Hello. I am looking for some advice. I am on the brink of buying a condo in the Villa Borgata complex in

Asked by future homebuyer, Fresno, CA Sun Feb 22, 2009

Fresno (2 bedroom, 2 bath) for 77,000. I have seen 2 bed 1 bath sold for 60000 in the last few months. There is another 2 bed 2 bath listed for sale asking 75000. Am i paying too much? Please, sincere responses only. Thanks!

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5
milli_chan, Home Buyer, Fresno, CA
Mon Apr 22, 2013
Does anybody know if the train noise is a problem in Villa Borgata, Fresno, CA ? How loud is it ?
Do you feel the building is shaky when trains pass by? Any problem sleeping at night? Nobody ever talked about it. I've asked plenty of landlords, the answer is 'nobody complains about it'. Nobody complains simply do not mean no problem. I'd like to have some insight from the residents there if possible. It'll help me because the landlord wants to have 1 year lease. I appreciate your oponion.
0 votes
Greg Kosareff, Agent, Fresno, CA
Thu May 7, 2009
I think Villa Borgata's is a wonderful gated community to invest in. Lots of professionals living in the complex with 24 hour security. I currenly have a 1Bd 1BA unit in escrow for one of my clients, upper unit, for low $50's, I sold on last year same unit for $64,000. $77,000 maybe a bit high, depending on condition. The market is heating up in Fresno with inventory levels down to 2.2 last month from 9.8 months a year ago. We are seeing multiple offers on properties. So consider all this information. Medium price range has improved slightly higher last month. Hope all works out well.
0 votes
Nathan, Home Buyer, Fresno, CA
Sat Apr 25, 2009
Golden State Mortgage Defaults Jump to Record High for the quarter ending March 31, 2009. A total of 135,431 default notices were sent out during the January- to-March period. The market will be full of REO properties over the next 12 to 18 months.
0 votes
Lori Jeltema, Agent, Suffolk, VA
Sat Apr 11, 2009
future, how 'on the brink' are you? Are you past all contingencies? Has the appraisal been done? Are you getting a loan or is this cash? Are you working with an agent?
0 votes
Nathan, Home Buyer, Fresno, CA
Sat Apr 11, 2009
Future Homebuyer you are over paying for that condo considering the fact Fresno is flooded with condo's on the open market and demand is weak across the board in all price ranges.

California Foreclosures About To Soar
Posted by Tyler Durden at 10:50 AM

In light of the market moving preannouncement by WFC, which as David Faber points out may have used some "leeway" with the marks on the company's mortgage related assets, it makes sense to present some California foreclosure data to show just how hot the refi market really is. We grab the following data and charts from the excellent Field Check Group blog.

The bottom line is that there is a massive wave of actual foreclosures that will hit beginning in April that can’t be stopped without a national moratorium — this wave is so big I would not put it past them trying it.

CA foreclosure background - in mid-2008 the foreclosure wave was artificially held back as a result of the CA law SB1137 enacted in Sept 2008. This also kept NOD’s and NTS’s at much lower levels than the actual defaults that were occurring. Other bubble states and several banks/servicers also went on random moratoria and the foreclosure wave was held back for the past six months.

But just like so many other intervention and moratoria in the past, the problem just comes out the other side even more violent than if they would have done nothing. Adding insult to injury, the GSE’s announced this week that they were coming off moratorium, which could increase foreclosures by 20-25% alone.

March brought the first 50k+ count ever for NOD’s in CA.

From here the banks and servicers will try anything they can to get borrowers into mortgage mods before the Notice-of-Trustee Sale in filed 4-5 months down the road but ultimately most will make it to foreclosure sooner or later.
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