Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

FORECLOSED: Tuscan Hills Development
Desert Local News ^ | 3/30/07 | DLN

Posted on 04/01/2007 11:29:02 PM PDT by BJungNan

FORECLOSED: Tuscan Hills Development

The lender has repossessed developer Mayer-Luce’s ambitious Tuscan Hills development in Desert Hot Springs.

“Yes, Mayer-Luce was the borrower and we have foreclosed on the property. We took back the property,” said Jeffery Lubin, President of Scripps Investments and Loans as he confirmed for Desert Local News that the Tuscan Hills project is no longer part of the Mayer-Luce development portfolio.

Scripps Investments and Loans, a private equity lender based in La Jolla, California, provided over $38 million in financing for the Tuscan Hills project. Documents obtained by Desert Local News show the property was sold at public auction January 27, 2007.

Scripps was the highest bidder, taking control of the property with a bid of $38,448,256.59, for the unpaid debt Mayer-Luce owed Scripps on the project. According to those documents, Scripps held 99.835% interest in the project.

Lubin said his company is now studying the property and will make some minor improvements. However, Lubin said it is too early to tell if his company will go ahead with full development of the project.

The Tuscan Hills property is the second development Scripps has repossessed from Mayer-Luce. In Indio, Scripps took possession of the partially-built Vineyards project. There, Lubin said, his company decided to go ahead and finish the development. The Vineyards is to be a high-end motor coach property with a golf course.

Excerpt-Continue story here


TOPICS: Business/Economy; Front Page News; News/Current Events; US: California
KEYWORDS: housing; housingmarket
Navigation: use the links below to view more comments.
first 1-2021 next last

1 posted on 04/01/2007 11:29:03 PM PDT by BJungNan
[ Post Reply | Private Reply | View Replies]

To: BJungNan

I pray the land is never developed.


2 posted on 04/01/2007 11:53:27 PM PDT by AZRepublican ("The degree in which a measure is necessary can never be a test of the legal right to adopt it.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: BJungNan
I hope the land is not developed. Builders and Developers care nothing about the communities they develop. All they see is money. Tremendously overpriced and poorly constructed homes are popping up as fast as the illegal labor they've hired can build them.

I recently spoke with a former finance/personal accountant who worked for one of the major home builders in my area. I asked her what kind of profit does a typical home builder realize on the sale of one of his homes. She responded "around 30%". I said, "so, on a $200,000 home a builder could expect to make $50k-$60k?". She responded "yep".

My problem isn't profit but rather the matchbox size of these homes and the fact that some many are built with inferior materials. Then you have the unusable floor plans. They need redesigning from the moment you move in, I am left with no love for the average builder. It's clear to me that they are only in it for the money as evidenced by the exuberantly unwarranted and over inflated prices they want for these homes. They could not care less.
3 posted on 04/02/2007 5:54:11 AM PDT by Arcy
[ Post Reply | Private Reply | To 1 | View Replies]

To: Arcy

matchbox size ? around here new homes don't even get built unless they're at least 2200 sq ft, and most are closer to 3000 sq ft.

And why should developers "care" about the land ? Obviously the people who sold them the land don't "care", and the neighbors don't care enough to buy it and keep it off the market. Developers are in the market to build homes, not be altruists.


4 posted on 04/02/2007 6:43:27 AM PDT by cinives (On some planets what I do is considered normal.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: cinives

Ditto... there's a reason why they call them "McMansions".

As far as construction goes, here in Maine they're pretty well built (thankfully due to a lack of illegal alien labor) but poorly designed. Doors open into walls, stairwell ends just inside the front door, etc. Cookie cutter homes designed on a computer by an autocad guy.

If you want to protect the land, get involved. Donate time, money, space, talent... whatever you have. I have no sympathy for those who blame the "greeeeeedy developers" while sitting on their asses.


5 posted on 04/02/2007 7:54:28 AM PDT by snowrip (Liberal? YOU HAVE NO RATIONAL ARGUMENT. Actually, you lack even a legitimate excuse.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: cinives

You make a very good point about the landowners. I live a few miles from an area that is about to be developed like mad.

Everyone's whining about the developers. Noboby said a single thing when the developers were making farm families instant millionaires by buying their farms.

We also had a builder offer to build a school on his/her own dime because he wanted to build a bunch of houses. The school board said no thank you. I'm sure there's more to the story than that, but it's not the developers' fault if people keep selling them land and others keep buying the houses that they build.


6 posted on 04/02/2007 8:16:58 AM PDT by perez24 (Dirty deeds, done dirt cheap.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: perez24

We have developers who get permits in exchange for setting aside some of the land for a public park. Of course, by agreement, the public park has NO PARKING and parking is not allowed on the street so the only people who can actually use the park have to be within walking distance.


7 posted on 04/02/2007 8:22:34 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Arcy

We bought an existing home in '92, that had been built in '85.

Over the next 10 years, I found that scrimping of $100 by the builder had literally cost me thousands of dollars.

Lack of flashing between the deck and the house. Cost, a few bucks, repairs were around 600.

Lack of a torque arrester on the well. Cost around $7.00. Repair of well and replacement of pump, around $1200.

Lack of flashing where roof changed elevation, a few bucks cost. Repair of water damage down to the sub floor on the second level, a few thousand.

