Blogging Bayport Alameda

November 10, 2011

You need some lovin’, TLC

Filed under: Alameda, Business, Development — Lauren Do @ 6:03 am

I noticed something odd in one of the appraisals for the Mif Albright site, it mentioned a comparable for McKay Ave which is the Neptune Pointe site.  In the comparable it mentioned that there were entitled housing units “pending” which totally piqued my interest because I didn’t remember any thing about this property coming before the Planning Board and the current designation is for government uses.

Just to follow up, the parcel e ventually sold for $1.8 million or somewhere in that range, it was unclear who purchased the property until I noticed that reference and then contacted the City about it.   I was told that they new owners is Tim Lewis Communities, a residential homebuilder based in the Sacramento area.

Now you must be as surprised as I was since the last I had heard of the property was that East Bay Regional Parks really wanted the parcel and because they owned the only access road into the property, they could probably make it super difficult for any future owners.

So clearly Tim Lewis Communities is only going to want to do one thing with the parcel, build houses.   In fact, it looks like this will be their first venture into the Bay Area if everything goes to plan.   Their website has a little “coming soon” sign for the Bay Area future communities.   Of course, given that this is Alameda, really nothing will go to plan, right?

TLC has already submitted a letter to the City asking for them to rezone the property from the Administrative Professional with Government overlay to Medium Density Residential (R-4).   It appears that they are basing this request on the draft Housing Element which lists that site as a potential site for housing to meet the City’s Regional Housing Need Determination:

 

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14 Comments

  1. More ticky tacky houses. Wheee!

    Comment by Denise Shelton — November 10, 2011 @ 6:23 am

  2. Houses are selling so well now. We need to flood city with more inventory of houses to hold up property values. If 30-40% underwater now in valuations we can hit 50-60%. More is always better.

    Comment by John — November 10, 2011 @ 9:24 am

  3. Foreclosure activity rises in October: RealtyTrac

    NEW YORK | Thu Nov 10, 2011 12:18am EST

    NEW YORK (Reuters) – Lenders seized more U.S. homes and sent out more first-time default notices in October, suggesting the backlog of foreclosure activity has started to flow again, a report by RealtyTrac said on Thursday.

    Default notices were filed on 77,733 properties last month, up 10 percent from September. Notices on states that use the judicial process to handle foreclosures jumped 16 percent to an 11-month high.

    Lender repossessions rose 4 percent to 67,624 homes.

    Comment by John — November 10, 2011 @ 9:38 am

  4. So why are these people getting property and wanting to develop housing, serious question?. Are they just looking down the road several years out?. Where do they get the funding to develop these sites. I agree with John at this point who needs more housing, it will just depress the price of existing homes here. That’s what it looks like to me, but then what do I know.

    Comment by John P. — November 10, 2011 @ 9:48 am

  5. It will all be Government Housing pretty soon John. The banks will sell all the housing loans to Government . It’s basically what we did with bailout….Probably the plan anyway.

    Comment by John — November 10, 2011 @ 11:21 am

  6. The largest benefactor of the housing bubble was the Government being able to raise property taxes nationwide.Could you imagine the City , County, and State getting propert tax revenue on property that is 50% lower than it is now. What kind of shape would we be in financially as a city.

    Comment by John — November 10, 2011 @ 11:37 am

  7. There is NO way they would have allowed huge speculation in housing by giving 100 to 110 % loans on someones phony loan application if it wasn’t in best interest of the government. Everyone deserved to own a home and the goverment made it possible by flooding banks with money.

    We are all paying for it now.

    Comment by John — November 10, 2011 @ 11:48 am

  8. Federal National Mortgage Association

    It is aimed at making the stock more affordable. Just like it did for housing.

    As it dropped from 42 to 2

    Book Value Per Share (mrq): -21.61

    So for every share you own you just owe 21 bucks in change.

    Comment by John — November 10, 2011 @ 1:20 pm

  9. Fannie Mae Reports Third-Quarter 2011 Results November 8, 2011

    Fannie Mae (FNMA/OTC) today reported a net loss of $5.1 billion in the third
    quarter of 2011, compared to a net loss of $2.9 billion in the second quarter of the year.

    The single-family credit losses the company realized
    from January 1, 2009 through September 30, 2011, combined with the amounts the company has
    reserved for single-family credit losses as of September 30, 2011, total approximately $135 billion.
    The substantial majority of these losses were attributable to single-family loans the company
    purchased or guaranteed from 2005 through 2008. The company expects that future defaults on loans
    in its legacy book and the resulting charge-offs will occur over a period of years

    http://www.fanniemae.com/resources/file/aboutus/media/q32011_release.pdf

    Comment by John — November 10, 2011 @ 1:36 pm

  10. It’s good to have friends in High Places not only just in Alameda

    Indymac Boys Get Sweetheart Deal

    Comment by John — November 19, 2011 @ 11:13 am

  11. there goes that 1% again, they just can’t get enough. Good stuff John.

    Comment by John P. — November 19, 2011 @ 2:51 pm

  12. John P. if you really want to understand the Credit Crisis and the Housing Price Conundrum Sal Khan does a world class job of explaining it at the Khan Academy.

    There are great videos on this. I recommend watching these to get a clue on what really happened.

    Credit Crisis

    Videos on the causes and effects of the credit crisis/crunch.

    The housing price conundrum
    Housing price conundrum (part 2)
    Housing Price Conundrum (part 3)
    Housing Conundrum (part 4)
    Mortgage-Backed Securities

    IMortgage-backed securities
    IIMortgage-backed securities
    IIICollateralized Debt Obligation
    (CDO)Bailout
    13: Does the bailout have a chance of working?
    Credit Default Swaps
    Credit Default Swaps 2
    Wealth Destruction 1
    Wealth Destruction 2

    http://www.khanacademy.org/

    Comment by John — November 20, 2011 @ 2:18 am

  13. To cut to the Chase watch the last two if you want to watch some football.

    Wealth Destruction 1 : How bubbles destroy wealth.

    http://www.khanacademy.org/video/wealth-destruction-1?playlist=Credit+Crisis

    Comment by John — November 20, 2011 @ 2:58 am

  14. Burning Down The House: What Caused Our Economic Crisis?

    This a little too political for me but you see the players.

    Comment by John — November 20, 2011 @ 3:17 am


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