Tuesday, March 10, 2009

The Lone Ranger

How would you like to be the sole occupant in a new tract of homes? Gotta suck, huh!

The Nandina tract in Riverside was a small 22 home development built right in the middle of the William Lyon's Bridle Creek tract. The homes were nice but they opened about two years too late. Subsequently they didn't sell many, ok, they only sold ONE to be exact. One poor fella now finds himself the only homeowner in the tract. The builder has packed it it and the tract sits half built. There are 3 beautiful models, 8 partially built homes (they only need flooring, countertops and appliances) and the rest are just graded lots. How would you like to be the poor sap that got stuck in this tract......

The entire tract is up for sale. You can place an offer today if you have dreams of a real estate empire. It looks like they owe 12 million, whadda ya say, lets offer them 10 cents on the dollar.

6 comments:

vickilloyd said...

That one guy can now be the President of the homeowners association!

Allison said...

It says they are still selling the standing inventory? I haven't seen those listings, how much are they?

Must be way overpriced.

They really missed the boat on that one.

Rob Dawg said...

DEPOSIT Upon acceptance of an offer, the selected Buyer shall deposit
$50,000 to open the escrow. Upon the successful completion of
the Due Diligence period, the Buyer shall increase the deposit to
$150,000. The deposit shall become non-refundable and be
applicable to the Purchase Price.


Ummmm, what about offers less than $150k?

I'm there at $2m bulk purchase.

golfer_X said...

They are not trying to sell anything that I can see. There's no sales office and the site is pretty much abandoned.

The models and floor plans were very nice. They started off trying to get a million plus for these. (they started at $970k and went up). The last time I stopped in (when the sales offices was still open) they were down, starting in the mid $700s. Obviously still too high. If they'd have come down to $500k I might have "snapped one up". These babies were nice.

I'm Not POTUS said...

http://www.latimes.com/news/opinion/la-oe-straight8-2009mar08,0,480698.story

Don't know if you saw this yet.

Martin Burtin said...

11 got built. As bulk sale let's say 250K each, based on hoping to sell them at 350K each in the future. So that's 2.75M. Then you have lots with some graded dirt and maybe some plumbing. Is that stuff worth anything anymore? Barely. Call it 30K per lot, if you hope to build on it and sell it for a profit in this economy. So that's 300K worth of dirt, for a reasonable offer of $3,050,000 in total. I seem to be somewhat shy of the total debt load of 12M. Question... who is more out of touch with reality, them or me?