Thursday, May 22, 2008

What is "corporate owned" exactly?

11437 DECENTE DRIVE, Studio City, CA 91604
MLS #: F1768009

(photo not yet available)

Beds: 3
Baths: 3
Sq. Ft.: 2,329
Lot Size: 5,180 Sq. Ft.
Built: 1964
List Date: 05/20/08
List Price: $749,900
$/Sq.Ft.: $322

Last Sale: 08/24/06
Sales Price: $1,400,000

Zestimate™ $1,171,500

" Corporate owned special!!! South of the blvd, nice tuscany villa in studio city hills*located on a quiet street* home feautures wood & tile floors throughout* 3 fireplaces* balcony with views* huge outdoor wood deck* large dining area* lots of character but this home needs tlc* priced to sell fast* "

So, according to Property Shark (god bless that site!), this home was purchased by Neda Baghbanmanesh for $485k in 2002. Then it looks like in 2005 Neda borrowed another $120k from Blueview Corporation in La Jolla. Then somebody sued Neda and filed notice of a possible lien. Then Neda sold it to Lillian Sedaghat-Pour for $1.12M in April 2006(that's a tidy profit). And good ole Lilian was able to sell it to Lorena Bendinskas for $1.4M in August 2006 (not too shabby for only holding the property for 4 months). Then an NOD was filed and then it looks like a Notice of Trustees Sale in August 2007. But there are no further transactions recorded. I guess it's possible that the reconveyance took place and that's the "coporation" that owns this property.

Anyhoodle, call me jaded but I suspect that Old Neda, Lillian and Lorena were not total strangers and something is rotten in Denmark.

But anyway this home is priced at $322/sq.ft. and that seems about right these days.

I have to sign off now and get on over to see Harrison Ford's new flick. Ciao.

7 comments:

Anonymous said...

Corporate owned = tax evasion

Anonymous said...

The for-sale sign out front says it's a REO property, and the listing correctly says it needs "TLC." It needs work. Duct tape covers a hole in a bedroom wall and holds the broken dishwasher door in place. A kitchen cabinet door literally fell off the hinges when I opened it. There is (sorry, don't blame the messenger) feces in the broken toilet. I noticed cracks in the exterior structure that merit more investigation; this is a hillside house, so it had better be structurally sound. There is a big deck, but it's a long walk down narrow outside stairs from the house; stairs, curiously, are accessed through a bedroom. It's a pretty small lot, and the neighbor's house towers over the lot, so there's no privacy. There's a one-car garage (garage door has a big dent in it) and very little room to park a second car in front of the garage; it's a narrow street, so I'm not sure where you would park a larger vehicle.

candice said...

I've saw a "Corporate Owned" house get sold in Calabasas about 4 months back. I have no idea what it means, but the house was empty, priced very well, and it sold within days if going online.

Anonymous said...

Corporate Owned usually refers to a home that is owned by a relocating employees employer. As part of many relocation packages the transferee (seller moving) is guaranteed a "buy-out" after a certain amount of time.

Anonymous said...

...but the for sale sign says this is a "REO" property. That implies it's a bank-owned property. I've never heard "REO" used to describe a house bought by a company as part of an employee relocation.

Anonymous said...

The original question was "What is Corporate Owned ?" REO properties are usually referred to as such or as "Bank Owned" 2 different animals.

Anonymous said...

What if Lillian worked for Blueview corporation as an attorney? would that be considered fraudulent?