Problems at Laughlin Ranch.....

[DILLIGAF]

This stuff just gets so confusing. Anyhow, lots of empty houses up there in Laughlin Ranch. I hope it makes it as it will be good for the entire community of BH and Mohave County.
Laughlin Ranch staggered: Lenders file foreclosure papers on six parcels valued at $34 million
By NEIL YOUNG and JIM SECKLER/The Daily News
Tuesday, April 10, 2007 11:13 PM PDT
BULLHEAD CITY - Three mortgage lenders have announced their intention to sell off hundreds of acres of Laughlin Ranch through a trustee sale to be held in June. Laughlin Ranch is a planned upscale community on the Bullhead Parkway.
Drawbridge Special Opportunities Fund, LP, Drawbridge Special Opportunities Fund Ltd. and IMH Secured Loan Fund, LLC are foreclosing on six parcels valued at about $34 million, according to Kent Cammack, a Phoenix real estate attorney.
The loan amount has been paid down from $34 million to $25 million, according to Laughlin Ranch President David Lords. “That particular lender wanted to play a little hardball right now. We're actually in the process of refinancing them out ... and they know that.
“The amount of collateral that they have is $130 million against a $25 million note,” Lords said. “That's why the collateral package for the refinance is fairly attractive.
“The lender can do what they want to do. It's not even Laughlin Ranch,” Lords said. “It's one of our entities. It's actually L.U.R.E II. That's the actual borrowing entity.”
According to the Notice of Trustee's Sale, L.U.R.E. II, LLC, is an Arizona limited liability company comprised of the Laughlin Ranch Owners Association, an Arizona non-profit corporation, based in Scottsdale.
Approximately 180 vacant lots would be sold off, ranging from 0.23 to 0.61 acres, with values ranging from $120,000 to $500,000. A larger parcel is valued at $5.6 million. Some of the lots include “spec homes” or homes that a builder has constructed but not sold, Cammack said. None of the individually purchased lots in Laughlin Ranch would be affected by the trustee sale. “Nothing has changed for the individual homeowner's loan,” he said.
The six parcels also include the lease of the Laughlin Ranch Golf Course, according to Cammack. Lords disputes that, saying the course is not leased. “We own it. We operate it.” Lords said the course - but not the clubhouse - is included in the potential sale.
“Keep in mind that this thing was due March 1st and on March 8th they started their process,” Lords said, “and we had negotiated with them to extend it and then they elected to change the terms of that extension and so we ... said we're in the process of getting them taken care of and paid off and next thing we know, they're doing their default process. That's their legal right. We can't, you know, stop them and we don't intend to. The only thing we intend to do is pay them off.”
Out of 10,000 acres, approximately 1,200 acres of Laughlin Ranch have been developed, Lords said. Most of Laughlin Ranch has been incorporated into the Bullhead City limits, increasing the area of the city by one-third.
Laughlin Ranch and Bullhead City have had a close relationship and have forged many agreements, particularly in the building of infrastructure.
Lords had agreed to pay the city $500,000 when the city acquired the lease in November from Silver Shores LLC for 283 acres of BLM land near Community Park known as Section 12.
Council members approved the use of non-departmental contingency funds in the amount of $500,000 for the close of escrow in the event a contribution for that amount from Laughlin Ranch was not received before Dec. 31, which it was not.
The $500,000 was always considered a donation, according to Bullhead City Attorney Kent Foree. “He wants to get the right-of-way easement approved by BLM to get his financing for the road in place before he pays the donation,” Foree said.
He doesn't believe any of the financial problems “impact any of the agreements (the city has) with Laughlin Ranch. Laughlin Ranch would have the ability to outright sell any of these portions of property to someone else,” Foree said. “The agreement would be binding on them and the city as well. So even if it goes through a foreclosure proceeding the agreements are still in place.”
Still, the city is taking a sort of wait and see attitude. “We are being cautious, as far as the city investing resources until we're sure we have funds in place, advanced, to address our costs,” Foree said.
The trustee sale is still on track to take place on the steps of the Mohave County Superior Courthouse at 11 a.m. June 28.
Meanwhile, it's “business as usual” at Laughlin Ranch, Lords said. “It's not unlike, I guess, someone being a little late on their house payment ... It doesn't affect operations. It doesn't affect existing homeowners, lot owners, homes being built. It's really vacant land that is affected.”

