Friday, January 02, 2009

Former real estate moguls luxury HQ sold...blogger (me) nails the FMV!

The former HQ for the Twin Towers project was sold in late December 2008. The price was $1 million dollars. See the comments from the orginal listing in May 2007:

Bakersfield Bubble said...
10,000 sq ft x 2.00 x 12 = $240,000 expected gross rent. Since the project is not improved and has no tenants I will use a cap rate of 12% = $2,000,000. Then discount 50% = $1,000,000 MAX!

Here are a few stories on this building:

Crisp HQ listed for $4.5 million (5-1-07)

Crisp defaults on HQ (8-28-07)

Crisp building foreclosed (12-27-07)


Rob Dawg said...

Knife catchers. Don't get me wrong. It might be worth $1m now but that's not how you are supposed to buy CRE.

Tyrone said...

Bravo! Well done.

Now onto the '09 debacle.

Anonymous said...

now predict what will happen to the young mogul. That is the million dollar question!

Realestateslasher said...

Thats makes a total of how many SUB Prime Moguls in KERN County?

Anonymous said...

Who bought it?

Cow_tipping said...

I'm sorry - what "luxury", not unless its got a flock of beauties - and I mean alias chick calibre beauties complete with a cocaine making plant on the inside all paid for in that $1 mill.
From the outside it rather looks like an abandoned walmart box building by the side of a bypassed freeway.

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