Monday, May 4, 2009

Looks like the bank owns a lot of The Retreat!

So I'm perusing the latest foreclosures on when I run across this in the Retreat. Take a look at the big line of "A's" and "B's" on the left side of the image. A means it is coming up for auction (N.O.T.) and B means it's Bank Owned. I think these lots were owned by KB ( I could be wrong). What ever company previously owned them has let them go back to the bank. These are just lots, there are no homes built up at the top of the hill. I wonder what will happen when the bank dumps them and a builder comes in and puts up a bunch of 1500 s/f cracker boxes on 4000 s/f lots. That would sure get the nieghbors uptight!


Martin Burtin said...

Many thoughts on these... those lots are inside the gates. HOA is the same for anyone inside the Retreat, or nearly so, I would think. So too the mello-roos. If you built a 1500 sq ft crack house :P that was bogged down with those HOA and taxes, would you be able to sell them in a market like this? Maybe there is no way for a SFR to succeed given those negatives.

Oh, but wait, how about multi-family units? He he he, I can see it now, tenements with a view of the golf course and various rif-raff coming and going at all hours to visit their friends and family in Home Gardens and Perris and maybe El Cerrito too. /me runs and ducks for cover.

Dingo Baldwin said...

These lots were actually still owned by Empire Companies when they went BK. They were trying to get $450K each from the builders for these at the peak in mid-2006. By that time, even we knew that was a bad deal and stayed away. 20 of the lots are pretty nice with golf and valley views...if only it made sense to break ground on housing in Corona in the next 5 years.