I could go on and on.

I always swore if I ever met the builder I would head butt him.


8 posted on 04/02/2007 8:48:44 AM PDT by TC Rider (The United States Constitution ? 1791. All Rights Reserved.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: snowrip

I have no complaint with the developers around here (NW Washingtion). Sure the lot sizes are small, but that's what the zoners want (all that "in fill" to prevent "urban sprall"). The size is determined by the market and the quality, as well. Basicly, you get what you pay for and much of the development is an improvement to what was available for housing when we first moved up here.


9 posted on 04/02/2007 8:58:25 AM PDT by Eva
[ Post Reply | Private Reply | To 5 | View Replies]

To: TC Rider

Right now, in my town there are two spec houses being built next to each other. One is by a semi retired contractor who does this to pass the time. It is all solid construction, and done right. The other is being built by a contracting company that builds a lot of cookie cutter homes. It is small, cheaply built, and won't last.

The well built home is larger but cheaper by about $20K.

If you are building a new home, be on the site EVERY DAY. Make sure to educate yourself on the basics of home building, and be aware that most of the home builders today will cut corners.


10 posted on 04/02/2007 11:18:45 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: TC Rider

Over the next 10 years, I found that scrimping of $100 by the builder had literally cost me thousands of dollars.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

It’s all part of the “to hell with tomorrow” syndrome. At the plant where I now work part time I keep telling people that half the work we do would not even be necessary if people didn’t try to duck out of the little one minute tasks that cost someone else an hour or more to redo later. I have literally spent eight hours doing something that could have been done in twenty minutes if it had been done when it was supposed to be done by the person who was supposed to do it.


11 posted on 04/03/2007 3:40:43 AM PDT by RipSawyer (Does anybody still believe this is a free country?)
[ Post Reply | Private Reply | To 8 | View Replies]

To: redgolum

and be aware that most of the home builders today will cut corners.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Are you British? The understatement is admirable.


12 posted on 04/03/2007 3:42:21 AM PDT by RipSawyer (Does anybody still believe this is a free country?)
[ Post Reply | Private Reply | To 10 | View Replies]

To: TC Rider
"...head butt him."

lol Yeah, its quite common that builders today are so greedy and lack even basic ethics that materials are often skimped on or even left out all together. I put builders in the same category with lawyers and IRS agents.
13 posted on 04/03/2007 5:21:19 AM PDT by Arcy
[ Post Reply | Private Reply | To 8 | View Replies]

To: Arcy
...I am left with no love for the average builder. It's clear to me that they are only in it for the money...

As opposed to all those altruistic homebuilders out there...?

14 posted on 04/03/2007 5:25:09 AM PDT by Oberon (What does it take to make government shrink?)
[ Post Reply | Private Reply | To 3 | View Replies]

To: TC Rider

I’ve also seen “white wood” used in place of pressure treated wood in exterior applications. There’s no excuse for that. The builder knows that after he paints the exterior trim, it will be virtually undetectable to the average Joe who will later spend thousands to have the wood replaced after it rots in a few years.


15 posted on 04/03/2007 5:26:38 AM PDT by Arcy
[ Post Reply | Private Reply | To 8 | View Replies]

To: Oberon

My point is that the home builders today are so given over to greed that any concern for quality is forfeited in favor of acquiring the most inferior materials for use in the home. Many homebuilders violate local and state building codes in order to make the most profit. They do all this at the expense to the homeowner who not only has to foot the bill to repair damage from shoty construction but could even suffer health consequences as a result of the builders incompetence and strife. Builders who actually posses ethics are extinct.


16 posted on 04/03/2007 5:41:10 AM PDT by Arcy
[ Post Reply | Private Reply | To 14 | View Replies]

To: AZRepublican
I pray the land is never developed.

If you feel that strongly about it I suggest you buy it yourself then feel free to do with it what you wish. Good luck making the mortgage payments if you "never develop" it.
17 posted on 04/03/2007 5:43:21 AM PDT by Kozak (Anti Shahada: " There is no God named Allah, and Muhammed is his False Prophet")
[ Post Reply | Private Reply | To 2 | View Replies]

To: RipSawyer

LOL! My grandmother was 100% British, and my father is 100% German. So I like good beer and bad food.


18 posted on 04/03/2007 5:57:20 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Kozak

I would buy it, but like all these land deals developers have the right people under their total control to enable the kind of zoning that only artificially makes the price prohibitive. Take a look at every Riverside county supervisor’s campaign contributions’ and you will find developers make up for 90% or more of the total contributions. When former supervisor Jim Venable left, he suddenly was found to been spending far beyond his financial means. He was what you could call a “sugar daddy” for developers, for which he never met a development proposal he did not approve (for a price of course).


19 posted on 04/03/2007 6:06:08 AM PDT by AZRepublican ("The degree in which a measure is necessary can never be a test of the legal right to adopt it.")
[ Post Reply | Private Reply | To 17 | View Replies]

To: Arcy
Builders who actually posses ethics are extinct.

It's bad, but it's not as bad as all that. Say "endangered" rather than "extinct," and you're correct.

I say that because I know at least one ethical building contractor.

20 posted on 04/03/2007 7:20:12 AM PDT by Oberon (What does it take to make government shrink?)
[ Post Reply | Private Reply | To 16 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson