ADDENDUM:
CACB hits $11.97, DOWN 10% in 2hrs
CACB hits $11.97, DOWN 10% in 2hrs
Form 8-K for CASCADE BANCORP
4-Jan-2008
Material Impairments, Financial Statements and Exhibits
Item 2.06 Material Impairments
On December 28, 2007, management determined that there was an adverse development with respect to certain loans in the Banks loan portfolio. Accordingly, on January 3, 2008, Cascade Bancorp pre-announced it expects to record a provision for credit losses of approximately $7.5 million (pre-tax) for the fourth quarter of 2007 to increase the Company's level of reserves primarily related to its portfolio of residential land acquisition and development (A&D) loans and to record approximately $3.8 million in net charge-offs, a majority of which is against loans affected by the real estate downturn. With these adjustments, the Company estimates fourth quarter 2007 net income at approximately $5.4 million or $0.19 per diluted share, and full year 2007 net income at approximately $35.2 million or $1.23 per diluted share. In addition, Cascade also pre-announced higher non performing assets and a compression of its net interest margin.
http://biz.yahoo.com/e/080104/cacb8-k.html
That's -50% in 3 months.Sorry Patty Moss, get your resume ready, you & CACB go on the RIP board.
90 comments:
Cascade says higher reserves for loan losses to hurt Q4 earnings
Thu Jan 3, 2008 6:06pm EST
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Jan 3 (Reuters) - Cascade Bancorp (CACB.O: Quote, Profile, Research) warned of lower fourth-quarter earnings missing analysts' expectations due to increased reserves and high charge offs related to its residential loans.
Cascade said it expects to earn 19 cents a share for the quarter compared with analysts' expectations of 35 cents a share.
The holding company of Bank of Cascades operating in Oregon and Idaho markets expects to record a provision for credit losses of about $7.5 million and about $3.8 million in net charge-offs. (Reporting by Supantha Mukherjee in Bangalore; Editing by Saumyadeb Chakrabarty)
CACB is at $12.46, and falling...
Man, what I wouldn't give to be in on CACB Exec meetings today. You know the fear is palpable, LOTS of those people know they are in jeopardy of losing their jobs.
I PROMISE this is the last time I'll say this, but...
Somewhere down here, it's starting to feel like some sort of interim panic low for CACB...
And at a P/E of 8 (YES, 8!), it's not very expensive at all. It's getting down to WashMu earnings yield levels.
Of course, I said many moons ago that CACB would someday be a proxy for subprime (which sounded ridiculous at the time), so it could well go to $5-6.
The Yield is up over 3 now. Down much more and we'll see it up 5 or 6. Then they'll cut their dividend and we'll get another wave of sellers.
With all the defaults going on in Deschutes I thought some people could use this... It's a great board where people talk about how to negotiate workouts with the various banks.
http://www.loansafe.org/forum/forumdisplay.php?f=9
Not sure if they ever discuss Plaza-sized fiascos, but if I were in trouble as a result of doing something stupendously dopey like buying a Bend McMansion in 2006, this is where I'd go for help.
CACB: $12.10 AND FALLING
DOWN 9%!
Sit back & bask in the horror, folks. Greatest loss of wealth in Bend history, you are at Ground Zero right now.
Bend is 'ground zero', Bend is toxic,
Bend a 'radiologic hazard to your money'.
Note, the complete fucking silence of the BULL & SORE.
This just in, from my inside connections of the SORE, starting New-Year they're banning all IP's of non-positive content, just like BENDBB's has been doing for the past year.
Look's like the best way to keep the positive story positive is to ban negative content.
Happy New Year to the New Bend, Oregon.
Bill Friedman report 24/7, Armed-Guards, Gestapo Tactics in Bend. Condo's worth killing for.
