California company buys 9 properties at foreclosure sale

Thu, Dec 6, 2012


A California firm scooped up nine of the 11 properties that sold to investors at the El Paso County Public Trustee’s foreclosure auction Wednesday.

It’s unusual for one buyer to claim so many properties at the sale, said trustee Tom Mowle. Mowle said he’d never seen the California buyer at auctions before.

It’s also unusual for an out-of-state buyer to bid at the auction. Most sales go to local investors.

Jim Coghill represented buyer Granite Ranch Opportunities, a company based in El Segundo, Calif. He did not return calls Thursday requesting comment about the firm’s property purchases.

All of the properties Granite Ranch purchased are located in the northern part of Colorado Springs and were sold at losses to the lenders. Most were built in the 1990s.

Granite Ranch Opportunities purchased these properties:

Address: 5155 Stillwater Drive (80918)

Bid amount: $138,500

Deficiency: $52,386.70


Address: 686 Pebble Crest Way (80921)

Bid amount: $193,936

Deficiency: $56,882.15


Address: 4670 Cade Ct. (80922)

Bid amount: $125,194.60

Deficiency: $53,960.14


Address: 6711 McEwan St. (80922)

Bid amount: $174,500

Deficiency: $5,931.59


Address: 6850 Dauntless Ct. (80919)

Bid amount: $193,000

Deficiency: $107,315.58


Address: 4440 Beaumont Rd. (80916)

Bid amount: $105,050

Deficiency: $46,549.37


Address: 6585 Flintridge Drive (80918)

Bid amount: $137,000

Deficiency: $39,088.75


Address: 4080 Wylie Lane (80916)

Bid amount: $98,500

Deficiency: $157,673.94


Address: 7410 River Bend Rd. (80911)

Bid amount: $197,090.96

Deficiency: $63,561.76



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1 Comments For This Post

  1. Matthew Says:

    It will be interesting to see what comes of these homes. Were these purchases just for a REIT? Does the REIT plan on selling these homes immediately or renting them out for a few years. Either way I guess it’s good news for Colorado Springs Real Estate if we are getting out of state investors buying up our properties.