April 24, 2013

Ultimate Upwardness: Union City!

BlogAtoZ-UAs we move Unto the remainder of the alphabet, our regular readers may be Upset with our Undue Urgency in Upholding this Blogging from A to Z Challenge. Uh-Uh-Uh! Remember, we’re here to help, and that means finding anywhere in the Bay Area where prices are Up. 

Uh, right now that’s, Um, pretty much all of it.  Today we’re more Understanding of just how many places are Undulating Upwards, even the Underfunded, Underdeveloped, or Underhyped Urban Uniqueness that is… Union City.

Not even pending yet. Urrah!

130423-smith-redfin3771 SMITH St
Union City, CA 94587
$449,950

3 Beds
1.5 Baths
1,216 Sq. Ft.
$370 / Sq. Ft.
Built: 1953
Lot Size: 7,740 Sq. Ft.
On Redfin: 1 day
Type: Detached
Stories: 1
County: Alameda
Style: Custom, Ranch
Community: Alvarado Dist
MLS#: 40611658

Welcome to this fine home with so much to offer, new carpet, frest paint inside, large lot with access to rear from front with drive through garage. This home is zoned residental and commercial buyes should check on what type of business can be placed should that be the use selected.

130423-smith-kitchen130423-smith-paintjob130423-smith-living130423-smith-seethru

So many Uses, yet zoned residental.  Say “Ugh!”

Comments (1) -- Posted by: madhaus @ 5:08 am






April 7, 2013

A Day of Rest Should be Observed with Real Estate

Today is Sunday, and that means… no A-Z Blog Challenge today. The schedule’s been set that we do a new letter every Monday through Saturday, and on Sunday you can go to church or look at Open Houses.  Or in the case of this story, courtesy of Burbed reader nomadic, you can combine both.

Judge Rules Against Bay Area Church Leaders In Real Estate Case

130406-vallejo-marqueeVALLEJO (KPIX 5) – A California state judge has ruled against two leaders of a prominent Bay Area church accused of bilking parishioners in an alleged investment scheme.

The judge ruled that General Assembly Church leaders Lacy Hawkins and Michael Parker operated a real estate investment company without a license, in violation of securities law.

KPIX 5 has been investigating Lacy Hawkins and Michael Parker’s involvement in the business deal, that church members said cost them millions of dollars. General Assembly Church has locations in Union City and Vallejo.

Hundreds of parishioners mortgaged their homes and drained retirement accounts on the promise of investment returns as high as 30 percent. Some said they were even promised salvation.

Yes, it’s not enough to have a religious leader in a fraud case, it has to have a realty component. And this one’s actually pretty interesting. Seems this was one of those We’re Here To Run Your Life For You kinds of churches, where you can’t even wipe your nose without permission.

130406-vallejo-churchAnd the Supreme Leader pretty much was ordering parishioners to buy into their real estate trusts or tout them to each other.  The investment vehicles weren’t exactly transparent about the real estate in them.  Unless you count the Woodlands of Ascension project they bought in Louisiana. Which was, mo konmprann, swamp.  Leadership blamed lack of progress on Katrina, but the Army Corps of Engineers said the land was always swamp.

The victims are claiming they were brainwashed into investing with the church’s leaders. We’re imagining just what kind of techniques were used. Maybe “Buy now or you’ll be priced out forever and that, my friends, is the definition of HELL.” 

Also the church leadership quickly realized that paying the real estate agent (who was part of the church) regular commissions for flipping properties was a loser… for them. The agent went from $20,000 a month to $1600 biweekly, as straight salary.  Meanwhile, the church reported to the IRS that they had paid him the commissions, so he owes more than a million in taxes.

The investment’s books were not open to the membership, either, so they didn’t realize that the vehicles were classic Ponzi schemes.

This is an Open Thread. Are you attending religious services this weekend, Open Houses, both, or neither?  And we’ll be back with the next letter in the Challenge tomorrow, G for God. Or Grab. Or both.

Comments (2) -- Posted by: madhaus @ 5:02 am