Real Estate is so hot in SoWal

Discussion in 'Rentals - Vacation' started by kurt, Jan 17, 2005.

  1. kurt

    kurt Admin Staff Member

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    I got a form letter from a firm in California wanting to buy my property. Some speculators that obviously sent the same letter to every property owner on the tax roll. :shock:
     
  2. Smiling JOe

    Smiling JOe SoWal Expert

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    Yep, I received one too. The company is registered in FL, but some of the officers are in CA. There is so much more money in CA. I know of developers that have gone to CA to get investers to buy here, because of the "cheap" prices. That is exaxtly what these guys are doing, but I guarantee you that these guys are looking for distressed properties. I am sending my letter back and requesting more info. on what they will give me for my property. I'll post again if they get back in touch with me.
     
  3. RiverOtter

    RiverOtter got any pics?

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    mmmmm :? Wonder if this could be waterman :mrgreen:
     
  4. kurt

    kurt Admin Staff Member

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    Yeah I suppose they have to be registered in Fla.

    Mine has a space at the bottom to fill in and send back in included envelope. In the space where it asks how much i want i think I'll double the value and send it back. :lol:

    You're right I'm sure there looking for the 1 in 1000 that needs cash and has no idea of the value of their property.
     
  5. Waterman

    Waterman Beach Lover

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    .

    Absoulutely NOT ! I t was not ME!
     
  6. Waterman

    Waterman Beach Lover

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    I am interested in the address in CA. If close enough, I'll find out who it is for you that is sending this letter. :?:
     
  7. RiverOtter

    RiverOtter got any pics?

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    Just funnin with ya :mrgreen: Would be interesting if you could find anything out. 8)
     
  8. kurt

    kurt Admin Staff Member

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    His name and company name are on the letter.
     
  9. Smiling JOe

    Smiling JOe SoWal Expert

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    NRLL
    ONE MAUCHLY
    IRVINE CA 92618

    Registered Agent of NRLL is:
    FRIEDEN, JEFFREY
    2630 BOBCAT VILLAGE CENTER ROAD #B
    NORTH PORT FL 34286

    Managers of NRLL are:
    FRIEDMAN, ROBERT
    9 GOODYEAR
    IRVINE CA 92618

    and

    FRIEDEN, JEFFREY
    9 GOODYEAR
    IRVINE CA 92618


    Is that what you are looking for?

    I think we all should write to them and tell them we want 10x the current value, CASH, close in 30 days, no contingencies.

    (Kurt, be careful asking for double the price. It may be a deal for the buyer...lol)
     
  10. Joe

    Joe Beach Lover

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    Watch Out, they might be scammers...

    Found this article online....

    Buyer beware

    Land that looks good on paper may be fraught with problems after purchase

    By Brian Melley Associated Press

    TERMO -- Norma and Mark Bernert couldn't afford to buy a piece of property in the San Francisco Bay area so they decided to enter the real estate market, sight unseen, in a subdivision hundreds of miles from home for a few thousand dollars.
    It turned out to be their worst investment.

    At an auction, the Bernerts bought in Moon Valley Ranch, one of the nation's so-called "antiquated subdivisions' that predate modern zoning, many lacking sewer, water and power and located in the middle of nowhere.

    Sales thrive in these places where grandfather clauses allow purchase "as-is' and buyers are left to sort out the problems later.

    Buyers in Moon Valley Ranch "get ripped off pretty well,' said Joe Bertotti, assistant director of Lassen County's community development department.

    One company pitching lots in Moon Valley is online land marketer LandAuction.com , run by Robert Friedman and Jeffrey Frieden, entrepreneurs from Irvine.

    LandAuction.com , also known as NRLL, lists properties in aging and forgotten developments: Concho Lakeland in Apache County, Ariz.; Hawaiian Ocean View Estates on the island of Hawaii; Shelter Cove in Humboldt County; and Deming Ranchettes in Luna County, N.M., to name a few.

    Although the company has sold land for years in Moon Valley, Friedman said he's never been there.

    "LandAuction.com deals in inexpensive land,' he said. "You cannot use a broad brush to say that these are in a flood plain or a flood zone or what have you. A lot of the properties you're talking about I'm sure are very nice properties.'

