Squatters - Moving In on Foreclosed Mansions

By
Real Estate Agent with The Buyers' Counsel

MansionIn a sign of the times, the trend of high-end squatting seems to be the current rage. The housing bust has left thousands of mansions unattended and vacant and those who would be homeless are moving in. 

The most high profile squatters to date have been actor Randy Quaid (brother to Dennis Quaid) and his wife, Evi. The Quaids were recently arrested for living in a guest house, now foreclosed on that was once part of their property. Against their insistence that they really did belong there, they were taken away in handcuffs, booked and held until they were able to post a bail of $10,000. 

Quaid is best known for his roles in National Lampoon Vacation, Independence Day and Brokeback Mountain, and this recent arrest was not his first brush with the law. He and his wife were also arrested for defrauding an innkeeper after skipping out on a $10,000 hotel bill. 

The Quaids are certainly not alone in their quest for living quarters that do not really belong to them.  The practice seems to be spreading throughout various parts of the country and is probably occurring more than we know. 

An increasing number of mansions are in the possession of asset managers who have little time to be constantly checking on them. And, to make matters worse, many of these homes are isolated, walled in by trees and are otherwise difficult for any passersby to take note of. 

Homeless would-be millionaires are realizing that these huge dwellings can go for very long times in between showings since the pool of buyers for them is relatively small. It makes them an instant target for those seeking shelter from the cold world.

Before the downturn in housing, squatting was something that was mostly seen in lower end areas where people would just slip in knowing that the local police had their hands too full to check on every vacant building. 

Now, there are some great opportunities for those in distress to take up residence in some very fashionable digs. 

Really, if you are going to squat - you may as well do it in style.

 

Copyright 2010 "Squatters - Moving In on Foreclosed Mansions "

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Rainmaker
227,129
Ken Barker Realtor® GRI, E-Pro Certified
Dilbect Real Estate

Claudette - Let me clear up the meth lab. I did not see the entire set-up. I saw what was left behind. Lots and lots of power strips and outlets and tin foil and beakers etc....Apparently someone held up in a vacant home, not a mansion mind you, and had their fun and left in a hurry.

I believe we got to the house before it should have been on the market. But when I feel there is any danger based on the first feel I get when opening the door, I tell my cleint "let me go in first and I will let you know".

September 26, 2010 07:54 PM
Rainmaker
401,965
Claudette Millette
Buyer, Broker - Metrowest Mass
The Buyers' Counsel

Ken:

That was an interesting experience that you had.  I have never come upon even the remnants of a meth lab. Just another one to write into the books. 

 

September 26, 2010 08:01 PM
Rainmaker
471,176
Susan Haughton, REALTOR Alexandria VA Homes for Sale

I always enjoyed Randy's characters, but it seems he is quite the character himself.  Got a good chuckle out of aquatting in style!

September 26, 2010 11:23 PM
Rainmaker
401,965
Claudette Millette
Buyer, Broker - Metrowest Mass
The Buyers' Counsel

Susan:

I think many of us have a difficult time understanding how someone who is so high profile and has obviously made a bit of money can find himself basically homeless. Maybe he will get another movie role and it will straighten out his finances. He may be getting some bad financial advice.

 

September 27, 2010 08:12 AM
Rainer
332,837
Paul Gapski
619-504-8999,#1 Resource SD Relo
Berkshire Hathaway / Prudential Ca Realty

yes they look so nice but Foreclosures are such tough on to stomach.

January 16, 2012 11:29 PM
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Rainmaker
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Claudette Millette

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