Bank Owned 4-Plex
For those of us who went on the walk with the Mayor last week and those of us who simply drive by 2971 Portsmouth everyday, we all know about this 4-plex. This is the worst looking rental property within our immediate area and it is located on the corner of Birmingham and Portsmouth. Well, if you didn't know, it turns out that this property is in foreclosure (thank David for sharing this initial tip that the Mayor gave you). Per Tax Records, the bank officially seized title on the property on 06/22/2007.
There are apparently quite a few code violations (as is pretty obvious from our every day drive-bys) on this property and we all know that the lower left unit has been boarded up for months. Doesn't this tick you off? It does me because it helps the neighborhood look bad, and most of all, a property in such shape that is unmanaged can only cause me to wonder what is going on inside. During Walking Nights last week, this was the object of much discussion and many photos were taken (the Mayor even snapped a few on his cell phone).
This property has been neglected for far too long and it is time for a change then. Fortunately the bank owns it now and so they will likely be looking to sell the property off rather than sit on it. Being that there are some updates needed, the investor who purchses this property will have to spend some money to fix it up and one would think that the City would make them bring the property in coformity with safety code and such. Then at least people won't be squatting in the lower unit and safety will be promoted. We all hope though of course that the unit will be sincerely fixed up and looking like some of the other stellar 4-plexes off of Birmingham that actually have been updated.
It may take a bit of time for the bank to list this property on MLS, but being that it has already been over 30 days, we will hopefully see this time approach soon. And when it does, it may be pertinent for all of us to sign a letter to thank the new owner for their purchase and to ask them to please help clean up the property. Maybe some in the neighborhood could even volunteer to help with this process. Whatever the case, let's make sure to be on the lookout for how to once and for all help see that this blighted property is taken care of.
Or maybe someone in the neighborhood would like to buy this 4-plex and then fix it how it ought to be fixed. This could be a beginning toward helping clean up the image of some of the 4-plexes around the neighborhood. And if someone in the neighborhood buys this, then I imagine that many neighbors would be quick to help out in the process of clean-up and renovation. Just a thought...
UPDATE ON 08/07/2007: Per conversation with the Weed & Seed Director this morning, this property is planning on being rehabbed by the Bank. This is great news and hopefully the Bank will do a stellar job and really cure some of the issues.
2 comments:
Thank God! That 4 plex has looked like shit for many years.
A valuable resource for single family homeowners in Rancho would be a database of multi-family housing owners, ranked by number of units owned in the city limits. A neighborhood group, like Cordova Towne, could have an opportunity then to approach owners about an opportunity like 2791 Portsmouth Drive, and have some significant input on shaping the future of the property. An owner/investor already vested in Rancho neighborhoods would be a more likely buyer of the 4plex, and might be a better neighbor, as they have a greater stake in the community.
It might also help to consolidate ownership and management of income properties, neighborhoods partnering with responsible multi-family housing investors/owners to identify these properties and their owners before they descend into a municipal nightmare.
How many income property/absentee owners are there within Cordova Towne?
How many property management companies manage them?
Do residents have the ability to easily contact these property managers and owners in the event a tenancy goes bad, or repairs are needed?
The scariest question, does the city have this info available?
According to the Mayor, absentee owners are required to obtain a business license in order to legally rent their properties. Is there any requirements of property management companies or real estate agents managing rentals to do the same?
Are owners required to make available contact info of the property management they've contracted with?
Who's really managing the rentals in our neighborhoods?
Who's accountable and shouldn't we be able to see who's a responsible owner/property manager? Like restaurants are graded by the county with their green/yellow/red inspection signs?
With Rancho's housing inventory consisting of 50%+ income properties, it would seem to be crucial to have this info, and make it available to the public, to help them both be stewards of their neighborhoods, and to be more informed allies to responsible income property investors and the City in heading off problems created by irresponsible income property owners and property managers whose negligence hurts everyone's interests.
Currently, a citizen of Rancho can't see if the property management company managing a property near them has a good record, or if they're a slumlord, dotting our city with properties rife with code violations, public nuisances, 911 calls for service, and then moving these tenants from property to property they manage in Rancho.
Kind of a spooky question.
Glad to hear though that Weed and Seed is tracking all this.
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