Wednesday, July 25, 2007

Bakersfield home prices down 10.9% YOY and a David Crisp Sister in Law report

Bakersfield home prices continue their decline.

Here are the latest numbers for some selected areas from the CAR:

  • Bakersfield down -10.9%
  • Tehachapi down -17.9%
  • Kern County down -11.8%
  • Visalia down -11.6%

Does everyone recall the days when real estate only went up?!?!?!?

From KGET.com we get a Crisp update. Be sure to watch the video. This report focuses on his sister in law and her involvement in the "shenanigans":

Megan Balod, 29, is Crisp’s sister-in-law. A year ago, she went on a shopping spree in southwest Bakersfield and bought a house on Walderi Street for $380,000, as well as a house for $920,000 on Covent Garden Court, and a home on Vista Bonita for $549,000.

Then, in one week last May, she bought two houses, one for $795,000 and another for $475,000. In all, records show she borrowed more than $3 million that spring.

That's more than $15,000 a month in interest payments for Balod, who answers the phones at her father's CPA business.

She's the only borrower listed on the loans; even her husband has been taken off the deeds. Balod's sister is married to Crisp, so one might think she'd get a good deal when she goes house shopping.

52 comments:

Freedom said...

I just watched KGET about the Crisp & family defaults. All I have to say is the family was working like syndicates of scamming money from lenders & individuals. I just want this put to bed, which means Crisp should be serving time.
I'm curious to know the status of his primary residence/where he lives (since I'm sure he claimed primary residence on all properties he has purchased in the past) & the cars.
I'm also curious how SUNTRUST can be scammed continuously by these people.

Bakersfield Bubble said...

Freedom-

I want to put this to bed also. I have wasted so much of my life researching this crap that I am ready to move on.

It pisses me off to think that everyone, regulators, local realtor board, fed's, etc... sat by and watched all this crap happened. They had to know it was going on.

Now we are left with a big mess that all of us who live here will have to pay for. Especially those who live in the neighborhoods were this stuff took place- Seven Oaks, Brighton Estates, Oildale homecrete and Southern Oaks.

Lou Minatti said...

"It pisses me off to think that everyone, regulators, local realtor board, fed's, etc... sat by and watched all this crap happened."

Don't forget the local news media, which treated them like real estate rock stars who had it all figured out.

You've had an interesting blog over the past 1-2(?) years and you have a lot of fans from the Bubble Blog. We all have local shady RE types, but Bakersfield is pretty unique. Don't quit until they're in the orange suits and boarding the prison bus.

Bakersfield Bubble said...

"Don't quit until they're in the orange suits and boarding the prison bus."

I hope its soon. If I can get some photos at the perp walk that will make my day!

Perfect Storm said...

I can hardly wait for both those SOB's to do the perp walk. I hope they get State prison time, nothing will save them then.

Gwynster said...

Excellent coverage of these folks. This is Paladin level work. I hope the feds investigate them all.

John Fontain said...

that family is a true bunch of criminals. that was an amazing video.

SLO Bear said...

You just know that the FBI is contacting former Crisp emlpoyees and family members - possibly offering deals to serve up Crisp on a platter for RICO. There is just no way prison time is not in his future.

If, Jennifer or her sister needs a shoulder to cry on, we'll be there for them.;-)

Raynor said...

The more I read about all this crap, the more I agree with the bubble. "Where were all the people who should have blown the whistle while all this was going on?"

I would ask the same kind of thing. "What about the escrow officers and title officers too?"

It is one thing to turn your head and cough for the Dr. but not during this kind of travesty, especially where "little" people end up getting hurt!

lollypop said...

I'm glad to see that these realtors are finally getting caught. It had to get this bad for anything to be done.

I was trying to get paid from a deadbeat realtor who signed a service contract with me, that's a theft. Before going to small claims court I called CAR to file a complaint against the realtor's liscense. They didn't care, the realtor hadn't violated "real estate law".

If a Realtor violates their code of ethics there's nothing I can do about that if CAR doesn't track complaints like the contractor liscening board does.

