Villa Rockledge Set For Foreclosure Auction

$30 million beach estate on ocean front in Laguna beach known as Villa Rockledge a family compound is in default. It is not only in default but has a date set for the foreclosure auction.




The home was built in 1921 it sits over the sand on a bluff, it sits on a 1/2 acre lot and has the main home and six villas. Over 12 bedrooms with 9 bathrooms. The compound was first listed in 2009 for $34.9 million.



The Wall Street Journal did an article on the home titled, "A Castle by the Sea". The home was purchased in 1973 for $420,000. The unpaid amount on the loan for Villa Rockledge is $6,212,511.04. If the owner cannot come up with the lenders payment in full it will be auctioned June 30th.



Once again the mortgage meltdown is not just some individules that were first time home buyers.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-874-2247

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

You Can Get Loans on Estate or Luxury Homes

Today we heard that you can get loans for the estate or luxury homes. That is definetly good news for the whole market



Sales of California homes at all price levels increased 16.9% last year, to 460,166 from 393,703 in 2008. However, sales of California homes priced at $1 million or more tumbled for a fourth consecutive year in 2009. The number of million-plus homes sold dropped 23.8% to 18,621 in 2009 from 24,436 in 2008.



Many buyers are under the impression that Jumbo financing is not available because of these statistics. That is about to change. We just heard today that Bank of America, working in conjunction with their financial services division leader, Merrill Lynch, has recently increased their standard loan program guidelines from $3 Million to $5 Million. In conjunction with their wealth management division leader, U.S. Trust, are offering loans to $10 Million for high net worth clients.



These changes are a welcomed relief for the housing industry where it seems more lenders are pulling back rather than expanding. The loan-to-value guidelines under the standard program are as follows:

80% to $2,000,000

70% to $3,000,000

65% to $5,000,000

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!