[3 daytona`s]

There have been rumors raging for some time on it.I think it is a great place,but just bad timing as they found themselves in the middle of this slow down.

[Tequila-John]

everyone suffers in this deal for sure

[RiverToysJas]

Approximately 180 vacant lots would be sold off, ranging from 0.23 to 0.61 acres, with values ranging from $120,000 to $500,000. A larger parcel is valued at $5.6 million.
I wonder what the true value of these lots will end up being....the amount people are willing to pay......120K for less that a quarter acre of hot desert sand sounds pretty steep still.
RTJas

[DILLIGAF]

I wonder what the true value of these lots will end up being....the amount people are willing to pay......120K for less that a quarter acre of hot desert sand sounds pretty steep still.
RTJas
True but $120K won't get you a lot in my community in BH :)

[cxr133]

Some of the lots include “spec homes” or homes that a builder has constructed but not sold,
these might be a good deal for 120K

[DILLIGAF]

Some of the lots include “spec homes” or homes that a builder has constructed but not sold,
these might be a good deal for 120K
You won't even get close to that price for a new home AND a lot...

[RiverToysJas]

I'm sure the Casino Managers, Doctors, and Tom have to live somewhere out there....but the general area is still way over-priced for the income IMHO.
Lets bump this thread in a year and see what lots of sand cost out there....
RTJas :D

[Waist Deep]

Tom, werent they supposed to pay for the new bridge?

[DILLIGAF]

I'm sure the Casino Managers, Doctors, and Tom have to live somewhere out there....but the general area is still way over-priced for the income IMHO.
Lets bump this thread in a year and see what lots of sand cost out there....
RTJas :D
The City Manager is my next door neighbor :)
LR is IMO overpriced but they are having to pay for all the internal infrastructure. The streets are very narrow and they want to make them even more narrow in the future. I believe the fire department has concerns over that, at least I heard some rumblings about it. As it is it would be very difficult for me to get my 29 in a garage there regardless if my garage was 60 feet long or not. Just too narrow in the streets. The golf course and clubhouse are very nice which includes a spa, an excellent restaurant and so forth. I think they are struggling on the GC as most of the clientele come from the casinos. Most locals just won't pay the kind of money they want for a round of golf.
I mean no disrespect or anything like that to others who have property there but it is not for me.

[DILLIGAF]

Tom, werent they supposed to pay for the new bridge?
I believe they are leading the way for a suspended bridge so as to speed up the process and also eliminate certain "red tape" environmental type stuff. How much would they pay concerning that, I don't know.

[rivercrazy]

Say land values decline by 20-25%. Lots would still go for $95-100K.
Still costs about the same or more to build a house as it did 3 months to 9 months ago.
Its not the land that is overpriced. Its the raw materials to construct the houses. Those should begin to decline as demand for these materials is falling due to the drop in housing starts.

[socalmofo]

That Golf Course is awesome! It is something you would not expect in Bullhead City.

[3 daytona`s]

QUOTE=21Daytona;2496193]Tom, werent they supposed to pay for the new bridge?[/QUOTE]
They cleared the River Queens area out and are or were planning a Marina,Mall and other big plans.The bridge is on hold for sure.Too bad need at least one more bridge.

[SummitKarl]

Say land values decline by 20-25%. Lots would still go for $95-100K.
Still costs about the same or more to build a house as it did 3 months to 9 months ago.
Its not the land that is overpriced. Its the raw materials to construct the houses. Those should begin to decline as demand for these materials is falling due to the drop in housing starts.
yup material costs are holding, it would be nice if they went down so I don't have to give so many "sticker shock"...concrete is just F'n crazy in price, you would think it's gas or something:rolleyes:

[KREGER]

When I went by a month ago, I loved the place. VERY nice!

