Saturday, November 10, 2007

Monterey Village In The Rain

Dunmore Homes had a soap-opera moment this week when the new "owner" declared the company bankrupt. According to a Dunmore executive, the decision to declare bankruptcy came after an "aggressive move" by one creditor. In a twist, the new owner of Dunmore, (a senior executive with a local brokerage called Comstock Mortgage) reincorporated the company in New York State, which is where the bankruptcy filing took place. No doubt this was done to make life difficult for Dunmore's creditors, who are mostly Northern California-based contractors and banks.

Meanwhile, it's raining in NorCal this weekend, and they still haven't completed the roofs on several buildings in Monterey Village. By the way they're treating their current creditors, I seriously doubt Dunmore will find anyone willing to do the work without cash up front. These buildings will continue to deteriorate all winter.





6 comments :

Bubble Sitter said...

Max, you continually amaze us with your posts and perspectives. Another great post.

Sippn said...

Good catch on the NY reincorporation. BK is the easy way out.

Bt the way, those pictures show homes "weathered in" properly for winter construction.

Patient Renter said...

Where exactly is that development, Monterey Village?

Anonymous said...

Looking at comment traffic (lack of) on this federal and public school 3 day weekend, I'm thinking most commenters have public employers.

Anonymous said...

Monterey Village is in Elk Grove. I am thankful I did not pull the trigger on a home there. I was very close, to the point of almost signing the contract.

Dunmore Homes is in the crapper and I sincerely feel bad for all who have bought in their now closed communities, like Monterey Village.

smf said...

"Looking at comment traffic (lack of) on this federal and public school 3 day weekend, I'm thinking most commenters have public employers."

Hmmm...the amount of comments here right now is pretty much typical for this site.

Go to Sacramento Landing for more comments.

And I am at work right now.