Friday, March 12, 2010

Can you hear the drums Bernardo?

Not quite sure what got me wondering of late what is up with our friend Bernardo.   Mr. Google finds no performances down in Brazil or elsewhere of late. 

Which leads me to the monthly sherrif sales listing that show that one of the Katzs' properties in the heart of Beechview is scheduled for sherrif's sale in a few weeks. A good sign in that it allows folks to move on and parcels caught up in legal issues are holding up potential development. Other than that it's not the biggest of news items in itself except note the dollar amounts.  The case is listed as a $522K judgement.  Yet when I look it up on the county's assessment record of the parcel it shows an assessed value (and a recent sale of exactly the same value which is coincidentially weird) of $68K.  I think that is an extreme case of leverage if nothing else, but I don't think the sale is going to recoup much of the half mil. 

OK.. I looked it up.  It was a $607K mortgage, but it was for 7 properties it looks like.   Not a bad interest rate he got either.. 5.5% in 2004.  A prime borrower no less.....  makes you laugh or cry, or laugh and cry I suppose. 

and on a side note...  also listed in the Sheriff Sales coming up are a few David Grenick parcels.  The former owner of (or owner of the former) Bloomfield Hardware was also way out on the cutting edge of real estate speculation in town.   Not too much notice has been paid to the collapse of his micro-empire in real estate that blossomed and crashed pretty fast and has produced an uncounted number of foreclosures.   In fact, given how low actual foreclosure counts are in Pittsburgh, he is responsible for a disproportionate number of them...  at least a bigger share than you would probably see any one person have in a Cleveland which had lots more folks speculating beyond their means in the same way.

Which leads me to the parrot heard round the world.  Most have seen the news about the local home that was foreclosed upon without reason and the seizing of the parrot resident inside. I didn't quite get how big a story it was. It seems to resonate far and wide. See the bit included in the UK's Independent even. I'm glad nobody is digging up the story of how we have in the past actually demolished houses by mistake as well.

Finally, finally...  speaking of foreclosures.  I can't find Pittsburgh in the latest dump of foreclosure statistics just released by Realtytrac.  Whether we are counted in their list at all or just too few to measure I don't know. Toledo and Kalamazoo are in there?


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