[SHOTKALLIN]

The City Manager is my next door neighbor :)
LR is IMO overpriced but they are having to pay for all the internal infrastructure. The streets are very narrow and they want to make them even more narrow in the future. I believe the fire department has concerns over that, at least I heard some rumblings about it. As it is it would be very difficult for me to get my 29 in a garage there regardless if my garage was 60 feet long or not. Just too narrow in the streets. The golf course and clubhouse are very nice which includes a spa, an excellent restaurant and so forth. I think they are struggling on the GC as most of the clientele come from the casinos. Most locals just won't pay the kind of money they want for a round of golf.
I mean no disrespect or anything like that to others who have property there but it is not for me.
In some places in Hawaii they give a resident discount on golf at the resorts. Maybe locals should be half price? Some money is better than no money. Still half price on casino wages might be tough.

[4DAY4PLAY]

I hope laughlin Ranch has no association fee. otherwise it will probably triple for the ones that still live there.....someone has to make the payment, and it sounds like everyone else is walking away. Ive heard of this happening in a few "unfinished" master planned developments and it wasnt pretty. Also, dirt is always the first thing to drop in value during market slowdowns. People buying a house they see, like (seeing what there neighbors house will look like) and can immediatly live in is one thing, and tough enough in this market, but bare land is another story, My guess is these lots will be sold for probably half thier value, whatever that may be.

[DILLIGAF]

In some places in Hawaii they give a resident discount on golf at the resorts. Maybe locals should be half price? Some money is better than no money. Still half price on casino wages might be tough.
No mens club or local discounts. Maybe some kind of thing for the people that live within LR but I am not aware of any.

[ULTRA26 # 1]

I hope laughlin Ranch has no association fee. otherwise it will probably triple for the ones that still live there.....someone has to make the payment, and it sounds like everyone else is walking away. Ive heard of this happening in a few "unfinished" master planned developments and it wasnt pretty. Also, dirt is always the first thing to drop in value during market slowdowns. People buying a house they see, like (seeing what there neighbors house will look like) and can immediatly live in is one thing, and tough enough in this market, but bare land is another story, My guess is these lots will be sold for probably half thier value, whatever that may be.
Wouldn't you think that Association fees are fixed? Doubt that fees could or would tripple.
__________________________________________________ __________________________
DILLIGAF,
Just curious, where is BHC are you? My place is next door to LR in Desert Foothills.
John M

[ahhell]

laughlin Ranch is pissing off more than a few right now with their 'auction' 600-700k properties starting at 200k....a couple of the Doc's I work with are just a little pissed http://www.fre.com/comm.asp?commID=7
Good for those of us with a little less cash flow...maybe:idea:

[4DAY4PLAY]

They are usually fixed as long as all of the homes planned for the community are paying the fees. Think about it, if theres a clubhouse, pool, parks, landscaping, lighting, etc(all of the ammenities of an assocaiation) and the monthly costs to keep all that up is lets say, 10k....then it is alot cheaper to divide that by 500 houses compared to 250...get it? Also, if you read the fine print, most associations have the ability to raise the dues. I live in a planned communtiy with association dues and i know this all to well. Its very important to pay attention to who you vote in the association board. The 5 of them can raise the dues, and will if theres not enough $$ coming in to pay the bills.
Wouldn't you think that Association fees are fixed? Doubt that fees could or would tripple.
__________________________________________________ __________________________
DILLIGAF,
Just curious, where is BHC are you? My place is next door to LR in Desert Foothills.
John M

[hava life]

The FRE auction is by a builder that is getting out of LR. The builder is tired of the BS LR has done. They are dumping the inventoy and moving on. The auction could be a good deal since the houses are at cost or below. I do know quit a bit about LR and the different issues but like everywhere else the market slowed and this is what happens.