We as consumers can do nothing about what realtors do, except maybe contact the media when things get big enough to make headlines.

Raynor said...

Lolly: Isn't there like 1,000 less real estate agents than there was just last year?

The market will sort itself out. The good ones will be the ones left!

smoggiebakersfield said...

Mortgage fraud is investigated by the Feds and is punishable by up to 30 years in Federal Prison or $1,000,000 fine or both.

What going to be the punishment for C&C?

1. $1,000,000 fine

2. Being serviced by bubba in the big house.

3. Both

4. None of the above.

lollypop said...

Raynor:

I like to think what goes around comes around and that only the good survive.

I'd like to be able to assist in the process of eliminating the bad agents by filing a complaint for all to see.

I don't know much about CAR but feel that if I can't file a complaint against a realtor they are not doing enough to protect the home buyers and sellers.

The good ones can't always compete and survive with the bad. Most of the low commission offices in town are now gone. Were they all bad? When the market was hot a realtor told me that agents refused to show homes listed by these companies because of the low commission. That's a violation of the real estate law and very unethical.

Then there are those agencies which formed the BLS in an attempt to eliminate the MLS so that out of town agents would not have access to local sales information.

I agree with Lou that Bakersfield real estate business is very unique. It has a scent much like that in the air on days when the wind is blowing just so.

Tyrone said...

Well, they really got caught with their hands in the cookie jar. I believe the statute of limitations on Mortgage fraud in CA is 4 years. That's 4 years of looking over your shoulder, wondering when and if the Feds are gonna come knockin'. Poor little Megan; she looked kinda' cute, though. I'm sure she'll make lots of friends at Fed State.

Megan... RUN!!!!!!

And Crisp... what a slimeball. Willing to send his family to prison.

Freedom said...

I just watched Kurt Rivera from Eyewitness news try to get answers out of Crisp at the airport with Jennifer, while Crisp was carrying his sleeping son. The only thing I have to say is although I would love to see Crisp get what he deserves, it was quite awful to see Crisp's son get a rude awakening from the camera lights & Kurt asking Crisp about his wrong doings. Poor kid & I'm sure Jennifer, were screwed by their own...It was quite funny to see that Crisp was almost in tears stating to Rivera "you guys just won't let up :-(. Do you guys think Crisp has enough money left to get good lawyers to get him out of this mess or is there really no way out other than straight to Penn State... I meant State Pen.

Freedom said...

"That's more than $15,000 a month in interest payments for Balod, who answers the phones at her father's CPA business."

Here's a question, is Crisp's CPA his father in law (as stated above Megan Balod's father's CPA business)? He'll probably be scrutinized by law enforcement agencies also if he was in any way involved with fudging numbers.

Rob Dawg said...

Hiding behind a skirt or diaper is a common criminal tactic. The way to avoid intense public scrutiny is to not commit serial fraud and involve your family in the criminal acts. Airport? The guy is tens of millions in debt. "airport" is a red flag and worthy of coverage.

Raynor said...

BTW, that Kurt Rivera is a little ankle biter isn't he? (and I mean that in the best newshound sense)

I envisioned David trying to kick him off his leg after Kurt has a firm purchase on his Chino's (or Armani)

David: "Don't you guys ever give it a rest? Get off!"

Kurt: "Grrrrr! I'll cal you tomorrow!"

Raynor said...

Pen State, Stony Lonesome, Mobster Trap, Thug Jug........

Welcome to Club Fed, jackass.......

bako said...

Crisp's father in law is his CPA

Freedom said...

"Crisp's father in law is his CPA"

Just as I thought. The accountants usually also go down with the main culprit just as drug dealers. At least Crisp will always have family around the "yard" in state pen.

Maybe he was in Las Vegas to try and hit a jackpot in slot machines.

Raynor said...

For the umpteenth time, he violated primarily Federal Laws!

It will be a Club Fed.

but they better watch him flying all over the place.

Remember the "coffee can"?

or "mattress"

Can anyone say "flight risk"?

beta said...

LMAO! How the arrogant have fallen.

He'll be tried and convicted for mortgage fraud, and his 'kin' will be star witnesses for the prosecution.

