Nation’s Priciest Foreclosure Hits the Market

Aug 15, 2018

The nation’s most expensive foreclosed property is now on the market in Napa Valley for $5.5 million.

According to a Realtor.com report, the 40-acre property in Saint Helena, Calif., features five bedrooms, 8.5 baths, two laundry rooms, a fitness center with steam room and outdoor kitchen gazebo.

The property was formerly the home of developer Nathan L. Topol, who paid $1 million for the parcel about 20 years ago and built the residence as a vacation rental, although it may have also been his second home. Topol died in an automobile accident in 2013 and the home was foreclosed last September.

However, listing agent Julie Larsen acknowledged the kitchen appliances were removed during the foreclosure and need to be replaced, adding the $5.5 million price set for the foreclosure auction was made with renovations in mind.

“They are not into the idea of giving properties away,” she said.

About the author

Phil Hall

Link copied

Published

Aug 15, 2018

Analysis and Data

Teensy Nudge Up For 30-Year Fixed-Rate Mortgage Rates

30-year FRM stays essentially flat following seven weeks of downward drift

The average 30-year fixed-rate mortgage (FRM) rate rose ever so slightly to 6.65% as of the week ending March 13, an increase from 6.63% the prior week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). Sam Khater, chief economist at the company, note...

Regulation and Compliance

New FHFA Director To Prioritize Efficiency Over GSE Re-Privatization

Industry groups applaud Bill Pulte’s confirmation as FHFA Director, pledge to work on U.S. housing affordability ‘crisis’

Now that the U.S. Senate has confirmed Bill Pulte as Director of the Federal Housing Finance Agency (FHFA), reports have it that Pulte’s top priority will not be removing Fannie Mae and Freddie Mac from government conservatorship. Rather, he’ll focus on rooting out any f...