[4DAY4PLAY]

Unfortuanantly if this continues it will really drive the value of this nice community down. Appraiser use "COMPS" of homes recently sold nearby, and these appraisals are usually how the banks decides how much money to lend a perspective buyer. These homes selling for half thier "said" value isnt a good thing for the current homeowners.
laughlin Ranch is pissing off more than a few right now with their 'auction' 600-700k properties starting at 200k....a couple of the Doc's I work with are just a little pissed http://www.fre.com/comm.asp?commID=7
Good for those of us with a little less cash flow...maybe:idea:

[hava life]

I agee that it is not good for the homeowner and the values of the property but when there are from what I hear 50 inventory homes which include models, and no sales for months what do you do? The builder has other issues with LR and they had millions wrapped up there on other property and can not build. Laughlin Ranch is a new community in the area and the market is hitting that area hard.

[DILLIGAF]

DILLIGAF,
Just curious, where is BHC are you? My place is next door to LR in Desert Foothills.
John M
I am in the same community as you

[4DAY4PLAY]

Bump to the top to let fellow hb'ers know about some killer deals on homes.

[ChumpChange]

Unfortuanantly if this continues it will really drive the value of this nice community down. Appraiser use "COMPS" of homes recently sold nearby, and these appraisals are usually how the banks decides how much money to lend a perspective buyer. These homes selling for half thier "said" value isnt a good thing for the current homeowners.
You should ask OutNumbered about this. He's an appraiser. :D If there is a reason beyond market that the houses are being sold at a discount, ie builder is pissed and wants to get out, then those houses would not reflect market and NOT be used as comps.

[4DAY4PLAY]

I know many people that are appraisers, and regardless of how their sold, i.e., auction, foreclosure, short sale etc...there still comps. Regardless, this is just the beggining of the depreciation in that area. Why would someone come in and buy one for full price when there neighbors house just sold for 200-300k cheaper??? People can speculate that a company is pissed or whatever, bottom line is there are multiple homes being sold at 30-40% of thier origional asking price in that community, and wont be good for the current residents. Lets face it its a beautiful community, but short of working at the casinos, weres the jobs???? These homes were being sold to mostly retirees, who a while back were priced out of the market...and vacationers or second homeowners and alot of them used helocs or creative adj financing and are feeling the pinch. I was onece in the market for a home there a while back, and asked myself, other than the fact that i will own the home, why not book a room in laughlin for $25 a night whenever im there than pay a $2000 house payment each month???? For me and most people i know it makes no sense.
You should ask OutNumbered about this. He's an appraiser. :D If there is a reason beyond market that the houses are being sold at a discount, ie builder is pissed and wants to get out, then those houses would not reflect market and NOT be used as comps.

[My Man's Sportin' Wood]

Where are you getting rooms at $25 a night?

[Pussywhippled]

Where are you getting rooms at $25 a night?
Yeah really...
Cause when I go to Laughlin I can get rooms for free...

[My Man's Sportin' Wood]

I know many people that are appraisers, and regardless of how their sold, i.e., auction, foreclosure, short sale etc...there still comps. Regardless, this is just the beggining of the depreciation in that area. Why would someone come in and buy one for full price when there neighbors house just sold for 200-300k cheaper??? People can speculate that a company is pissed or whatever, bottom line is there are multiple homes being sold at 30-40% of thier origional asking price in that community, and wont be good for the current residents. Lets face it its a beautiful community, but short of working at the casinos, weres the jobs???? These homes were being sold to mostly retirees, who a while back were priced out of the market...and vacationers or second homeowners and alot of them used helocs or creative adj financing and are feeling the pinch. I was onece in the market for a home there a while back, and asked myself, other than the fact that i will own the home, why not book a room in laughlin for $25 a night whenever im there than pay a $2000 house payment each month???? For me and most people i know it makes no sense.
I feel so much better knowing that there is a real estate expert on these boards. :rolleyes:

[My Man's Sportin' Wood]

Yeah really...
Cause when I go to Laughlin I can get rooms for free...
Who asked you, smartass! :D

[Waist Deep]

As far as I know, you never have equity in a hotel room besides a book of matches.
Hell, I'd rather stay in my own room than a room with sperm covered comforters.
We're not planning on selling, so I really could care less.

