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Failed Wallace development site for sale — again

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Posted: Thursday, October 29, 2009 12:00 am

If you drive east from Lodi along Highway 12, the retail stores quickly disappear, giving way to vineyards and some scattered homes.

Pass the town of Lockeford, and the even smaller town of Clements, as gently rolling hills come into view.

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Welcome to the discussion.

8 comments:

  • posted at 4:26 pm on Thu, Oct 29, 2009.

    Posts:

    Observer:These are the listed ones on the MLS today for lots zoned for residential About another twenty lots also very pricy, are for sale in the vicinity of the Woodbridge sewage treatment plant. yummy--all those morsels? The Acampo, Lockeford and Clements lots are starting to slowly move downward from the maniacal high prices of a few years ago. The profit on these lots is higher than any LEGAL crop you could grow. Many lots are also listed on Realtor.com and similar sites. MLS 80075674 .027 acre $255,000MLS 70107320 0.20 acre $249,950MLS 80032820 0.24 acre $249,000MLS 90021837 0.24 acre $235,000MLS 90005856 0.12 acre $199,000To find these lots on your own go to Metrolistmls.com, check off San Joaquin county and specify lots between 200-300 k. I only look at the residential lots for the obvious reasons, most have sewer hook ups and no septic tanks.These lots are more expensive than it would cost to build a house on the same lot! Who ever thought Mc Mansions would pop up in Lodi?

     
  • posted at 12:54 pm on Thu, Oct 29, 2009.

    Posts:

    Just curious.....where are there $250,000 vacant residential lots in Lodi?

     
  • posted at 12:25 pm on Thu, Oct 29, 2009.

    Posts:

    edumacation, we moved from the "Springs" a few years ago. We belong to Kaiser and would have lost it since Kaiser wasn`t being offered in Calaveras County anymore. We had been with them for many, many years so a big decision had to be made, we moved. Not much in the line of shopping then, it has improved over the years. We had a septic system that failed, $12,000 for repairs. Never have anything to do with septic, they will fail and are expensive to maintain.At the time the fire protection was one paid and the rest volunteers, if you had a fire, the best time would be after they all got home from work. We had Calaveras County Water District, the best water I ever tasted, good but very expensive.The Gold Run Sub-division on Hwy. 26 is just like living in Lodi.I haven`t heard about the Dept. of Ag mortage loan program, this country cannot stand another bubble to burst. We will be scrubbing Chinese toilets before you know it.You asked what happened, in one word, greed.

     
  • posted at 10:35 am on Thu, Oct 29, 2009.

    Posts:

    Dogs4You- Last week it was widely reported in the financial press that we are already seeing foreclosures among houses sold in the past year! They made apoint about a recent immigrant with one minimum wage job and two part time jobs, bought an FHA house, all legally, but she now owes 40% more than she paid for the house (a fixer). In one month!! Her monthly PITI is 56% of her monthly take home!! This is outrageous! What will happen if her plumbing or roof needs work? what if she gets sick, pregnant, or loses one of her three jobs?What ever happened to professionalism in real estate. Anyone--with third grade education would see NOTHING but trouble in this scenario.BTW--have you heard the latest about new developments? They ha ve discovered that the US Department of Agriculture has a mortgage loan program. I see a huge bubble ready to burst.Are you still In Valley Springs?If you are, how is the fire protection district?

     
  • posted at 10:27 am on Thu, Oct 29, 2009.

    Posts:

    dogs4you- I agree with you. My point is that many developers are pushing the 8 houses per acre. The cost to them are much less. The profit soars when you start increasing housing density, even if you build a school at no charge. Presently there are dozens of lots for sale at 2005 peak prices. The Realtors/developers won't budge a dime. The problem with vacant lots is that banks want cash---and I don't blame them. I think we should return to cash only deals on single fmaily residences that would stop the cheerleading that we hear that the unemployed are told that no money down and tons of debt will make them overnight millionaires. The problem is that the Finance, Insurance and Real Estate industry has not elarned from the last bubble--that we are still in.

     
  • posted at 10:16 am on Thu, Oct 29, 2009.

    Posts:

    edumacation We used to live in Rancho Calaveras on a 1/2 acre so I know what the land size is. If your think about putting 8 homesites on one acre, they had better be small ones since there would be roads to seperate the homes in the middle that would be the size of a large closet. Thats a suckers bet at $371 per lot, now start adding the cost of a septec system, road fees, water fees and watch the price grow. A modern day septic system will cost you around $10 grand, however if you can squeeze that many houses on an acre, look for a treatment plant to be built to handle the waste. An acre is about 200+' wide and 250' long, I don`t believe you can jam that many on an acre. Ask yourself this, the price of land in Lodi is high because at the present time there isn`t any land to build on. As I stated in my post, there is no water at that site at the present time.

     
  • posted at 9:50 am on Thu, Oct 29, 2009.

    Posts:

    The higgins ranch sounds like a good deal! 505 acres for only $750k! We have 1/5 acre lots here in Lodi that Realtors are trying to sell for $250k!That means for the price of three 1/5 acre plots in Lodi, you could instead have 505 acres of land without the "Benedetti park" dust storm.My calculations show that local developers want the same amount for $750,000 for 3/5 of an acre! I had no idea it cost that much to put in a street and utilities! That goes to show you how much these developers have been getting for these small plots of dirt.At the same rate for 505 acres at 4 houses per acre, we would have a value of over one half billion dollars! But they originally only wanted only $3.2 million. Divide 505 acres into four homesites per acre including land for streets. (In Lodi its about 8 homesites per acre). This equals 2020 homesites. The price per 1/4 acre lots in Higgins Ranch comes to $371 dollars per lot!@!

     
  • posted at 7:36 am on Thu, Oct 29, 2009.

    Posts:

    The problem is now, and always will be the lack of enough fresh drinking water along with a proper sewerage treatment plant. A plan was devized to bring water to the area via a pipe line along Hwy. 12 from Valley Springs, however after a study was made concerning the cost, the entire plan was scrapped.

     
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