Last week's REO's -It's very interesting to examine these area foreclosures in light of proposed governmental bail outs.  Because these are "the people" that might be bailed out.

Glendale’s Sparr Heights - This is the tale of another Glendale flip going bad.

Details: sold 8/15/05 $600,000
I showed this home when it was listed and my recollection is that it needed a lot of work: kitchen & bath remodel, etc. AND it backed commercial property.



Relisted 1/3/06 $698,000 (but did not sell)
MLS remarks state (and I quote): “Best OF MONTROSE,Excellent Location,walking distance to montrose village,2bed/2bath +permitted family room that could be used as 3rd bed,and large detached single/office,totally remodeled with highest quality workmanship,all brand new kitchen and appliances,new electrical,new AC and plumbing,large back yard,use to be a pool, MOVE IN CONDITION.A must see.”

I state this is a flip because it was vacant at the time of listing; the listing agent stated Montrose but the home is located in Sparr Heights; zip code is 91208. 

The other REO is a La Crescenta condo

1 & 1 purchased 5/2002 for $149,000- apparently this homeowner borrowed on his home until he ran out of equity and “lost” it.