Financial troubles trip up SLO developer - Pacific Coast Business Times
09.02.09
Unpaid taxes totaling nearly $300,000 are the latest problems piling up for Robert Fowler, the owner of a 100-acre tract near the Santa Margarita Ranch in San Luis Obispo County.
California officials have issued a $293,757 tax lien against Fowler. Last fall, he received a default notice on the 100-acre parcel in Santa Margarita that he bought for $2.2 million in 2006.
His parcel is close to a 111-home development at the Santa Margarita Ranch that was approved by the SLO County Board of Supervisors late last year and is tied up in litigation over that approval.
According to state tax records, Fowler owed about $619,000 in taxes, penalties and interest for the 2005 tax year. Payments and adjustments brought down the total owed. Until June, Fowler was an officer at Ventura-based developer R.W. Hertel & Sons, a company whose creditors have sought to force it into bankruptcy.
In an interview with the Business Times just prior to press time, Fowler said he was trying to regroup after a series of reverses brought about by the collapse in the region’s housing market.
Source: Pacific Coast Business Times, CA
Fannie Mae and Freddie Mac to Become Landlords
Evictions by Fannie Mae and Freddie Mac have been put on hold through February 2009.
Both Fannie Mae and Freddie Mac have announced this month that they will go into the rental business, allowing both current renters and foreclosed homeowners to remain in their homes as renters on a month-to-month basis. Evictions have apparently been suspended through the end of February for Fannie Mae and Freddie Mac owned homes.
What does this mean to Santa Clarita residents? It’s hard to say… Theoretically, having someone living in a property, no matter how messy they are, helps to keep the vandals away. However, if you’ve been in any foreclosure or pre-foreclosure homes lately, you’ll know that some of these homes are in pretty sad shape, which makes them harder to sell.
It’s unclear whether the current renters will be allowed to stay through the end of their original lease term, or if they will go month-to-month in the same manner as the foreclosed homeowners. If the lease remains in place and is passed on to the new owner, then the home would need to be sold as an investment property, and at a price that would be covered by the current rent payment in order to be attractive to investors. This would mean that a current rental property would remain a rental property, instead of opening the market up to homebuyers who would otherwise be interested in that home. And it would also mean that property values would decline in certain neighborhoods, since an investor will never pay at or near market value for a home.
Many Realtors aren’t happy with this change in policy, since they would by default become the landlords for these rent-back properties. T&T (Tenants and Toilets) is not something that most Realtors specialize in, and not all tenants are cooperative when it comes to showing homes to potential buyers. I showed a rental property recently where Mrs. Tenant made sure the house was a disaster, and even set off the smoke alarms by heating (burning) a pan of oil while we were there. And these were tenants who apparently hadn’t paid rent for months, so eviction was likely imminent anyways.
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Why are these houses in Santa Clarita so cheap?
Feb 13, 2007 by neysacwg | Posted in Renting & Real Estate
There are several homes in Santa Clarita (just off Canyon View Dr.) that are less than $300,000. They were all built in the late 90's. Seems too good to be true. Are they destined for a mudslide or just built like crap?
Fire , and cheep. Also the bubble is breaking.
http://www.breakingbubble.com/index.htm
What a lot of people do not know with the comute up the 14, 101, or the 15 and 5. IT cost them just as much in a few short years since they now have to buy a new car every three years. Just look around at 5:30 as all the cars jump on the 5 and 14 going south all the cars look new but will not last for two more year since they all have 130k miles on them.
Also the divorce rate is real high in the sleeper town since every one is gone for 12-14 hr. per day.
Drew | Feb 13, 2007
Where can I go to pay to get an ultrasound in the Santa Clarita Area or surrounding area?
Dec 06, 2008 by Due May 19th with our first !!! | Posted in Pregnancy
I am on medical and they don't give me a picture copy of any of my ultrasounds. So, I am looking for a place to get an ultrasound done that will proved me with a picture to take home. I live in the Santa Clarita area. There use to be a Fetal Focus in Onterio at the mall, but it closed.
My question:
Where can I go to pay to get an ultrasound in the Santa Clarita Area or surrounding area?
Yahoo Yellow Pages to the rescue...
http://www.insight4dultrasound.com/
Jenna A | Dec 07, 2008
I know homes are going down, but how is Santa Clarita California compared to other areas in this same state.?
Jul 11, 2007 by Maria | Posted in Renting & Real Estate
We purchased our home at 10% below the rest of the area and same homes.
April sales averaged 548K for 91350, and $714 for zip code 91390.
You should check out http://www.dqnews.com/ZIPCAR.shtm.
There are many other counties in California. It seems like your city is not as pricey as other metropolitan counties.
You can also check zillow.com for more info.
Twizz1234 | Jul 14, 2007