After he gets out, he'll be lucky to get a job selling used cars.

smoggiebakersfield said...

I found this NOD on forclosure.com
Wonder how or if this person maybe related to David. Maybe a sister of his?

Leeward Poin.. Bakersfield CA 93312 07-17-2007 NOD Crisp Kimberly

smoggiebakersfield said...

This could very well be another player in the big game. Info found on peoplefinders.com


CRISP, KYMBERLY ANN (Age 32)

Associated names:

CRISP, KIMBERLY

Possible Employment / Business Associations:

METRO CHIC
METRO CHIC
METRO CHIC
Available Available(2) Available BAKERSFIELD, CA Possible Relatives:

SALCIDOCRISP, TIFFANY A (Age 33)
CRISP, TU THI (Age 48)
CRISP, GEORGE DAN (Age 57)
CRISP, KIMBERLY A (Age 32)
CRISP, CHARLES
CRISP, DAVID M
CRISP, JAMES LEE (Age 30)
CRISP, JAMES L (Age 26)

Raynor said...

I think Kimberly is David's Ex

He bought her a house. He's so nice. ROTFLMAO!

Ichabod said...

CRISP IS NO LONGER ACTING BROKER OF CRISP REAL ESTATE! His manager, Ty Stewart, is.

(FROM MLS:)
Office Address: Crisp Real Estate
8200 Stockdale Hwy., Ste. K-4
Bakersfield , CA 93311

Office: 661-377-8696
Fax: 661-377-8706

Office ID: 2144
Responsible Member/Broker: Ty Stewart (ID: 1825)
Manager: Ty Stewart (ID: 1825)
E-mail:
Additional Languages: American Sign Language,Spanish

Raynor said...

I'm sorry. Tiffany is David's Ex (he bought her a house too)

I think Kimberly is his sister.

Such a nice young man!

smoggiebakersfield said...

It amazes me how that selfish ass would do his own family like that. I think his family will be the first to talk to the Fed's.

"Let's make a Deal"

bako said...

Crooky Crisp was never a broker, has never had a brokers license. At C&C it was under Cole, then Doremus, and now under Ty Stewart as Crisp Real Estate.

dyntek said...

I find the tax angle interesting. It almost appears that the "family" is shifting income among various members and the corporation to limit tax exposure.

Also, I wonder how the family members are reporting the gains....as real estate professionals or as investors in real estate. The latter carries a significantly lower tax rate if the property is held long enough.

Interesting comment from Bako abount Crisp' father-in-law also being his accountant. Makes one think....

Even if the Feds miss the mark, I'm sure the Internal Revenue Service will follow close behind....remember, it wasn't the FBI that ultimately got Al Capone, it was the IRS for tax evasion.

Ichabod said...

OUCH! AND IT DOESN'T EVEN PRINT UNTIL SUNDAY!
http://people.bakersfield.com/home/Blog/editorials/12543

xs10shell said...

"It amazes me how that selfish ass would do his own family like that. I think his family will be the first to talk to the Fed's." Sure - why not. Recall that David Crisp turned in his father for embezzling and whatever else he was doing all those years ago.

Raynor said...

Dyntek, you are over thinking this I believe.

The reason the properties were moved amongst the "family" is to create a "sale" so a new loan could be done. This is where the bulk of the fraud was perpetrated.

I understand the Al Capone theory, but there should be enough in the real estate settlement procedures act and ancillary fraudulent transactions to convict.

The IRS will be after the fact in the "clean up" phase on this one.

dyntek said...

Raynor, you're right. There's so many offshoots to think about, but, bottom line, it's all about greed and (now) preservation.

smoggiebakersfield said...

"Recall that David Crisp turned in his father for embezzling and whatever else he was doing all those years ago."

Ahh- the apple hasen't fallen far from the tree. Dropping a dime should be easy for all with the same bloodline.

xs10shell said...

I looked at that editorial that ichabod referenced plus the comments blasting the newspaper and I'm wondering if that reporter (who isn't there any more) was connected in some way with C&C. Like a relative or maybe a RE investor partner.

