Monday, May 24, 2010

$21 Million "Worth" of Real Estate Scheduled for 11 Foreclosure Auctions on Steps of Albemarle County Courthouse - May 26

The auctions starts at 2 pm.  All details here.  The properties include "The Rocks" and "Ragged Mountain Farm" lots in Western Albemarle.  We'll see you at this record-setting line-up.   

Related:
Another Victim of the Housing Crisis - Barry Meade Homes Goes Under - includes data and comments  on Biscuit Run, Forest Lodge LLC, Weather Hill Homes, Church Hill Homes, Belvedere, Old Trail, Coal Tower, etc. etc. etc.
Million Dollar Foreclosures in Albemarle
1 in 7 Mortgageholders Late or in Default
Housing Market on "Life Support"

12 comments:

Anonymous said...

Did you look at any of the names?

May 26 at 4pm at the Albemarle County Courthouse

Property: 3796 Stony Point Road

Debtor: Michael Aked and Melissa Aked

Amount owing: $1,080,000

But he has a good job:
http://uvm-web.eservices.virginia.edu/public/employees/

Anonymous said...

You can have a good job and be drowning in debt. A resetting Option ARM could do you in, and you wouldn't qualify for a mortgage mod.

Depreciating value and you can't refi.

What some of these folks could have used is a "mortgage partner for life"

http://www.businessinsider.com/insanity-in-australia-ing-says-thanks-to-capital-appreciation-paying-principal-on-mortgage-loans-is-unnecessary-2010-5

Humpty said...

MICHAEL A. AKED, CFA
Managing Director
Michael is responsible for risk and portfolio management. He joined UVIMCO in July 2007.

This guy is MD of UVA's Investment Management Company. This is more than a good job. This is a job that deserves a fiscally responsible person. If he had a mistress I would say it was poor personal judgment but borrowing $1m that you cannot afford shows you shouldn't be handling other people's money!

Shouldn't the folks in UVA be concerned by this?

Real C'ville - The Bubble Blog said...

That a foreclosure auction is SCHEDULED is public info, but all the FACTS surrounding it are not. AND the delinquency may be cured, auction avoided, before tomorrow.

In terms of the affair, Humpty is referring to ex UVIMCO chief Chris Brightman, who allegedly left UVIMCO not b/c it lost a billion during his tenure, but b/c he was having an affair

http://realcville.blogspot.com/2010/04/ex-uvimco-ceo-christopher-brightman.html

Real C'ville - The Bubble Blog said...

3796 Stonypoint Rd, the Aked prop, is still listed for sale $774,900k "as is"

http://www.mycaar.com/(uudz5deuckbxv545ka2mvzvm)/propertyDetails.aspx?mls=475195

rfs said...

From what I can tell, the property transferred for $1,350,000 in August of 07. The pricipal amount per the NOTICE is $1,080,000 so it looks as if 20% was put down by the Akeds. The foreclosure proceeding seems to include all the parcels bought including a property on Watts Passage where the Akeds actually live or at one time lived?

Real C'ville - The Bubble Blog said...

Parcels included

http://www.headlineva.com/index.php/public_notices/notice/TRUSTEES_SALE_OF_3796_STONY_POINT_ROAD_Charlottesville_VA_22911_In_executio/

rfs said...

Hey REBUB,

don't you think the MLS listing the PUBLIC SEES should say this is a preforeclosure/short sale/coming soon to an auction near you/some kind of warning that this could be way more involved should you wish to purchase? I do. I don't mean to sound glib, all of this is just sad.

Montpellier said...

Heh...the Stonefield farm house...it has been scheduled many times over the past few years.

I'm inclined to agree: why is it that a number of UVa people who aren't highly paid "risk managers" have enough sense to not over extend with risky products?

It's sad the way that property was chopped up - presumably to try to cover their shortfall.

The bubble blog is right though - it may very well "cure" before the auction. It is not in the banks' interest to get stuck with this property.

Mike Powell said...

My wife and I actually looked at this place and did a little research. It's a crazy situation and I'm positive it must be a strategic default. The debtors are living in a $700k+ home they built on a 4-acre parcel that's one of the several parcels the original 15 acre parcel was divided into. (These numbers are from memory, so they're approximate.) As far as we could tell, they somehow managed to keep this part of the property (plus the house they built) for themselves but stick their bank with the rest.

It's a beautiful place but when we last visited late last year it was already deteriorating from not having anyone living there and maintaining it. Most notably the roof was leaking in one place which was destroying the beautiful wood floor underneath.

Real C'ville - The Bubble Blog said...

Update - Price reduced 2.9% to $754,900k.

"Strategic Default" as savvy business practive?

It's becoming mainstream. "Chamillionaire" the rapper just discussed his decision to do so and it was picked up in nat'l media.

Property details:


http://www.trulia.com/property/1089168913-3796-Stony-Point-Rd-Charlottesville-VA-22911

and

http://www.realcentralva.com/search-charlottesville-mls/#PropertyID=22408148

Real C'ville - The Bubble Blog said...

Mike Powell, did you buy a house?