Metro Dream Homes- How Many People are Involved? and Auction Re-Cap

    The Real Estate Market in Southern Maryland has been incredibly busy so far this year, so I have been unable to post updates to this blog about Metro Dream Homes. 

      I have heard quite a bit recently, however, so I’d like to briefly catch everyone up on what I can.  First off, there was a big article in the Fredericksburg Free-Lance Star regarding MDH where Raymond Peroutka, the man in charge of the court ordered investigation spoke in detail about the current status of the case and the receivership.

    What struck me about the article was that he estimated that the number of homes involved was closer to 2,000, not 1,000, which is a HUGE difference.  I have not spoken with anyone from Invotex directly, so I don’t have any first hand knowledge of what they have discovered thus far.  What I do know is that more than a few banks have taken heavy losses due to short sales and foreclosures, and I expect the losses to continue to mount.

    On a related front, the asset liquidation auction for Metro Dream Homes happened on the 23rd of January, and apparently the confiscated vehicles had already been auctioned off in the weeks prior.  There were rumors about a Ferrari and a Porsche being auctioned off among the assets, but I have no way to confirm that.  Did anyone out there reading this happen to attend the car auction?

     I was stunned by the amount of equipment being auctioned off!  Cases of water bottles, branded with the Metropolitan Grapevine Logo, along with branded M&M’s, Notepads, car-shaped stress balls, and tons of equipment!  There were dozens of computers auctioned off, lots of plasma TV’s (I think a 52" plasma went for around $1,400) and office furniture.

   I ended up buying a drill press for less than $20, as well as a stainless steel mini-fridge ($45) and a set of 10 office desks for $20.  There were a lot of deals to be had, and the auctioneers sold everything in the warehouse!  Anyone else who attended care to share their experience with the auction?

    That estimate of 2,000 homes involved in the program really bothers me.  I’m starting to wonder if there has ever been a mortgage scandal in the United States as large as this one?  I’m going to have to do a little more research to find out, I’ll post whatever I discover!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
Southern Maryland Real Estate Blog