[RiverToysJas]

Its very important to pay attention to who you vote in the association board. The 5 of them can raise the dues, and will if theres not enough $$ coming in to pay the bills.
It's extremely important to know the financial situation of an association before buying into it. That's something many people over-look.
RTJas

[DILLIGAF]

As far as I know, you never have equity in a hotel room besides a book of matches.
Hell, I'd rather stay in my own room than a room with sperm covered comforters.
We're not planning on selling, so I really could care less.
:)

[4DAY4PLAY]

As far as I know, you never have equity in a hotel room besides a book of matches.
Hell, I'd rather stay in my own room than a room with sperm covered comforters.
We're not planning on selling, so I really could care less.
And theres no equity in buying a home for 500k when same models are being auctioned for 300k.

[Waist Deep]

I suppose you live at motel 6 since houses in your area are overpriced?

[DILLIGAF]

I suppose you live at motel 6 since houses in your area are overpriced?
Now that's funny. I do know a few people that did that. Sold their homes and rented (not hotels) and will buy back in when the market drops to some level or another. If you buy with a long term view the ebbs-flows are much easier to take :)

[3 daytona`s]

I met a couple over the weekend that bought one of the condo`s on the river across from the Casinos.They told me a quite a srtory bought a unit in Jan. that had been empty for 1 1/2 yrs.they would not say price but kept saying a steal they even took the plastic off the appliances.They had originally were in the process of purchasing one of the "RED" ones but as they said stole one of the units far North. They were elated. I can only think if river front is selling cheaper now all will follow.:confused:

[RiverToysJas]

I met a couple over the weekend that bought one of the condo`s on the river across from the Casinos.They told me a quite a srtory bought a unit in Jan. that had been empty for 1 1/2 yrs.they would not say price but kept saying a steal they even took the plastic off the appliances.They had originally were in the process of purchasing one of the "RED" ones but as they said stole one of the units far North. They were elated. I can only think if river front is selling cheaper now all will follow.:confused:
Having a good night I see! http://www.clicksmilies.com/s1106/party/party-smiley-021.gif
RTJas :D

[3 daytona`s]

Having a good night I see! http://www.clicksmilies.com/s1106/party/party-smiley-021.gif
RTJas :D
I did not proof read,not had a drop yet but may now after this:rolleyes:

[3 daytona`s]

I did not proof read,not had a drop yet but may now after this:rolleyes:
I am not of the group who enjoys people going through times,and not hoping for foreclosures etc.I just thought would throw it in:idea:

[RiverToysJas]

I am not of the group who enjoys people going through times,and not hoping for foreclosures etc.I just thought would throw it in:idea:
http://www.***boat.com/ubb/graemlins/idea_2.gif So you're not, not hoping for foreclosures??? ... http://www.clicksmilies.com/s1106/party/party-smiley-021.gif
Sorry, couldn't help it. But don't worry about it, I do it all the time myself. Usually Jordy or ShockwaveHarry are standing right there to toss it back in face though....I'll be your Jordy! :D
RTJas :D

[3 daytona`s]

http://www.***boat.com/ubb/graemlins/idea_2.gif So you're not, not hoping for foreclosures??? ... http://www.clicksmilies.com/s1106/party/party-smiley-021.gif
Sorry, couldn't help it. But don't worry about it, I do it all the time myself. Usually Jordy or ShockwaveHarry are standing right there to toss it back in face though....I'll be your Jordy! :D
RTJas :D
Hey I do not understand where you got the impression of I want to buy property or sitting around as some Vulture wishing a person has to walk away from something they have bought,losing money and I`ll jump in there and ? I lost $850,000.00 a few years ago to an X and my accountant.I want to assure you I do not have money to go around and enjoy someones dilema and profit off it.:(

[shueman]

That locale has been way over-priced for 2-3 years...way, way over-priced....:eek:

[RiverToysJas]

Hey I do not understand where you got the impression of I want to buy property or sitting around as some Vulture wishing a person has to walk away from something they have bought,losing money and I`ll jump in there and ? I lost $850,000.00 a few years ago to an X and my accountant.I want to assure you I do not have money to go around and enjoy someones dilema and profit off it.:(
Yeah, cuz I can see where you got that from what I posted. :confused: :confused: :confused:
RTJas :D

[4DAY4PLAY]

That locale has been way over-priced for 2-3 years...way, way over-priced....:eek:
WOW even though i agree with you...you better watch out the post whores on here will eat you up since they have nothing better to do.

