I love commerce. What happens when a small developer bites off more than they can chew and goes belly up in a bad market. Why of course, the big fish come on in and buy their developments at a deep discount. That is what Donald Trump is doing with the Running Horse development near Fresno that features a Nicklaus golf course as it’s centerpiece.
Fresno is part of the worst hit bubble markets in the country. However, the smart money guys know that even the worst markets are profitable if you can get in at the right price. Lots of comments are floating around that the small guys are not going to make it and that is most likely true, but the big boys with the deep pockets will come in and buy most of these projects on the cheap and make their money.
I love capitalism. It is a brutal and unforgiving game, but in the end it is painfully honest.
Purchase price is $40 million for the 420-acre project.
The 780-home housing development is planned around a golf course designed by golfing legend Jack Nicklaus and his son Jack II. Just two holes of the course have been put in so far and no homes have been built.
Repeated efforts to sell the development and golf course had failed and earlier this month it was reported that Mr. Trump had walked away from the deal, too. Central Valley Business Times
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If you want to find the biggest real estate fraud operation in the history of CA – just follow Mayor Alan Autry’s so-called “citywide upgrade.” Residents of Fresno are being annihilated in order to replace sewer/water lines without authorization, permits or inspections. That is how property is being vacated in order to pull this off – eliminating people. Trail of ID theft, forged deeds, altered legal documents, suspected homicide as Autry’s key man behind this laughs, “You can’t live for the dead.” Property is then haphazardly patched back together and sold as “original” on new deeds that entail illegally revised property lines.
Mayor Autry has the audacity to say that this operation is helping to lower the crime rate in Fresno. What his goons did to my family members and our properties is only a small sample of the atrocities being carried out.
FYI: Swieso links Bonadelle to the massive City of Fresno corruption that was uncovered – see below link:
http://marlalk.wordpress.com/2008/11/09/fresnos-b…