11 Comments

1. 

   CA renter on August 16, 2009 at 12:13 am

   Those look pretty close together. What do the lots look like?

2. 

   Anonymous on August 16, 2009 at 12:50 am

   I love OH and RSF. 1.3M should do it in OH. Only problem is access to and from. However, if you don’t work regular, it shouldn’t matter.

3. 

   Anonymous on August 16, 2009 at 12:50 am

   I love OH and RSF. 1.3M should do it in OH. Only problem is access to and from. However, if you don’t work regular, it shouldn’t matter.

4. 

   Rob Dawg on August 16, 2009 at 4:30 am

   Hey fellers. I’ve got a swell idear. Instead of regular jobs what say we put on a development? It’ll be neat. Ziggy can drive the tractor and Ned can pour concrete and I’ll dress up real purty and get the millions from the bank. Golly, we’ll make so much dough we can pay off ma’s mortgage in no time. What can go wrong?

5. 

   JAP on August 16, 2009 at 4:41 am

   “Hey Adam, take a bite from this apple, I promise it’ll be okay”.

6. 

   arizonadude on August 16, 2009 at 7:19 am

   Looks like another botched deal by wells fargo.what the hell were they thinking?Now all the tapayers can pick up the bill via bailouts.
   How about the bonuses for the execs at wells and all the other shitty banks in this country.Keep working hard to support these morons.

7. 

   Carlsbad Renter on August 16, 2009 at 7:45 am

   Which is it? Speculator, or Pawn?

   “I used to own it…part of it…I was just the guy doing all the work, I wasn’t the one with the money.”

   Which is it, and how is it that he’s coming away with nothing? He is driving a pretty decent truck to his JOB. At least 10% of the country doesn’t have the latter due largely to speculators and gamblers like this guy. I feel something for him alright…

   CBR

   P.S., How can you feel sorry for a guy who had that great run as a postal worker, and spent all that free time in a place where everybody knew his name?

8. 

   BAM on August 16, 2009 at 7:51 am

   Agree with the comments about the banks’ culpability in this.

   But I do not feel sorry for that guy. If a buyer comes up there and thinks “I’ll be able to smell the horse poop from here” and shies away from buying, shouldn’t that guy/investor have thought the same thing? Then to be willing to put $4mm of debt on your head? And isn’t 5 years a rather long time for one development deal?

9. 

   JimB on August 16, 2009 at 10:12 am

   If there’s one thing I am glad about from my “adventure” out here in CA, it is I understand how business works here.

   In the future, should I be in position to do big deals of any kind here, you can bet my BS guard will be higher than the Sears tower.

10. 

    The Blur on August 16, 2009 at 11:18 am

    A year ago the Jim TV foreclosure tour featured mostly Oceanside, Vista, and san Marcos. This year it’s more Carlsbad, CV, and now RSF. Slinky? Will we see some Del Mar, La Jolla, Solana Beach soon?

11. 

    New_Renter on August 16, 2009 at 12:43 pm

    I actually toured these houses about a year ago. For all intents & purposes these are in Carmel Valley (North West edge). The builder was a pretty reputable one that has done alot of projects in Escondido & Valley Center (Michael Crews Development), just over-speculated on these. They are quite nice, but the lots are on a downhill slope and as recall most of these were tri-level, so lot’s of climbing up & down stairs. They were supposed to come fully landscaped and with a pool (several of the pools were already in). They were kind of crammed in together with shared driveways, but big & fancy houses and most with a great view. Still for $2.5M you could do much better in Meadows Del Mar, for example.