Message from the New Chairman of the Inn of Seventh Mountain Homeowners
January 5, 2008
I am writing on behalf of the new board to give you all an inside view of the events of the past two weeks leading up to the special meeting to remove six members of the old AUO board and replace them with a new slate of candidates introduced to you in previous posts. It has indeed been an emotional rollercoaster for the group of us most intimately involved.
At first, the task of tracking down all of the owners in a short period of time with the sketchy information finally provided to us by Bill Friedman’s office seemed overwhelming. We all received a rapid education in using the internet to find people. The encouraging and gratifying part of the job was that the assessment notices had grabbed owners’ attention and our position was an easy sell. We began to feel guardedly optimistic.
Then we learned several days before Christmas that the Papes had directed Patti McMean to make offers on a number of larger condos in an attempt to increase their ownership percentage. Pessimism reigned. As we learned that they had been successful in purchasing 4 or 5 units we redoubled our efforts to find the remaining “lost owners.”
We made contact with our final lost owner on the afternoon of the 26th and she immediately faxed in her proxy. Only two of the non-board, non-selling owners refused to support us. At 5pm on the 26th Lisa Kirbs and Peter Smith delivered proxies representing 50.813% of the common ownership to Bill Friedman. We needed 50% to remove the board. Our attorneys sent a strongly worded letter to Friedman saying that we would expect him to maintain the same level of confidentiality with the Papes as he has with our side and not leak the results. We were instructed by our attorneys not to discuss our knowledge of our prospective victory, as we wanted to keep this information from the Papes.
Nonetheless, on the day following Friedman’s receipt of our proxies, the Papes instructed Patty McMean to seek to purchase more condos in a last ditch, seemingly desperate, attempt to reverse the results. Some committed owners resisted these efforts but we learned that the Papes had closed several more deals. Our attorneys assured us that the only way to rescind and/or reverse a proxy vote after the 12/26th deadline was to personally show up at the meeting. Consequently we were on pins and needles at the meeting as many owners, including partial owners, stood in line to check in with Bill Friedman. It turned out that most of these owners were in line only to ascertain that their votes had been received and counted. In fact, to our knowledge, not one owner whose proxy we held actually attended the meeting and revoked their proxy, so we know that we did win the vote
I requested that as a board member I be allowed to observe the tabulation of the vote by Bill Friedman. My request was denied. As expected Jordan Pape stood up at the end of the special meeting and announced that we had not achieved a 50% majority and adjourned the meeting. At this point our attorney stood up and reported that we had in fact won the vote. I then announced that there would be an emergency meeting of the new board.
We did meet before a group of approximately 100 enthusiastic owners and had a successful first new board, or “unINNspired board”, as it was dubbed by one of our owners, meeting. Notable actions included rescinding the assessment, terminating Bill Friedman and Tamara MacLeod, the AUO attorney, and establishing a construction committee to oversee the necessary improvements to our buildings. Complete minutes of the board meeting will be posted on our website.
It is of interest that not only have our AUO funds been supporting an attorney, Tamara MacLeod, who has done everything in her power to obstruct the will of the majority of owners, but also the old board and Bill Friedman saw fit to hire an armed security guard to stand in the back of the room at the past two special meetings. The new board did not find it necessary to retain the security guard’s services for our board meeting. As I am unaware of any threats of physical violence from even our most irate of owners, I can only conclude that the armed guard’s presence was for the purpose of intimidation. The new board does not consider AUO expenditures of this sort either prudent or reasonable.
Thanks to all of you whose efforts and support made this outcome possible. Your new board promises to act in a completely transparent manner and work on behalf of all of our best interests. Any of you not presently included on my concerned owners email list who want to receive the most up to date reports on our progress, send me a email and include your phone numbers if you so choose. Best wishes for an exciting new year.
W. A. Peter Bours, New AUO Board Chairman
wabours@gmail.com
CACB is still up to 2003/2004 levels, it has to fall to 2001 or earlier levels .e.g. $8/share before honestly you can say we're even close to the bottom of the Central Oregon Liquidation of assets.
