Tuesday, January 8, 2008

Black n Blue and Red All Over?

Incredibly interesting unconfirmed rumor posted on Lander's site yesterday. Wanted to repost since it involves the Blackstone development which I have been keenly interested in. I tried to look the info up on the web but was not able to find anything to support the claim. However I believe he is an industry insider and has posted fairly reliable material in the past.

UPDATE: I called the county and the woman I spoke with said that Lennar was current with all their permits. So I have deleted the rumor (if you want to see it, go to Lander's Water Cooler for January). I'm not a very good investigative reporter, so if someone knows who else I should call to check on this please let me know. I called the EDH permit office across from the development.

Personally I am very glad. Its a really nice development, and I would like to buy there one day if they could just reduce their fees or their home prices by another 50K-100k.


sacramentia said...

BT - wonder if you'll be contacted like you did after the sales guy there was impolite? This is a brutal rumor given the amount of traffic your site gets.

Buying Time said...

Yes, I thought of that as well...I would be more than happy to delete the post if its not true. Cause it is very troubling news indeed.

I will call the County to find out if its true or not. And will delete if its not.

Appreciate you looking out for me.

mr big said...

Just like cramer says, buy best of breed stocks. Same thing applies to real estate.folsom and edh are best of breed for sure.

Sippn said...

I have mentioned that prices are getting to low to cover permits (fees).

THere is a certain point where builders stop building.

Sippn said...


Perfect Storm said...


Or they can do what they did in Lincoln and pass Mello Roos bonds to cover building permits like they did in Lincoln. I wonder if the future homeowners know that they are paying for the permit that built thier house through 30 years of property tax payments. And it goes on and on and on and on.

Sippn said...

You know when you buy - its all in black and white - plus your lender has to qualify your payments including the mello roos payments.

What, you think all that cool stuff. . . new schools, parks, city halls, freeway offramps, etc. is free?

But I wouldn't be surprised if the areas with Mello Roos fees ALSO have huge permit/fees. . . they can't stop spending.

Sold in '05 said...

I've got to post this somewhere!

My wanderings have come across the Last Greatest Flipper at work here in Roseville.

Check out this listing of a pending sale:


Nice place, gated neighborhood, looks like a decent price...

Here is the same house, already re-listed with a little $100k markup.





Buying Time said...

OMG! That is just too much. And people wonder how we got into this mess in the first place.

Will have to keep an eye on this one to see how they fare.

Gwynster said...

Can't see either house. What are the MLS#s?

Sold in '05 said...

MLS# 70127586 For the market correct price.

MLS# 70069119 For the extra special flipper price.

Zipcode is 95747, street name is Moondancer.

anon1137 said...

Looks like someone trying to make a quick profit on an REO house. These flippers get addicted to it, just like gamblers.

Gwynster said...

Ok I couldn't find either on Ziprealty but here is what I did find:

Listing # 70108148 $525,000
Bedrooms 4 Bathrooms 3
2,140 Est. Sq. Ft.


Listing # 70090379 $499,000
5 Bedrooms 3 Bathrooms
3,212 Est. Sq. Ft.

So bigger house for less money? oh let me think on that.....

Buying Time said...

G - much better than that...same house, listed as pending, mid 400k then, at the same time listed as active in mid 500k. Flipper is trying to sell before they have even closed their actual purchase!

Gwynster said...


Ok but at least you have houses that look like they might justify the prices. Out here in Yolo, it's crazy messed up:
MLS #: 80002042

I rest my case but remember, Davis is even more dysfunctional.

Ron said...

Actually thats incorrect, the property was listed on 9/07 for $560k .. didnot sell and foreclosed and now it's listed as an REO for $469k and it's pending sale status..

Buying Time said...

Thanks Ron....I should have known from looking at the MLS numbers.

G - I put Davis into my search criteria along with all the foothill communities I track. Not a thing ever comes up unless I look over 500k. Even if the market gets back to reasonable levels....not sure Davis will ever be "affordable" to common folk....sigh

Gwynster said...

It's completelt nuts here. We've given up in Davis though I still watch the numbers. Mr. Gwynster refuses to buy anything with a slab foundation and now after the power outage saga last week, the whole community looks even less attractive. I have zero faith in the local government and infrastructure. Nothing like actually living here to really sour a person on the place.

Sippn said...

G - you're starting to sound like the Unabomber. . .

Owning your own home is about less people telling you what to do.

Reduce your reliance on the grid by adding solar panels - getting pretty close to reasonable payback.

But those shoes don't work in the country :)

Gwynster said...
This comment has been removed by the author.
Gwynster said...

bahh much longer then I planned