"I'm looking for a steal in The Oaks of Calabasas".  At least once a week I get a call or email from a buyer hoping they can steal one of these McMansions for a song.  Yes, yes, there are great deals, but no you're not going to get one of these houses for under a million dollars.  So here are the foreclosure facts for The Oaks of Calabasas.

More than 10% of the distressed properties in Calabasas are located in the The Oaks.  According to Dataquick there are 205 properties in Calabasas, CA that have a Notice of Default filed, Notice of Trustee Sale, or are Bank Owned as of today.  Of these properties, a whopping 28 (13%) are located in The Oaks.  Not surprisingly most of these homes were built in 2006 and 2007.  Chase seems to be the big loser here holding 10 (36%) of these super jumbo mortgages. 

In reviewing the histories of these homes it doesn't take a rocket scientist to see that there was trouble in paradise long before real estate prices started to decline.  All of these homes but two have a first and second mortgage and some even a third.  Most of them have been refinanced several times in their three short years increasing the balance each time.  Some of them have mortgages totaling 178% of their estimated current value according to Dataquick. 

Not all of these distressed properties are listed for sale...yet.  In fact of these 28 in The Oaks of Calabasas, only 8 are are currently listed on MLS.  Many of these homeowners manage to refinance yet again or liquidate other assets to hang on yet another few months.  But deals exist for savvy buyers if you're willing to wait long enough for a short sale to be approved or be aggressive enough to have your REO offer accepted. 

If you'd like more information on Short Sale and Bank Owned properties in The Oaks of Calabasas call of email me for a list that is updated daily.