Saturday, January 13, 2007

Downtown Condo Tower A Failed Project

Who could have predicted that Bakersfield, another Valley town, would have no need for a massive downtown condo project? Look no further than Sacramento and the recent shutdown of the Saca Tower. See the recent story in the Sacramento Bee. Look at the picture in the Bee story, other than their project looking nicer, the outcome is exactly the same. Take a few minutes to read the readers comments at the bottom of the Bee story.

From today's Bakersfield Californian comes an update on the failed downtown condo project. Looks like another out of town investor, this one from San Diego, has become the greater fool in their search for "gold" in Bakersfield:

Artie Niesen, owner of Front Porch Music, is tired of it.

Jan Fulton, owner of Spotlight Cafe, is frustrated by it.

And downtown resident Dennis Harrison is just plain mad about it.

The "it" in question is a virtual junk yard adjacent to the old Padre Hotel downtown that includes discarded refrigerators, rusting hot water heaters, mounds of gravel, piles of scrap metal, broken beer bottles and used diapers, all visible behind a temporary chain-link fence at 19th and H streets.

It's disappointing enough that Pacifica Enterprises LLC, the owner of the partially refurbished Padre building, appears unable to commit to the project, say area business owners.


Mozo Maz said...

Another lender bites the dust.

Secured Funding, a Costa Mesa, Calif.-based HELOC and home equity lender, has ceased its wholesale operations, according to a notice posted on the company’s website.

The shutdown mirrors the recent difficulties faces by subprime lender MLN USA, which shuttered its wholesale operations last week amid what it characterized as quickly deteriorating market conditions. MLN was the third-largest originator of subprime mortgages at the time of its shutdown.

In the first half of 2006, Secured Funding Corporation originated more than 11,600 loans totaling nearly $900 million in loan production, a 64 percent increase in the company’s production volume from a year earlier.

As of June 30, Secured Funding totaled approximately 1,000 employees, and the company increased its office space by 35,000 square feet during the quarter. Over the same time, the company’s wholesale channel added more than 200 brokers.

Calls to the company for comment were not returned by press time.

Anonymous said...

ML#: 27000791 AD: 10908 Meacham Rd

$240,000 and they forgot to leave out, man shot to death in living room.

Anonymous said...

Anonymous said...
ML#: 27000791 AD: 10908 Meacham Rd

$240,000 and they forgot to leave out, man shot to death in living room.
Should have said forgot to mention man shot to death in living room.

Mozo Maz said...

I'm finding some other links now to the Secured Funding story in the MSM... they seem to be about a week behind the blogsphere.

Bakersfield Bubble said...

We have scooped the MSM on all of these bubble stories. LOL. They are at least one week behind.

Rumors all over the place of two more going down, of course nothing in the MSM right now...

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