There also has to be an over-correction, as things look for more in-solvent than the 1998-2001 days, thus I would look for $4/share price as a true indication that investors had correctly priced CACB.
The Bulletin has the CACB story in the business section this morning. The article doesn't say much that everyone doesn't already know. CACB gave some shitty loans to developers who are now in trouble. Duh.
Live by the boom, die by the bust.
Yes, the BULL has a story (CACB), but like the INNof7 story, which only had Mayor Freidman's point of view. Thus is its not really a story, just a biased outcome for the masses. Friedman of course who controls all HOA management for ALL condo's in Bend, has much to lose if the new owners get a hold of his "Cascade Bookkeeping" records.
CACB having write-down losses on their RE loans is a two year old story. The brokers I know, who work for mutuals dumped their CACB back in Spring of 2006.
The interesting ramification in all this is try to get a loan in Bend! Try and get a Jumbo in Bend! Note also that WAMU is down almost 80%, which makes CACB look safe and secure.
These banks lead our RE market, as folks can liquidate their stock, the Bend RE has NO liquidity, and will just sit, and sit, and sit.
Lastly, note also that the last sunday BULL, had a great obituary on Abernethy, and how great a mayor he was. The Fact is Freidman runs Bend, which is why since 2001 Bend has only been about Condo's, because every condo in Bend is subject to a 'Freidman Tax'.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aqz8NTw6DVWo&refer=home
And...there go the jobs.
If you think Bend's bust is going to be nasty just due to foolish Deschutes exuberance, try the same bust in the middle of a nation-wide recession.
There are ton's of jobs in Bend.
Walmart, Costco, Winco, Trader-Joes, ... cannot fill their employment requirements.
Bend has the lowest un-employment in the world. We're the number resort in the world.
Trickle down works, and Bend is proof
I said many moons ago that CACB would someday be a proxy for subprime (which sounded ridiculous at the time), so it could well go to $5-6.
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Of course it will, but will it even then have value?
How do you determine the real book value? When valuation is over 70% over-valued??
Take what they say, subtract good-will, and then take 10% of that you'll know the value, then figure what the share price should be.
Anybody know that number offhand?
They got to be running low on 'cash', as nobody wants to be caught with them in a bank-holiday. My guess is that most of the assets are in the form of non-conforming loans, and real-estate. Thus ten cents on each posted dollar is a good estimate of real value.
I assume this piece is a well-written farce. $10 million mansions? Where?
*
There are lots of +10M homes in Bend, Highlands @ BT is full of them, its all NBA, and NFL folks 'investing' in $20M homes, typical is 20 bedroom, 10 bathroom, and 20 car garages.
Then there is Pronghorn, ... Tetherow is slated to have the same.
Most of the 'gated communitys' in Bend, have mcMansions of epic size.
Then there is the latest trend. Gates within gates, at a lot of our high-end gated community's people are electing putting up gates on their street to keep other's in their own 'community' from driving down their lane. I have one friend that requires three codes to get to his home.
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Cascade Bancorp increases loan loss reserve
By David Fisher / The Bulletin
Published: January 04. 2008 5:00AM PST
Cascade Bancorp, the Bend-based holding company that owns the Bank of the Cascades, announced an increase Thursday in the reserves it has set aside to cover potential loan losses, blaming weakness in real estate land and development loans for increasing the bank’s risks.
In a release issued about an hour after the stock markets closed, the bank announced that it increased its loan loss reserve in the fourth quarter to $7.5 million — more than four times the level it announced in the third quarter — bringing its total loss reserves to a level equal to about 1.55 percent of its total portfolio of outstanding loans.
The size of the loss reserve increase caught Jim Bradshaw, a banking industry analyst with D.A. Davidson in Portland, by surprise. Still, he said he thinks the announcement may help slide a floor under the bank’s falling stock price since investors may be convinced that most of the bank’s worst potential news is now out in the open.
