July 5, 2011
San Pedro Overlook Developer Defaulted Properties: Update
Will Beecher is proud to announce he has sold 6 of the 13 developer defaulted properties. That is more than $1,500,000 (including the 2006 spec home on Stagecoach Trail) in sales for SPO in just a few short months. The land prices have sold between $133K and $212K with an average sale price of $172K, which is considered excellent results for bank owned land. Mr. Beecher has done well to maintain values the best he can under the difficult circumstances. This also shows the extreme demand for the San Pedro Overlook properties.
The sales have also resulted in large amounts of collected SPO HOA transfer and water fees for the betterment of the SPO HOA reserve fund. The great news is the new owners will be paying their dues, whereas the developer was not, and the bank will pay dues on their remaining 7 properties. This is actually a wonderful improvement for the financial outlook of the SPO HOA.
We are optimistic to sell most of the remaining defaulted properties by the end of 2011. This will get SPO back on track for 2012 and result in more regular market value sales.
Feel free to call Will Beecher to Discuss 505-918-5730 or beecha@gmail.com.
