Real Estate

Carlsbad Realtor Admits To Money Laundering

by The Editors on March 21, 2012

A Carlsbad man is reportedly facing prison time and fines for submitting fake loan documents after having plead guilty to money laundering charges related to helping a couple by a Rancho Sante Fe home where they could grow weed, according to a story in the LA Times

Marco Manuel Luis, 31, of Carlsbad, faces a maximum 10 years in prison and a $500,000 fine for having submitted fraudulent loan documents on behalf of Joshua John Hester and Kelsey Wiedenhoefer. . . Hester and Wiedenhoefer in January pleaded guilty to drug charges in connection with a marijuana growing operation at the Rancho Santa Fe home, according to court documents. The couple is set to be sentenced May 14 in San Diego federal court.

Luis has apparently plead guilty to submitting fraudulent documents.

[Link: LA Times]

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North County Times Says Hurray For Lowe’s

by The Editors on July 9, 2010

LowesHere’s a shocker. The North County Times “opinion staff” is all in favor of one of their advertisers opening a 153,974 square foot big box home store in Carlsbadistan.

That’s why they’ve written an editorial congratulating the Carlsbad Planning Commission for giving “initial approval” to the Sudberry Development company, for a “153,974-square-foot Lowe’s home improvement store, a gas station, food court and small bank” in the hole on the Southwest corner of El Camino Real and Palomar Airport Rd. Yes, it is a lot that once was home to the Olympic Resort.

While we generally agree that attracting high-tech industrial, engineering and biotech companies ought to be the priority, we recognize the role that retail and like commercial services have for both nearby workers and residents,” the paper said.

Personally, we’d rather travel to the Lowe’s big enough boxes in Oceanside or Vista and keep Carlsbadistan free of big-box blight.

[Link: North County Times]

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The Lossings To Eat Up Even More Of Carlsbad

by The Editors on June 30, 2010

Thelossings-Tm-Tm-1At the City Council meeting last night (June 29, 2010) the City announced that to cover the $4.2 million in loans it has made to “keep the golf course in the black” it is now planning to “transfer” and possibly sell two pieces of City-owned property, according to a story in the North County Times.

Initially, the two lots were to be leased to golf-related businesses, but they have stood vacant since they were created. . . One parcel is about 5 acres and the other is about 7 acres. They sit on each side of College Boulevard on the eastern edge of The Crossings at Carlsbad course. . . Joe Garuba, who is handing the issue for the city, said after Tuesday’s meeting that there has been “some interest” recently in the properties, but declined to provide specifics about the negotiations. . . . “I’m not going to talk about who or what,” he said.

We have one question: How much of Carlsbadistan is this golf course going to eat up before someone puts a stop to it? The Lossings has already cost the City of Carlsbad nearly $70 million and now the City want’s to begin slicing off pieces of itself to pay for more?

If the City is going to sell anything to cover its golf course loans it should simply cut it losses and sell the golf course to Legoland. They can throw up a few block sculptures, create some Lego golf carts, call it the “World First Lego Golf Course” and charge $350 green fees.

We’re not usually in favor of privatization, but The Lossings has been a revenue suck for over a decade and the sooner the City gets out of it the better. Then the City can spend a tiny fraction of that money on things everyone will use like parks, swimming pools, and skateboard parks. . .

[Link: North County Times via VoteJonWantz]

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Kiko Beach

We’ve been fans of the Wolf Design Build’s Kiko Beach House on Carlsbadistan’s Ocean Street since the project was nothing more than a color Xeroxed flyer stapled to a fence. That’s why we were filled with holiday cheer to see it is on the market and a perfect gift for the person who has everything.

The five story tall, 7,000 square foot beachfront home features five bedrooms, seven baths, its own glass elevator, and a jacuzzi that rises above the pool like a champagne glass. The house was designed and built with the kind of quality and craftsmanship that suggests cost was not a factor. With an asking price of $17 million the Kiko Beach House is the single most expensive gift we’ve ever suggested in three years of the Carlsbadistan Twelve Days of Christmas. It won’t fit under the tree, but don’t let that stop you.