“We finally got what we’ve been looking for — a big loss that we anticipated would be out there,” Bradshaw said, adding that he figures the bank’s reserves should now be large enough to cover most of the actual losses it might face during the next four quarters, barring a deeper downturn in the local real estate markets or in the general economy. “Now that we know how big it’s going to be, it takes away some of the fear of the unknown.”
Cascade Bancorp CEO Patricia Moss said in a written statement that the bank remains solid, despite a residential real estate market that “has worsened in the past quarter, putting increased pressure on cash flows of developers and builders of new homes and subdivisions.”
Moss added, “While we are disappointed in reporting this action, we feel strongly that it is prudent to be assertive in recognizing the heightened risk in this segment of our portfolio. Despite the immediate cost of these steps, Cascade remains a solidly profitable and well-capitalized institution serving some of the best growth markets in the nation.”
The bank’s business is concentrated largely in Central Oregon, although recent expansions and acquisitions have projected its reach into southwestern Oregon and the Boise, Idaho, area.
Cascade Bancorp stock has dropped from more than $30 per share at the beginning of 2007 to its closing price of $13.26 Thursday in Nasdaq trading.
It briefly traded at a 52-week low Thursday afternoon at $13.07 per share before bouncing back at the market’s close.
Thursdays announcement, released in advance of the bank’s announcement of its full fourth-quarter results, marked the first time in Bradshaw’s 13-year experience in covering the company that it has issued a pre-announcement to its quarterly report.
He said he expects other regional and community banks to announce similar increases in their loss reserves as the depth of the real estate downturn continues to work its way through the system and bank executives take steps to encase more of the bad news in their 2007 numbers.
Along with the increase in its loss reserves, Cascade Bancorp reported that its total level of nonperforming loans has risen to $41 million, or about 2 percent of total loans, up from 0.16 percent a year ago.
The company’s release projected final 2007 earnings of $35.2 million, or $1.23 per diluted share, about flat with 2006. Its final year-end report is expected to be released Jan. 23.
Despite the rough residential real estate market, Bradshaw said the bank’s other market segments, including commercial lending and commercial real estate lending, remained strong. Given the strong long-term growth trends in its geographic markets, he said he expects its strong financial growth to return as well, although D.A. Davidson is maintaining a neutral rating on its stock at the current price.
“Cascade Bancorp has always been in the top 10 of banks in terms of performance,” Bradshaw said. “Although they won’t be there this year, I fully expect they’ll be back there in 2008 or 2009. They’ve always been a good, solid company in good, solid markets.”
I assume this piece is a well-written farce. $10 million mansions? Where?
I believe it's an article from an Aspen paper with "Bend," "Deschutes County" and "Bachelor" pasted in.
The fact that someone takes it as farce, well, I guess that shows just how far Aspen is out of Bend's league, rich people-wise, right?
True, it's been a while since anyone's publicly made the embarrassing, annoying "Bend is the new Aspen" comparison.
Re: Note, the complete fucking silence of the BULL & SORE....
Read the Business section today.
This is a minor annoyance, but ... If you're gonna bitch about what's NOT in the paper, why don't you read what IS?
Sorry Patty Moss, get your resume ready, you & CACB go on the RIP board.
In the "real world," of course, Patty Moss would be looking for work. If I were a major (or even minor) Cascade Bancorp stockholder I'd be angry. Losing 66% of the company's value in less than a year is a pretty big fuckup, but Moss & Co. haven't even bothered to make excuses, let alone take responsibility. Just the same old, predictable optimistic press releases. But that seems to be working fine on CACB investors.
Not sure why members of Moss's team were allowed to pay themselves so well on CACB stock's rise to $34/share. The element of skill was obviously not the major factor - it was a pure luck, ride-the-wave play. The Moss team has shown no storm-weathering ability whatsoever.