[4DAY4PLAY]

I feel so much better knowing that there is a real estate expert on these boards. :rolleyes:
Let me know if you have any more questions...im here to help.

[RaceFace]

Looking....looking....wheres that DAMN POPCORN?!?!?! :confused:

[My Man's Sportin' Wood]

Let me know if you have any more questions...im here to help.
:D Sorry if I was b!tchy. If I have any more questions, I'll let you know.

[DILLIGAF]

:D Sorry if I was b!tchy. If I have any more questions, I'll let you know.
Never known you to be bitchy Angie. You just tell it the way it is

[3 daytona`s]

Yeah, cuz I can see where you got that from what I posted. :confused: :confused: :confused:
RTJas :D
I have gone way over and beyond on attempting to explain a situation here and my not wishing for any bad on anyone.I was reading the post and thought since live here attempted to just inject a tad of input on a subject that is in my back yard.That is no more or no less so with that being said and numerous explanations and appologies,RTJas you can stick it up your anal orfice I really do not care if or what or but anything about you,Your Post count makes you = SHIT to me.I now will while on the subject since moving here several years ago will get this off also.There are so many "PUNKS" with daddy`s money over here and Havasu they could not back a boat down the ramp with help. They bought things here and down there and have no clue what life is about,now things are in the tank Tough Shit.I guess the real truth is some greedy ass holes got caught in the down spin. I may not be so sorry after all,especially if it may include some PRICK like you,nothing better than some Baller getting Balled. LOL:)

[My Man's Sportin' Wood]

RTJas = Baller :D

[RaceFace]

S**T! I can't find that damn POPCORN !!! ;)

[3 daytona`s]

RTJas = Baller :D
He sits to piss:confused:

[DILLIGAF]

I have gone way over and beyond on attempting to explain a situation here and my not wishing for any bad on anyone.I was reading the post and thought since live here attempted to just inject a tad of input on a subject that is in my back yard.That is no more or no less so with that being said and numerous explanations and appologies,RTJas you can stick it up your anal orfice I really do not care if or what or but anything about you,Your Post count makes you = SHIT to me.I now will while on the subject since moving here several years ago will get this off also.There are so many "PUNKS" with daddy`s money over here and Havasu they could not back a boat down the ramp with help. They bought things here and down there and have no clue what life is about,now things are in the tank Tough Shit.I guess the real truth is some greedy ass holes got caught in the down spin. I may not be so sorry after all,especially if it may include some PRICK like you,nothing better than some Baller getting Balled. LOL:)
Damn...Jason is a good guy. You two knock it off...lol

[My Man's Sportin' Wood]

Sorry, I'm still laughing about the baller thing.
3 Daytona's, I'll share my Midol with you if you want :D :D :D

[shueman]

Sorry, I'm still laughing about the baller thing.
Ya got me gigglin'....;)

[MR.rvrluvr]

don't mind me just building my post count....OK continue..:D :D

[3 daytona`s]

Damn...Jason is a good guy. You two knock it off...lol
Thanks for the intervention,I tried to kiss ass for what ever reason and he still wanted to to? Whatever anyway since live in your back yard be happy to buy you a beerski if or when?

[3 daytona`s]

Sorry, I'm still laughing about the baller thing.
3 Daytona's, I'll share my Midol with you if you want :D :D :D
A chick that is Midol:mad: I must be socially correct. O how I wish to rip you a new one:D

[DILLIGAF]

Thanks for the intervention,I tried to kiss ass for what ever reason and he still wanted to to? Whatever anyway since live in your back yard be happy to buy you a beerski if or when?
Maybe this weekend down at Mad Dogs?