Some notes on this post:
- 1 in 7 mortgage holders is in default or foreclosure.
- More high-end defaults and foreclosures are showing up in local public notices, part of a national trend.
- "High end" owners, builders, and local personages who have recently had default notices and/or foreclosure auctions scheduled include Patricia Kluge et al; Halsey Minor; Jamie Spence and Joshua Goldschmidt of Church Hill Homes; Chris Bowen and Skyline Builders; Realtor Doug McGowan; Weather Hill Homes; an apartment managed by Stonehaus; Barry Meade Homes; even Forest Lodge LLC, which has among its investors Hunter Craig and Boyd Tinsley, may have been, if you read bank records, in default before being "bailed out" by the Commonwealth of Virginia...etc etc etc.
- 3796 Stony Point Road, the property mentioned in this post, is basically a solid example of bubble valuation in this area. Purchased for nearly $1.4 M in 2007, in 2010 offered for sale at nearly half, and assessed at $200k less.
- UVA is the largest presence and employer in this area.
- UVIMCO, UVA's investment arm which manages the endowment and thus contributions from many people in this area, has had financial losses and personnel in the news recently.
- Upshot: Locally and nationally, foreclosures happen at all price points, are recently rising in this area at the high end, and are happening to those who have/manage large amounts of money and assets, as covered by this blog and Main Stream Media, including c-ville, The Hook, the Newsplex, The Daily Progress, etc.
Albemarle County has 11 foreclosure auctions scheduled for May 26, equaling $21M of loss to mortgage lenders. A commenter in the above-linked post noticed that one of the properties, 3796 Stony Point Road is, according to public records, owned by UVIMCO's Managing Director, Michael Aked.
So what of "risk management"? Foreclosures happen at all price points, and for all sorts of reasons. Still, frequent commenter "Humpty" wondered if someone who is in foreclosure is fiscally responsible enough to be handling other peoples' money. Another commenter, "rfs," noted that this was "sad," but wondered if the default should be disclosed to prospective buyers, since the property is also for sale.
Similar comments along the lines of "Is he fiscally fit?" concerns were raised when Realtor Doug McGowan's troubles were chronicled in C'ville Weekly as he lost two investment properties to foreclosure. McGowan additionally lost his own $1M + residence, too. But McGowan seems to have bounced back. Not only is he still agenting on behalf of other people in what is typically the largest
But back to UVIMCO, its Managing Director, and this property. According to another commenter, 'Montpelier,' the property has been listed for foreclosure auction in the past. "Scheduled" for foreclosure doesn't preclude a default from being cured, often at the last moment.
Still, it seems UVIMCO is getting public notice lately not for its investments--and lack of, since it bled $1B during the Great Recession--but for its personnel. Ex-CEO Christopher Brightman recently stepped down due to an alleged affair, and has listed his house for sale.
The foreclosure auction is currently scheduled for 4pm, but as said above, the delinquency could be "cured" before that.
Foreclosing at $1,080,000
Currently asking $774,900
Assessed at $529,700
3796 Stony Point Road, is listed for sale: $774,900k "as is".
Update 2 This listing is still available for sale. Price reduced $20k or 2.9% on June 6. See here and here.
Original Post Title: Will UVIMCO Managing Director Be Part of Today's Foreclosure Tsunami?