What have they done, really? Their smart gamble was to double down early on local builders and developers before out-of-area banks would. But since then Bank of the Cascade's strategy has consisted of buying a bank in Boise, a market that proved to be even bustier than Central Oregon. That wasn't a good investment, and in their 3Q report they had to report that their Idaho unit was doing even worse than the rest of Bank of the Cascades.
Since it's become clear that Bank of the Cascades' home market is a poster-boy for the real estate market turning to shit, they've just grinned and issued ridiculous sunny-Jim press releases while their company lost 2/3 of its value.
Oh, and they've also been issuing dividends. Basically acting like everything's OK, perfectly fine, just don't mention that investors are, incidentally, getting hosed on a stock price that's dropping like a rock.
Bank of the Cascade's NPLs are going to continue to snowball, and Moss and her team know it. If I were a CACB stockholder, I'd want the bank's executives to be clear and proactive about what they're doing about it.
Moss will just point to WM and Umpqua and Columbia and Pacific Continental. They all have sucked. They all played the same dumb-ass game, because their shareholders would have bitched if they didn't.
Read the Business section today.
This is a minor annoyance, but ... If you're gonna bitch about what's NOT in the paper, why don't you read what IS?
*
BULL apologist, why has there NOT been one mention in the BULL about the Freidman's armed gaurds at the INNof7thMTN meeting? Why has there not been one mention of Freidmans refusal to show the books to the condo owners? Why?
The BULL article today on CACB tells us nothing that the original Reuters News released yesterday told us.
They all played the same dumb-ass game, because their shareholders would have bitched if they didn't.
*
Yes, but rather than BUYING stock you could have just bought BEND RE, and made the same play.
Or was liquidity important?
Now its the long ride down like 2001 High-Tech implosion, hold on to your CMGI, and ... and watch it go to near zero, I'm referring to Bend Real-Estate.
CACB was a pure bend play with liquidity, but the real players, e.g. mutual funds, got out last spring. Who in the hell holds CACB now? Most likely insiders.
Also regarding the person who asked what they're doing for share-holders, don't you all remember a few months ago "BUYBACKS".
I can guarantee that the reason CACB isn't down 80% like WAMU is 'buybacks'.
“Cascade Bancorp has always been in the top 10 of banks in terms of performance,” Bradshaw said. “Although they won’t be there this year, I fully expect they’ll be back there in 2008 or 2009. They’ve always been a good, solid company in good, solid markets.”
*
Top Ten compared to what? La-Pines?
Many of our Top Ten USA national banks aren't even going to survive the subprime-meltdown.
To suggest that CACB is of the top-end, is hardly comforting even if it were true.
CACB will simply go back trading where it did from 91 to 99, about $2-4/share, eventually someone may buy it for market access in the recovery of 2012, most likely a foreign investor, for penny's on the dollar.
Many posts back I predicted a recession for 3Q. I'm revising that to say we're in one NOW.
They all played the same dumb-ass game, because their shareholders would have bitched if they didn't.
*
"We the share-holders of CACB demand that they lose all of our money. We demand that they offer loans to anyone with a breath, exclusively in central oregon. We demand that they build commercial shell's with no intention of every leasing the shells. We demand that they offer a condo loan to anyone. We demand that they help brand Bend as the #1 resort in the world"
Ok, ok, we'll do as you wish.
>>Who in the hell holds CACB now? Most likely insiders.
Even worse than the shares are the stock options. If you think the stocks has fallen hard, you can bet the employee stock options have fallen harder. All the dreams of having Sally Heatherton help them choose Highlands at Broken Top homes have collapsed into maybe picking up a share of a dilapidated Inn at 7th Mountain condo.
Cascade Bancorp "neutral," target price reduced
Friday, January 04, 2008 4:41:56 AM ET
D.A. Davidson & Co.
