A Stockdale Highway office building real estate salesman David Crisp bought in April has been foreclosed on.
Earlier this year, Crisp said the $2.5 million building would serve as the sales office for a luxury condominium project he and one-time business partner, Carl Cole, had proposed to develop on the Cal State Bakersfield campus. Cal State ended project negotiations with the former Crisp & Cole Real Estate agency principals in July.
Crisp owed more than $2 million on two loans borrowed against the 10,000-square-foot space on Thursday, when it was put up for public auction on City Hall’s steps.
The property was repossessed by the lender, the Los Angeles-based Lone Oak Fund LLC, after no buyers responded to the opening bid of $1,534,000.
Here is the building when it was first listed for sale. Along with a few pictures.
11 comments:
I guess the $4.5 million asking price was nothing but bull!
Based on rents of $1.50, operating expenses of 25%, and a cap rate of 10 - It's worh about $1.3M.
Based on replacement cost - It's worth about $1.0M, maybe less.
I still say,
Put a few kegs in that place and charge three bucks a cup and you got yourself a party.
Were right on track for a 50% decline by 2009.
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"real estate salesman David Crisp"
Not "Millionaire Real Estate Tycoon David Crisp?" Looks like the BC is attempting a little distancing from their past involvement in this mess.
its alll bull dude
A $2.5M building going for $1.5M? JEEBUS! You'd think our good buddy Jason "Instant Equity" Thoele would have been on those courthouse steps, hoppin' from foot to foot in his eagerness to pick up that sweet deal! Let the phrase "INSTANT EQUITY" ring throughout the land!
(Because we need more suckers.)
Does David Crisp even live in town anymore?
There are some tenants over there now in the other buildings. There's a bank and an insurance company in one. It looks like Lennar maybe took a whole building. Anybody know what the rents are or who owns those other three buildings?
Hard to say if he is still in the Bakersfield area. I'm guessing perhaps LA (easier to get lost among the masses). It might make sense for him to move out of State (perhaps Florida). Sadly for him there have been a number of changes to the Bankruptcy laws that will eliminate his ability to claim much by way of exemptions (he is stuck with California exemptions because his residency was here for the majority of the last two years). Bottom line is the homestead exemption here in California of $75K isn't going to hold up to those tax liens that are either filed or on the horizon.
If he had any brains I'd think he would be "investing" (aka hiding) his assets in the form of precious metals. That remains pretty much an unregulated way to hide assets as most sales are unreported (here in California any purchase or sale of more than $1,000 of bullion doesn't result in sales tax).
I'm also guessing that he is probably a seller on both craigslist and ebay. Come to think of it, he may have well disposed of freestanding appliances (stainless refrigerators, stoves, etc., via these sites.
Oh and while I'm thinking of it, for those of you looking to upgrade your kitchen appliances, craigslist is probably a pretty good source. As homes are foreclosed, expect the day before the hammer drops for those high end appliances to disappear to some mini-storage location for subsequent disposition.
we are seeing more of these now than ever - the problem is with the tight lending there isn't much money out there to buy with
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