The latest report from RealSTATs shows an uptick in transactions in the 13th Ward:
7146 Kedron St., for $6,200
7148 Monticello St., for $14,000. This marks the third time in less than a year that this property has changed hands. On September 26, the Bank of New York acquired it through foreclosure for $1,593. On June 20, Foreclosure Depot LLC, based in Jersey City, N.J., bought it for $4,000. Thus, Foreclosure Depot made $10,000 in two weeks when it sold to it to Lux Realty LLC on July 3 for $14,000 (the only "Lux Realty LLC" that I have found is in Satellite Beach, Fla.).
The county website shows that the tax bill for 7148 Monticello is still being mailed to Foreclosure Depot. That suggests that it took back a mortgage when it sold the house, so Lux Realty is probably paying interest that will boost Foreclosure Depot's profit beyond $10,000.
Nice work if you can get it.
7116 Mt. Vernon St., for $1,506, by sheriff's deed to Bank of New York Trust Co. NA
7213 Race St., for $1,710, by sheriff's deed to Wells Fargo Bank.
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Posted
Aug 05 2008, 10:42 AM
by
Elwin Green