The housing market crisis resulted in thousands of Santa Rosa distressed properties for sale coming into the market and several subdivision development projects getting stalled. The poor condition of the area's real estate industry was worsened by the recession that hit all areas of the U.S.
However, amid the problem of California distressed houses, residents and industry members have recently received some good news – that of two builders stepping forward to takeover some stalled subdivision projects and aiming to complete what the previous owners were unable to finish due to the drastic decline in home values in the past three years.
Local reports reveal that Linwood Village and another subdivision have recently been purchased by the national building companies. Linwood was one of several subdivisions that remained undeveloped following the housing crisis that saw thousands of distressed homes for sale littering the whole area.
The buyers reportedly paid $19 million for the unfinished subdivisions, a price that is way below the $33 million owed by the former owners of the subdivisions to their lenders. At Linwood, several townhouses and partially built homes can be seen, with most of the dwellings showing effects of neglect and rainy weather. Some of the houses, just like most abandoned Santa Rosa distressed properties for sale, have served as homes to squatters and homeless people at one time or another.
Homeowners living near the unfinished dwellings have expressed relief over the arrival of the new builders. However, they also stated that they would wait and see whether the new owners can complete the projects before they celebrate. They claim that completion of the townhouses and the development of the subdivisions will result in neighborhood health and will help all residents in the area.
The subdivision used to be under the care of one of the most trusted builders in the county, Christopherson Homes. However, the development was stalled when the project lender, Bank of the West, sued Christopherson and the project was left untended and incomplete.
Some residents in the area have revealed that they purchased properties in the subdivision because of the reputation of Christopherson Homes when it comes to real estate development. But as the number of Santa Rosa distressed properties for sale continues to rise, even the reputed developer was affected and the project was stopped.
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