Tom and Peggy Cozens, Century 21 Sea Coast, (760) 930-9336

Previous Carlsbadistan Days of Christmas Gifts:
1. Ben Sherman At The M Collection
2. iPhone Boombox From Livespeakr.com
3. Prince Lionheart Balance Bike From Geppettos
4. Nambé Yaro Salad Bowl From The Poached Pear
5. The Stratos II From Spy Optic
6. Spa Samudra Beach Escape Package
7. New Village Arts’ Give 15
8. 27 Inch iMac From The Apple Store
9. Carved Teak Candle Holder From Maku Ecoshop
10. Box of Truffles from Carlsbad Chocolate Bar
11. Taryn by Taryn Rose Radiate Calf Leather Boot at Fairen Del

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Rancho Carlsbad Partners Go To Court

by The Editors on November 4, 2009

Things are not all peaceful and quiet at Rancho Carlsbad, according to a report on Courthouse News Service.

Twenty investors say their property manager and general partner embezzled more than $20 million and covered it up by calling it a “loan,” or “interest.” Rancho Carlsbad Partners say William Geary then engaged them in phony property deals to make it look like he was straightening things out. . . .Rancho Carlsbad Partners say their partner Geary, a Los Angeles-based real estate manager, defrauded them by diverting for his own use money that belonged to the group when they needed it most. . . The partners say Geary’s frauds lasted for 7 years, from 2002 until 2009.

There is much more to the Superior Court complaint, but we’ll let you read that in the story.

[Link: Courthouse News Service]

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Council Votes To Vote Next Week On Mall

by The Editors on August 12, 2009

The City Council has decided last night to put off voting on a shopping center that may be built at the corner of La Costa Avenue and Rancho Sante Fe Road until next week, according to a story on San Diego 6.

Some say the shopping center would bring in upscale retail shops within walking distance of their homes. . . But opponents say it would bring in more traffic to an already busy area, and the possibility of big box discount stores like Wal-Mart.

There’s nothing funnier than voting to vote later. Then again, the longer it goes without being approved the happier opponents will be.

[Link: San Diego 6 and North County Times]

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Barratt American Bites The Dust

by The Editors on August 11, 2009

Uti1407678 T350Carlsbadistan based homebuilder Barratt America filed for Chapter 11 bankruptcy protection in December 2008, however, that didn’t work out for them. Last week, according to a story in the San Diego Union-Tribune, they dropped down to a full Chapter 7 when creditors say that “reorganization would be futile.”

Richard M. Kipperman, the court-appointed trustee for Barratt, said all that is left of Barratt’s many projects are two single-family homes under construction, one in La Jolla and the other near Lake Hodges. The owners are current on payments to Barratt and will have other contractors complete them.

But not to worry. Barratt President Michael Pattinson says he’s going to start a new company next year “after learning the lessons of building in a boom and bust.”

[Link: San Diego Union-Tribune]

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Carlsbad Real Estate Makes WSJ

by The Editors on June 15, 2009

In a Wall Street Journal blog post writer Nick Timiraos throws out some pretty appaling Real Estate statistics from the neighborhood:

In Carlsbad’s 92009 zip code, where Zillow tracks a median home price of more than $500,000, nearly one in 50 homes had received a notice of default in the 12 months ending in February, according to RealtyTrac.

Times are tough indeed.

[Link: Wall Street Journal]

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Four Seasons Timeshare Owners Worry

by The Editors on June 14, 2009

Biz-Aviara T350The first thing we thought of when we heard about the Battle of Aviara was what would it mean for people who owned timeshares at the Four Seasons Resort and were faced now with the possibility that their timeshare was no longer being attached to a The Four Seasons hotel.

In today’s San Diego Union-Tribune writer Lori Weisberg explores the timeshare side of the disagreement between Aviara owners Broadreach Capital and management company the Four Seasons.

“People are definitely concerned, and everyone I’ve heard from is not happy about it,” said Steve Tuttle, who owns a title company in Utah and has at various times bought 25 time shares around the country, including a week at the Four Seasons Residence Club at the Aviara resort. . . “You buy into a lifestyle that now has the potential to be seriously altered. I worry the maintenance fees may go up and access to hotel facilities could be altered.”

According to the story experts don’t exactly agree on what will happen with the timeshares if the Four Seasons leaves the property. Follow the link for the rest of the story.

[Link: San Diego Union-Tribune]

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Pizza Port Buys Building In Point Loma

by The Editors on April 20, 2009

Getthumbnail.AspxThe owners of the Carlsbad-based restaurant chain Pizza Port have reportedly purchased a building at 1956 Bacon St. in San Diego for $1.6 million, according to a story on Costar.com.

The buyers will occupy the building, which was constructed in 1989 in the Point Loma submarket. It was vacant at the time of purchase. Pizza Port has other locations in Solana Beach, San Celemente and Carlsbad.

Looks like the world is getting another Pizza Port. There can never be too many of those.

[Link: Costar.com]

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