Wednesday, October 03, 2007

Seperated at birth?

(Jagels Photo by Felix Adamo)


Obviously if you don't investigate anything, then there will be few cases. Mr Jagels, just because you don't see it, then its not a crime? Do some research before you make a statement like that - please!

BY VANESSA GREGORY

Nearly a quarter of Bakersfield homes listed for sale in September were "distressed," meaning they were offered by sellers acting under duress, according to a preliminary copy of The Crabtree Report, authored and released Tuesday by local appraiser Gary Crabtree.

Distressed properties include bank-owned homes, "short sales" where lenders agree to accept less than is due on a mortgage in exchange for skirting foreclosure and homes owned by relocation companies. Properties owned by relocation companies comprised a small portion of the distressed listings, Crabtree said. One in 4.2 residential sales listings in greater Bakersfield met the distressed criteria last month, according to the report.

"That figure is pretty stunning," said John Burns, an Irvine-based new construction consultant with clients in Bakersfield. "It tells you that it's a buyer's market, and you're going to have some distressed sellers here pretty reluctantly lowering prices."

BY GRETCHEN WENNER

Irvine-based SunCal Companies told The Californian Tuesday it is ending its involvement with the proposed Mission Lakes development.

SunCal owns 515 acres of the project, more than a third of its footprint, which spreads northwest from 7th Standard's intersection with the Calloway Canal.

The company last week defaulted on a $74 million loan against the property.

23 comments:

scotty said...

Bubble you are awesome but is Jagels the first or second picture? Jagels is good on the murder thing but when it comes to the real estate business he does not come close to passing the mark. Just as Dean Florez won't tonight. Maybe we should send Deputy Barney Fife aka Ed a link to this site he could do a better job than Jagels or Florez. Doesn't Jagels know he is not the D A in Mayberry.

SLO Bear said...

I smell a rat.

Maybe one of those reporters at KGET could start looking into the private real estate or family dealings of the D.A.

A D.A. refusing fraud investigations from a (respected) local appraiser?

Something is rotten in Denmark.

privateeye said...

ARE YOU KIDDING ME??????
"We have had remarkably few real estate fraud cases over the years," Jagels said.
What frickin year Jagel's? UGH!!
Our elected officials at work. You're are right on Scotty, where the heck is Deputy Barney Fife when we need him?

Bakersfield Bubble said...

Why would he ignore the information from Crabtree??

Agree, he must have some "lords of Bakersfield" connection with the local REIC!

privateeye said...

LMAO BB!! Lord Ponder?

Raynor said...

mark pounder?

LOL!

Lone Ranger said...

lol At least Barney wasn't queer.

scotty said...

Are you sure about Barney?

Rob Dawg said...

Sgt. Shultz from "Hogan's Heroes."

scotty said...

Do you think Jagels and Ponder are a couple?

Positive Cash Flow said...

In a market where the price deflation is in the double digits, I think every sale is a "duress" sale.

But don't tell that to the real estate agents. Today's MLS "24 Hour Watch" had 5 price increases? There were about 70 price reductions.

Positive Cash Flow said...

You gotta admire the realawhores for the ingenuity.

Twelve months ago it was all about "Pride of Ownership."

Well, the new slogan is even more appealing: Instant Equity.

To paraphrase every listing out there: "Buy this home and get instant equity. This home recently appraised for $670,000. Buy now for $400,000 and have instant equity of $270,000."

Sweet!!! Sign me up!!! Who doesn't want to make $270,000 at the close of escrow. That's easy money, baby!!! And you get pride of ownership to boot!!!

Positive Cash Flow said...

They need to start an online dictionary for realwhore speak. "TLC" is frequently used.

It usually reads something like this: "This fixer upper has tremendous upside potential with a little TLC."

Here's the layman's translation: "This fixer upper will require an additional $60,000 of improvements for carpet, paint, roofing, drywall, cabinetry, plumbing, landscaping, sprinklers, and other miscellaneous items that are requisite for habitation. In addition to $60,000 of repairs, the buyer will need to endure months of brain damage as they navigate the bureaucracy in their efforts to obtain all the necessary permits.

Obviously, this whole real estate bubble thing stopped being amusing to me a long time ago. At this point I'm really pissed off that stupid people had so much undue influence.

Realestateslasher said...

203 K helps to bring a fixer to
Dream Home add 20% for a Lic,Bonded,&Ins by the State of Ca.

Lets all go to work

1.5%down
6%fixed rate
Taxes,Ins,& MI
40 years loan

All in Favor! say eye

eye ya Ya, time to work

susiehomemaker said...

Jagels golfs with Cole and goes fishin with Newton?

Fred said...

I heard that our DA's hunting buddy is a local appraiser.

Fred said...

YUP! You guessed it! Elmer Fudd!!!

hankmeister said...

Local corruption is old news. I am surprised nobody has said peep about SunCal. Sounds like Coberly West is going to remain in crops for some time to come. McAllister Ranch is beginning to look like another Golden Hills...

Bakersfield Bubble said...

Went by McAllister ranch the other day. I think they have changed to a 50 year development plan.

Jon Vaughn said...

Maybe we can show some of the reports that have been printed about how gangs have been funding themselves with mortgage and real estate fraud.

See: http://www.npr.org/templates/story/story.php?storyId=13865759

grousley_o_beast said...

what ever happened to
"I BUY HOUSES"? i never see that commercial anymore. i would think that he would be very willing to buy those distressed homeowners houses. that would surly solve the problem.

WaitingToBuy said...

"This fixer upper has tremendous upside potential with a little TLC."
Here's the layman's translation: "This fixer upper will require an additional $60,000 of improvements..."

The thing is, the house is probably still $100,000 above it's true value even if it wasn't a fixer upper!

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