Thursday, December 27, 2007

Crisp commercial building repossessed

Bakersfield Californian:

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.

12 comments:

Bakersfield Bubble said...

I guess the $4.5 million asking price was nothing but bull!

Funny Circus Bears said...

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.

Perfect Storm said...

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.

fakepaycheckstubs.com said...

http://www.fakepaycheckstubs.com is the website to goto In these times of economic woes, i say if you cant beat them, join them! Get the car or home loan you deserve! GET THE COMMISSIONS
YOU DESERVE! Bad credit or not http://www.fakepaycheckstubs.com you can get approved by any bank for any amount......100% money back GUARENTEED!!!

Rob Dawg said...

"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.

FresnoSA said...

its alll bull dude

Peahippo said...

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.)

Perfect Storm said...

Does David Crisp even live in town anymore?

xs10shell said...

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?

Professor Shays said...

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.

dennis said...

WELCOME TO http://www.QUICKSTUBS.COM

THIS EASY TO USE COMPUTER PROGRAM WAS CREATED FOR THE SMALL BUSINESS OWNER IN MIND! FINALLY, A COMPUTER PROGRAM THAT WILL MAKE PERSONALIZED PAYCHECK STUBS INSTANTLY!

ALSO YOU CAN USE THIS SMALL BUSINESS PAYROLL SOLUTION TO

FAKE HOW MUCH YOU MAKE OR FAKE THE DOCS YOU NEED!

This computer program does it all! Input the company name (with company logo if desired), name of employee, hourly salary then ..... PRESTO.......INSTANT CUSTOMIZED PAYCHECK STUBS!!!

Buy this computer program and print out personalized instant paycheck stubs for your new or existing business! Verify income for any one.... anytime! Authentic looking stubs will FOOL EVERYONE or 100% Money Back Guarenteed!

INSTANTLY print out PAYCHECK STUBS in MINUTES!

IT IS THIS EASY!!!

Use this program to verify income or to show proof of income!!!!
FOR A ONE TIME FEE OF $49.95 THIS COMPUTER PROGRAM IS YOURS!

DONT DELAY AND GET THIS SMALL BUSINESS PAYCHECK SOLUTION TODAY!
THIS COMPUTER PROGRAM WILL BE AUTOMATICALLY DOWNLOADED ONTO YOUR COMPUTER APON COMPLETION OF THIS TRANSACTION !!!

http://www.fakepaycheckstubs.com


CLICK HERE TO PURCHASE

ONLY $49.95



QUICKSTUBS.COM OR ANY OF ITS AFFILIATES ARE NOT RESPONSIBLE FOR ANY MISUSE ASSOCIATED WITH THIS PROGRAM ONCE BUYER HAS FILLED IT OUT WITH THE INFORMATION THEY CHOOSE TO USE - THIS COMPUTER PROGRAM IS INTENDED TO CREATE NOVELTY PAYCHECK STUBS FOR ENTERTAINMENT, AND AMUSEMENT PURPOSES ONLY!!

http://www.QUICKSTUBS.com

Upon completion of this transaction, you will be emailed your computer program!

All SALES ARE FINAL!

SAMPLE PAYCHECK PAYCHECK STUB TEMPLATE FOR SMALL BUSINESS WHO NEED HELP IN FILING TAXES FOR SMALL BUSINESS TAX ! PROVE SALARY ONINE BUY USING THIS SMALL BUSINESS COMPUTER PROGRAM SAMPLE PAY PAYCHECK CHECK STUB TEMPLATE FOR ALL YOUR SMALL BUSINESS SMALL BUSINESS PAYROLL PROGRAM BUSINESS PAY STUB AND TAXES NEEDS! COMPUTER PROGRAM FILE SMALL BUSINESS TAXES PAY TAXES ONLINE BUY INSTANT BUSINESS PAY STUB COMPUTER PROGRAM PAYROLL SOLUTION PAY TAXES ONINE PAYCHECK SOFTWARE PAY CHECK SOFTWARE TAX SOFTWARE TAX QUICKBOOK BUSINESS SOFTWARE PAYROLL SOFTWARE SAMPLE BUSINESS SOFTWARE PAY CHECK PROGRAM SOFTWARE DOWNLOAD CHECK STUB COPIES CHECK STUB COPIES CHECK STUB COPY CHECK STUB SOFTWARE PRINTABLE PAY STUBS PRINTABLE PAY CHECK STUBS CHECK STUBS TURBO SOFTWARE TAX SOFTWARE CHECK STUBS SOFTWARE CHECK STUB SOFTWARE SAMPLE PAYROLL CHECKS SAMPLE PAYROLL STUB

fake pay stubs fake payroll stubs fake check stubs make fake pay stub bad credit loan instant proof of income letter fake check car loan real estate refinance consolodate now no credit need pay stub make pay stub create pay stub fake check buy online buy online fake make pay stubs fake payroll stubs fake check stubs fake id ids home loan car loan cash advance cash loan auto loan proof of income novelty easy bad credit bad credit loan sample paycheck stub make sample paycheck stubs fake id ids car refinance home refinance state id identity create same day payday slip buy house home auto vehicle state create template sample child support solution prove income proof of income letter child support sample fake pay stubs fake payroll stubs fake check stubs make fake pay stub bad credit loan instant proof of income letter fake check car loan real estate refinance consolidate now mortgage fraud check scam no credit need pay stub make pay stub create pay stub fake check fake make pay stubs fake payroll stubs fake check stubs fake id ids home loan car loan cash advance cash loan auto loan proof of income novelty easy bad credit bad credit loan sample paycheck stub make sample paycheck stubs fake id ids car refinance home refinance state id identity create same day payday slip buy house home auto vehicle state create template sample scam scam child support solution prove income proof of income letter child support sample template sample http://www.FAKEPAYCHECKSTUBS.COM

murrells inlet rentals said...

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