    For years, local officials worried little about raw land sales that let counties fill tax coffers without having to provide services to absentee owners. "Government saw these things as cash cows in the beginning,' said Frank Schnidman, a Florida lawyer who has written about antiquated subdivision problems.

    If buyers try to move into these poorly planned developments, they tax resources, overwhelm sewage systems and roads. In many instances, they simply stop paying taxes and eventually lose the land in a county tax auction.

    At Moon Valley Ranch, the land is about as stark as the moon. Barren high desert stretches out for miles at California's untamed eastern edge where faded wooden street signs point down rutted paths. Amid junked cars and the rotting husks of former dwellings, a few homesteads stick out on the dusty plain. Located nearly 60 miles from Susanville, the subdivision has no power, sewer or city water supply.

    Taxes are delinquent on 20 percent to 30 percent of the Moon Valley parcels, said Richard Egan, the county tax collector. Countywide, the delinquency rate is 3 percent.

    In the days when the tax sale was held on the county courthouse steps, only a handful of bidders showed up. With tax sales on the Internet, the price of land has increased and people as far away as Florida and New York are bidding.

    Norma Bernert acknowledged she and her husband didn't do their homework.

    "It just seemed like something to start with,' she said of the 20-acre lot they bought from NRLL for $4,750 in 1999. With interest, they paid a total of $5,608.

    They thought they would have a place to get away. But much land in Moon Valley is in a flood plain, and after Mark Bernert made the 370-mile journey, he found himself driving through heavy spring muck, his wife said.

    In 2003, the couple tried to sell the land but found there was no local market for it. No real estate agent would list it.

    Finally, an agent said he knew of a company that might buy it for a reduced price: NRLL. "I said, 'Wait a minute,' Norma Bernert said.

    In the end, they sold it back for $2,500.
     
  11. Smiling JOe

    Smiling JOe SoWal Expert

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    Interesting post and article Joe. Where did you find this article? Perhaps you could give us the source, to verify.

    You think I should turn these guys on to some wetlands down here? I know several ppl willing to sell some. Thanks again for the info. Unfortunately, the people most likely to be taken advantage of these scams, probably don't read this board. Oh Well. I'll tell all the little 'ole ladies and men to not fall for the scam.
     
  12. kurt

    kurt Admin Staff Member

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    Swampland in SoWal was $30k/acre last I heard but that's probably low now.
     
  13. Smiling JOe

    Smiling JOe SoWal Expert

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    Yes, that is low price for wetlands. I know someone who just last week, turned down an offer of $240,000 for 1 acre of wetlands in South Walton. Of course it is located South of Hwy 98, but it is still located some 800 ft off of the road. There is an easement to the property, but no existing road. You would have to mitigate land to put in the road in addition to mitigating more land to put in a house.
     
  14. kurt

    kurt Admin Staff Member

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    I can see how numbers might work out for that. I guess I was thinking more of the price for mitigation land.
     
  15. Joe

    Joe Beach Lover

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  16. Sunnybeach

    Sunnybeach Beach Crab

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    Thanks to all in this thread for throwing out the yellow flag for me and any number of others. Those NRLL folks from Irvine are trolling in the West Palm Beach area. We just got a postcard referencing our high-and-dry, accessible agricultural property in an antiquated subdivision, located in a generally hot area. Recent neighboring sales showed values above the $50K/acre range (10 acre minimum lot size zoning), up from $30K two years ago. Your SoWal thread appeared in my google search (as did the article quoted in the thread). I recall a cautionary article along those lines in the Palm Beach Post about a year ago. Again, thanks for your skepticism.
     
  17. Franny

    Franny Beach Fanatic

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    :welcome: Sunny! Isn't this board the greatest!! :clap_1:
     
  18. Beach Runner

    Beach Runner beats on hood

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    It must be hot - I heard what a neighbor is asking for their house and said, "Woo-hoo!" Even if they get 75%, it'll make the value of our property go up.

    We don't want to sell, but we are interested in selling half interest for various reasons.
     
  19. SoWalSally

    SoWalSally Beach Fanatic

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    :clap_1: :clap_1: :clap_1:
     
  20. SHELLY

    SHELLY SoWal Insider

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    Ya know,...following stories about this unwinding real estate boom just keeps gettin' better and better. :D

    Haven't got my letter yet, is the return envelope postage paid--I've got something I'd like to send them back. ;-)
     

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