Thanks, Oak.
To clarify, I'm not looking for a mortgage to buy a north beach
condo. I was just dumbfounded by a really low ball drive by (thanks
Jen) BPO from both Wells Fargo and Sovereign that quoted $272,000 -
right down to the $2,000 they matched -- for my townhouse, when the
last unit sold for $650,000, two to three years ago. When I started
asking around, people said that companies use formulas that figure
in unsold housing units, which count against property values in a
community. We've got a lot of unsold housing stock.
Say it ain't so...
Maureen
--- In AsburyPark@yahoogroups.com, "oakdorf" <oakd...@...> wrote:
>
> --- In AsburyPark@yahoogroups.com, "radio881gal" <restore881FM@>
> wrote:
> >
> > Hi, Jennifer -
> > Thanks for the information. I imagine it's hard for someone
buying
> a
> > unit in North Beach to get a mortgage since they instituted the
> > process by which they only finish off a unit as it's sold.
>
> That's been the case for quite a while. It's the Monterey that the
> units are shells. Given some of the finishing they did on their
own,
> a buyer might be better off having some control over the finish
> work/quality of materials going in. You want to spend $700k or
more
> and have cabinets with gouges that were patched over??
>
> I think Amboy had some of the original loans out on N. Beach. If
they
> are still sitting on it, I'd go to them for a mortgage. They would
be
> motivated. They are actaully a pretty good bank to do business
with
> and don't mess around.
>
> They were one of the early banks to have moved bad debt off their
> books to another holding company - I think that's what the press
> reported about three years ago . They made a bunch of large bets
in
> Monmouth county development.
>
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