(Mark Your Calendars: RealShare Orange County, August 18 in Newport Beach).
NEWPORT BEACH, CA-Locally based Real Estate Receiverships has declared its job done on a project in McCall, ID and has been named receiver for a 20,000-square-foot retail center in Big Bear, CA.
The Idaho project is a 74-acre community called Rivers Crossing in the community of McCall. The property, which was placed in receivership some six months ago, is now on its legs again and generating new sales, according to Taylor B. Grant, who heads Real Estate Receiverships. “Our job is finished,” Grant says of the Idaho project.
Rivers Crossing, designed for year-round and second-home residents, is now being marketed by local broker Robert Lyons, Century 21 Whitewater Clark, according to Grant, who was appointed by lender Pacific Western Bank, which foreclosed on the property. “Just since July 17, there have been six offers on property sites,” reports Grant, who adds that current prices range from $25,000 to $134,000—down considerably from original prices of $79,000 to $289,000.”
The primary purpose of the receivership, according to Grant, was to reinvigorate the marketing and merchandising and assure that the community’s amenities were properly maintained. Consisting of 60 home sites fronting on the Payette River, the project provides riverfront and inland sites ranging from 5,000 square feet to five acres, says Lyons. Existing amenities include a clubhouse, outdoor pool and spa, fitness center and ready access to fishing, boating, hiking, boating and bicycle trails.
In Big Bear, the 20,000-square-foot resort neighborhood retail center that’s now in receivership is The Village Mall. It is being offered for sale, with bids due Aug. 30, receiver Candice Grant of Real Estate Receiverships reports.
Composed of two buildings with a covered breezeway, Village Mall is designed in a Swiss Chalet motif and is located at the west entrance of the resort town’s The Village, Grant says. A public parking lot adjoins the property. Lender for the property, which is at 40729 Village Dr., is Pacific Western Bank.
Tenants include various boutique shops, a restaurant, spa and UPS store, adds Bill Welch, who has led RER’s court-appointed receivership team in selling more than $207 million of properties in the past 24 months. RER continues to utilize local broker expertise by listing the property with Realty Executives Big Bear, whose sales team will be led by Mark Poster and Mark Dolan, noted Welch.
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