can’t we just show an address and take our neighbors’ names off at least on this site? Thanks!
Bill,
I hear your point but this is public information. If the borrowers wanted to avoid having their name in public, there are plenty of ways they could avoid that. My experience is that in this market there are certainly some folks hitting hard times and I feel bad for them, but there are also plenty who are just walking away from their obligations because they don’t like the idea of honoring a bad deal they made.
Anyone who knows these folks already probably knows that they are getting foreclosed on by the address alone and nobody here is conducting a witch hunt for them.
The home that was owned by the architect. Did it sell at foreclosure and for how much.
@Bob–no, it didn’t sell. The architect and his wife moved to Kansas City about two months ago so the unit’s empty. The other upstairs unit got bought in July so the building’s 75% owner occupied now and all of us have been discussing possibly buying the unit ourselves to rent out.