Friday, January 04, 2008

Monterey Village Getting Shredded

The big Northern California storm is tearing up the unfinished Dunmore Homes structures at Monterey Village. So much for weatherproofing. Check out the video at the bottom of the post.





video

9 comments :

CPAone said...

Max...I can't find your donate link did you drop it? I need to give my annual tithe!

I love the blog and have read it every week since you started.

Thanks for your effort.

Jeff

PS. I'd love another look at Lincoln Crossing in 2008.

Max said...

Weird. I was messing with the layout a little while ago... anyway, thanks in advance. :)

Great minds think alike. After the Bee report a couple of weeks ago, I was thinking it might be time to journey back to Lincoln Crossing, if just to encourage the Bee to follow up on these stories. JTS anyone?

Wadin' In said...

The Estates at Lincoln Crossing by JTS? Where they sold 138 homes, and only about three were actually sold to owner occupants? Where JTS appearently winked when they said we don't sell to investors? Where there are probably more FB's per house than any other neighborhood in Sacramento?

It seems the FBI has been making house calls out there lately. The G-men are bringing an IRS agent with them now. How would you like to answer that inquiry?

Knock-knock?
Who's there?
Phil!
Phil who?
Phil-ony. Turn around and put your hands together behind your back!

There may be more mortgage fraud out there than in any other subdivision in Sacramento. The banks have taken back over 25 homes with an average loan amount of $620,000! The latest sale prices?

$425,000! It originally sold on 10/28/06 for $770,000 with 100% financing from New Century.

Here is another for $325,000. It originally sold on 7/21/06 for $665,000 with 95% financing from Wells Fargo!

Kiss off a quick half million dollars kids!

Not to be out done, Option One lent $808,000 on a 100% LTV deal in June of 2006. However, the supsected fraudster brought in a straw buyer in June 2007 and arranged a $916,000 sale. It was financed by WAMU (I know that is your favorite lender, Max)! They gave up $870,000 on an 80/15 combo. I doubt the 5% down payment was real. That property is now listed as a short sale for $549,000! Six months later! Too the moon, Alice. And a better house is listed at $490,000 around the corner. That one is owned by Wells Fargo who lent $700,000 to a bay area flipper in 2006!

There seems to be so much fraud in Lincoln Crossing no one knows where the real market is. It will take years to settle.

A family of Filipino knife catchers bought 7 homes out there from JTS about 9 months ago and apparently received $50-100,000 cash back per house. It seemed like a good idea at the time. Now they are eating up all the cash back in the negative carry, since rents are about $3,000/mon short of the loan payments. One by one, those houses are going into default now, since the houses are worth $200,000 less than they paid nine months ago (O.K., $150,000 less after the cash back proceeds).

The latest guy into the market bought the last 15 houses in a JTS bulk deal 4 months ago. His $7 million investment is worth about $6 million now and dropping daily. He has huge vacancy issues and must have a terrible negative cash flow. Good thing his main line of work is selling cars....oh wait, that can't be so good.

Anyway, Max, you asked for the latest and there it is. A free fall in Lincoln with no end in sight. A friend of mine works for the City of Lincoln water company and he says they have about 150 homes in Lincoln Crossing with no water service turned on. That is probably 10% of the homes in the whole development. Can you say Fugly?

AgentBubble said...

I'm not real familiar with Lincoln Crossing, so if someone wants to post the 4 biggest cross streets in each direction, I'll do a map search in MLS and post some good data for all.

Gwynster said...

Davis is pretty much without power and parts may be without power for 72 hours. I'm catching up on news at work.

On the way in, there were groups huddled around small fires along this strip mall at 5th and L. No power, no heat but they felt that they had to keep the doors to their small convience store open.

I wonder how the new builds in Woodland are doing.

Perfect Storm said...

Natures way of saying they should have built more econ friendly homes.

Were right on track for a 50% decline by 2009.

Wadin' In said...

Four biggest streets:

Ferrari Ranch Road

Joiner Crossing

Moore Road

Caledon Circle

Can you pull up all the foreclosures in a 2 mile radius?

There are about 2,000 homes in the area.

patient renter said...

Max, Monterey Village got exactly what you predicted.

ProblemWithCaring said...

Ugh...like bubble porn...