Sunny days ahead, enjoy the yardwork, flowers and outdoor activities.
One of our alert readers noticed an auction for Riverstone condominiums (luxury, minimum selling from $180,000 – homes previously priced up to $899,900.)
Any comments, questions, ideas?
Did the reader notice if there are reserve prices?
Comment by Bill — May 16, 2009 @ 8:17 am
Yes Bill there is a reserve. I believe the ad stated that reserve started at $180. My comment, how would you like to be the person who paid $899. P.T. Barnum was so right!
Comment by Faringdon — May 16, 2009 @ 9:13 am
It never ceases to amaze me how many anti-Mary threads are generated by HBO.Since when has it ever been wrong, to hold our local gov’t and its officials acountable for their actions?We need watchdog groups in CDA.When someone does not want a watchdog group and criticizes them,
it concerns me as to their true motivations.
Comment by kageman — May 16, 2009 @ 9:23 am
Excellent point, Kageman. Some people don’t see the value of living in a community where everyone is equally important, where all opinions are valued, and where accountability is paramount.
The sad part is that it’s not just CdA but the entire country that is quickly taking up sides over issues that could be, and traditionally have been, resolved by debate and dialogue. The only time we can get the city council and mayor to debate on a level playing field is during an election. I look forward to that, but would prefer that we have a level playing field debate all the time, not just once every two years.
Comment by Dan — May 16, 2009 @ 9:35 am
Fairingdon,
How would you like to be the bank holding the mortgage on the places that might have already sold months ago for $899,000?
Is it fair to assume that since the reserve is $180,000, that is the break-even price the seller needs to get? I’ve never been involved in this type of auction, so I don’t know how the reserve would have been set.
The buyers at auction also need to know what the homeowners association dues or fees will be, too.
Comment by Bill — May 16, 2009 @ 9:55 am
Well kagey, it just illustrates that Mary has an impact. I never go over there. Oliveria is totally redundant and, from what I’m told, that site is mostly police scanner reports. Oliveria is just marking time until he retires or the paper goes under.
Comment by Faringdon — May 16, 2009 @ 9:57 am
Could it be that the city has paid too much for the so called pond? With Riverstone property values declining, will this be the time that the new sports complex be pushed forward? It appears to me that the city was much too generous with developers.
Comment by Susie Snedaker — May 16, 2009 @ 7:00 pm
Good one Bill, I never thought of the mortgage holder. I’m certainly no an expert at this either. I believe that reserve is the lowest bid accepted. It would then follow that this figure would be some kind of break even point. The larger condos probably have a higher reserve. My guess would be that this is the actual cost of building the condo. Aren’t these the Chesrown condos that went into bankruptcy?
Does anyone know the origins of the word mortgage? Mort means dead in several languages. So how does “dead” figure into a mortgage?
Comment by Faringdon — May 17, 2009 @ 2:13 pm
Faringdon, I thought it might be Chesrown’s too, but when we went down to the movies last night, I saw a big banner on the condos right in Riverstone near the theaters that said “Condos for Auction,starting at $180,000” or something to that effect. So, it must be those condos up over “Mainstreet”, which are John Stone’s not Chesrown’s.
Comment by mary — May 17, 2009 @ 5:29 pm
I wonder how the appraiser appraised the value of both Chesrown’s and Stone’s residences in Riverstone before they were built. What would the appraiser have used for comparables? How did the sellers set the sales prices? Were Chesrown and Stone really ripping off buyers? And what about the appraisers for the lenders to those early buyers? How could a lender justify a loan on a condo appraised at $500K that may go at auction for substantially less because its actual value is substantially less than the appraised value? It seems to me there’s a disconnect between the actual value of a property and the perceived value. Someone will be left holding the bag.
Comment by Bill — May 17, 2009 @ 6:40 pm
That’s the essence of the financial crisis, Mary. That someone is apparently the US taxpayer, our children, and their children.
Comment by Dan — May 17, 2009 @ 8:15 pm
Apparently, when someone is banned,
the mere mention of that persons name
and the post is killed, unless you log-in.
Comment by kageman — May 18, 2009 @ 2:57 pm
We do not crow about banning people, unlike other sites. We don’t make a big deal out of, but we do enforce our policy. If someone isn’t adult enough to obey our rules, then we exercise our rights as proprietors and ban them. You will not read about it here as, unlike other local bloggers, it is not our intention to defame someone who’s been banned.
Comment by Dan — May 18, 2009 @ 3:12 pm
Kageman, The entire mission of this web site is to further open discussion about topics important to our community. Our rules state that we don’t allow personal insults and name calling. We also do not revel in the misbehavior of others by bragging about limitations we have put in place to protect the integrity of our site. Anyone of any political viewpoint is welcome to participate here, as long as they do so with respect and contribute to the substance of the conversation.
Comment by mary — May 18, 2009 @ 9:18 pm
Bill, the comments made in post 10 have some precedent. Note that I have always referred to the Education Corridor as the “so called Educational Corridor”. Seems as though it is now called the “Multi-Use Corridor, according to an article in today’s CDA Press.
Comment by Gary Ingram — May 19, 2009 @ 8:01 am
Gary,
Thanks. Apparently the article from today’s Press is not online, only in the print version. I’ll read it later when I go to the Hayden library.
Comment by Bill — May 19, 2009 @ 8:14 am