When Vision is “cloudy” Property Holding LLCs- NY TIMES
August 26, 2016 at 3:49 pm
“It” was the Icon House of West Erie and for the Point of Sale poster child- No one would go through POS to buy this house !
A great deal has been written about this house on this blog and elsewhere
Morning Journal Headlines
Lorain house sets record with $45,750 escrow requirement by R. Payerchin June 2014 – we are now in 2016 and end of August
And from that article where a real estate agent was bemoaning the Point of Sale
“It appeared the home at 1348 W. Erie Ave. could have an escrow amount that is more than the house is worth.
The home is owned by the Federal National Mortgage Association, commonly known as Fannie Mae.
The Lorain County Auditor’s Office puts the market value at $85,210, but the home’s last listing price was $36,000, said Ken Myers, the real estate agent who last had the house for sale.
Callers interested in the house don’t understand how it can have a listed sale price of $36,000 and a city repair requirement of $45,750, Myers said.
“It’s not wonderful in any sense of the imagination,” Myers said. “We have properties we can just not sell now. Everybody just walks away because nobody wants to put that kind of money in a house in Lorain.”
NOT every body walked away except the owner at the time Fannie Mae Mortgage… No! it was purchased February 2015 from Fannie Mae for “0” dollars apparently
Sale Date: 2/3/2015
Sale Amount: $0.00
Grantor: FEDERAL NATIONAL MORTGAGE ASSOCIATION
Grantee: KAJA HOLDINGS 2 LLC
and there in lies the rub- as Kaja had been on my radar as “buying” up homes in this “old neighborhood” and selling… SORRY leasing to own ….these properties – even our 1348 West Erie Home with another of those handmade signs-
I won’t bore you with regurgitated information you can find the “rest of the story here !
where the “new ” attorney for Kaja in this area (presumably) is Mr. James White- who did clarify that Vision/ Kaja were not affiliated (professionally speaking) with Harbor Portfolio, the Property Company that featured heavily in the New York Times article in February-
I reached out to Mr. White a few weeks ago to see what was happening with the property at 1348 W. Erie and he stated :
Several of the violations to the exterior have been repaired. The City’s required escrow to perform the repairs has been deposited with an escrow agent with repairs to follow.
Well some good news on the 1348 house apparently but not so good news for Kaja and Vision Properties.
The New York Times and their investigative journalists ALEXANDRA STEVENSON and MATTHEW GOLDSTEIN published another hard hitting article about the blurring of the lines between landlords, renters, and the right to own ( well sometimes) the American dream or perhaps nightmare.
Remember this just isn’t a Lorain County problem these “businesses” are popping up everywhere there is a problem with mortgage dumps and the “federal connection”
.( Nearly half of Vision’s homes were bought from Fannie Mae, the government-backed mortgage firm, according to RealtyTrac. NYT- Article below)
The focus of this particular article is Vision Properties , buys homes spread across 24 states through nearly two dozen limited liability companies, all with different names like MI Seven, OH Seven and Kaja Holdings.
I would suggest looking at the video- in the article and reading thoroughly – because Lorain, we are “part of the business” and business seems to be expanding.
Another blue house – 1038 -4 blocks down from the Kaja Icon house – historic in nature – being that it was one of the Porter Ship Captain’s homes) is now owned by Princeton Commercial Holdings LLC
Sale Date: 11/17/2015
Sale Amount: $0.00
Grantor: BAYVIEW LOAN SERVICING LLC
Grantee: PRINCETON COMMERCIAL HOLDINGS LLC
I can’t believe it passed Point of Sale in November seeing that the windows are broken and boarded – especially since we have such strong ordinances as with boats and morning glories 😉 but who knows- I certainly haven’t a clue anymore as to “code of enforcement????
Zillow listing just under $45,000 ( now off the market – apparently- don’t say it SOLD!!! NO please not that………
photo source Zillow
SHHHHHHHH don’t tell these companies that “rolled roofs on dwelling is “legal in Lorain” cause we are already singing the blues……….
Entry filed under: Charleston Village, city of lorain, hell is other people, Link -ups, Lorain Multi Property Owners, media, Ripped Off?, Uncategorized. Tags: Blurring the property ownership lines, City of Lorain, local politics, Lorain, New York Times, Predatory Landlords, trite and tripe.