WaitingToBuy said...

The Californian now has a piece about buying a house in a buyer's market. They basically say that a $275,000 crap house is a good deal now. They still don't have a clue imo.

Tyrone said...

WaitingToBuy,
It'll probably take a lot more foreclosures and a little more time, but eventually they might figure out that 'income' is important in pricing homes. And that the ability to afford a home is intimately tied to 'Price AND Income'.

Yep, you are correct--they don't have clue.

jay said...

http://dwb.sacbee.com/content/business/projects/boom/story/13702903p-14545580c.html

read this article from my local paper last year about mr. cole!

markonce said...

bakersfield bubble,

You've have been doing a great job keeping the public aware of this fraud and deception.

You were the first to uncover Crisp & Cole. Moreover, you did a great job keeping track of the imploded lenders, before someone devoted their entire blog to it.

Good job and thanks. Keep up the hard work!

Raynor said...

Ch 17 this morning had another 4 NOD's on C&C properties.

I have heard it is a whole lot more than that in the proverbial pipeline!

I know some in the SW that haven't hit yet. Grand Isle has a few I think!

I still think its funny how Cole is pointing fingers everywhere. David has been pretty quiet. I look for him to do some kind of face saving interview on 17 sometime soon.......

TheFunSucker said...

Raynor--

I agree, ol uncle Carl isn't the quite type, he'll keep it real!

The Californian also had an article this morning in the additional defaults and uncle Carl asked why the Californian wasn't looking at the 1000s of other RE agents with properties in foreclosure...1000s...come on Carl!

WaitingToBuy said...

He's got to do something. Dodging reporters just doesn’t look good. I just saw a Crisp Realty sign on someone's lawn in the SW yesterday...it still has the C&C logo on it. I don't see how anyone would use him as their realtor, unless they completely have their stuck in the ground.

Ichabod said...

Bakersfield Association of Realtors
August 1st, 2007 Update

Total Participating Realtors: 2,266

Listings

Residential: 5,013
Residential Income: 427
Farm & Ranch: 27
Lots & Land: 535
Commercial/Industrial: 142
Business Opportunity: 58
Commercial Lease: 48

TOTAL LISTINGS: 6,250

Woah!
(Info: this is almost 300 MORE realtors than last counted, which was during dues payable, some may have missed their payments and were taken offline until paid and therefore were not counted.)

Raynor said...

fun: I heard David (or associates) have at least a hundred more to come!

Isn't that crazy? No way Ol' Unca Carl could keep up. I'm beginning to feel sorry for him (just a little LOL!)

Raynor said...

Ich: Wasn't there close to 3,000 Realtors in 2006? Still down quite a bit!

This next couple of years will be a period of "sifting" (cattle sale term) wherein he good ones will out.

norcaljeff said...

Check out what Cramer thinks of the Central Valley RE scene.
http://tinyurl.com/29un24

Raynor said...

Wow! Cramer is a nut in many ways but he makes a lot of sense vis-a-vis RE.

He says 2 and 28's are worthless, and will be 100% defaults. RE should be "plowed under" like crops were in San Joaquin Valley before allotments to raise prices. He makes no distinction between prime and sumprimes.

He also said if Fed lowered rate 100 Basis Points, the market would reverse overnight! Final bit of proof he believes what he is saying, he has sold ALL his RE even his beach house at $200K loss and said the guy who bought it is an idiot. Nice! NOT!

Realestateslasher said...

Why don't we just Tar & Feather him
Parade him downtown Chester Av. and send him on his merry way with a one way ticket out of town

xs10shell said...
This comment has been removed by the author.
Peahippo said...

The blog owner said: "Now we are left with a big mess that all of us who live here will have to pay for."

Well, hit the bastards back just as hard! Put your stuff into storage, shack up with family and/or a roommate, and artificially decrease demand for housing. The current stock of housing (which is still being constructed by builders who CAN'T stop) will only grow, and the price of each unit will crash all that much harder than before ... so you can then snap up a deal in a few years, perhaps 4 at most.

HIT THEM LIKE THEY HIT YOU!