NEW YORK, January 4 (newratings.com) - Analysts at DA Davidson reiterate their "neutral" rating on Cascade Bancorp (CACB.NAS), while reducing their estimates for the company. The 12-18 month target price has been reduced from $18 to $14.
In a research note published this morning, the analysts mention that the company has pre-announced its 4Q EPS significantly short of the estimates due to a higher-than-anticipated loan loss provision, weak loan growth and higher-than-expected NIM contraction. Cascade Bancorp’s loan loss provision was higher than expected due to a significant rise in NPAs, the analyst adds. The EPS estimates for 2007 and 2008 have been reduced from $1.38 to $1.23 and from $1.45 to $1.24, respectively.
All the dreams of having Sally Heatherton help them choose Highlands at Broken Top homes have collapsed into maybe picking up a share of a dilapidated Inn at 7th Mountain condo.
*
Hell this means they could end up at Awbrey Butt with Dick Borgman CEO of Les Schwab.
Last time when the Pape ( 2005 ) raised the INNof7 condos from $50/mo to $1k/mo, the prices fell from $180k to $30k. When he sent out the letters in Nov 07, demand payment of $120k/unit, the prices should have collapsed again, but because he was SO BUSY buying them himself the prices actually went up!
Watch closely, in the coming days when Pape is done "BUYING" units, and once again, they'll drop like a rock, except this time for $30k/unit ( or less ), you'll also get a $120k lien.
CACB exec's will make their move on the INNof7MTN condos, as they'll see the liens as opportunity to lose even more money. These folks love to lose money.
>>Watch closely, in the coming days when Pape is done "BUYING" units, and once again, they'll drop like a rock, except this time for $30k/unit ( or less ), you'll also get a $120k lien.
I'd love to make a lowball offer of NEGATIVE $100k. See if they try to negotiate me up to -$90k.
I'd love to make a lowball offer of NEGATIVE $100k. See if they try to negotiate me up to -$90k. - t
*
Ouch, your going to 'invest' $10k, so you can buy -$90K in debt. That's something that you expect a CACB exec to do.
Haven't you learned anything from this group? Are you going to be a renter forever??
I was thinking there would be a zero percent chance that the offer would be accepted. Do you really think someone would pay $100k to have their condo taken from them?
Who knows, maybe one of them really would.
Brasada called 'heaven on earth'
Club at Brasada Canyons Delivers Drama in Central Oregon
Central Oregon and the Pacific Northwest, in general, stand as two of the nation's most active course development regions. A prime subsection of that area is Central Oregon, where the Club at Brasada Canyons is the centerpiece of the new Brasada Ranch. Laid out by Jacobsen Hardy Golf Course Design and opened this fall, the Club at Brasada Canyons debuts as the only desert-style layout on this arid plateau.
Jacobsen Hardy made the most of the site, routing 18 holes in, across and along the edges of a network of canyons to offer broad panoramas of the Cascade Mountain Range. Brasada's 80-foot-high wooden golf cart trestle - which delivers players back to the clubhouse and serves as backdrop to the par-5 finishing hole - is one of the more stunning manmade touches.
"There's so much to see during a round at Brasada, it's such a feast for the eyes, that we had to make some strategic decisions about when to create visual drama and when to simply get out of the way," said Peter Jacobsen, a partner with Jim Hardy in Houston-based Jacobsen Hardy Golf Course Design. "The creative part of our design here was mainly a matter of routing. There are three basic types of holes at Brasada: those that play in the canyons themselves; those that play along their edges at elevation; and those that play off the edges, either into the canyons below or across them to another edge.
"It's unbelievably dramatic, nearly a mountain golf experience with all the elevation change - but very high desert in terms of the surrounding vegetation, which is unique to central Oregon. When we first arrived on site, it struck us all as being similar to Desert Mountain, in Scottsdale, but with juniper in place of the cactus. It's a singular golf environment, and the course we created here accentuates every bit of it."
Brasada's opening holes quickly take golfers into the experience: The par-5 1st snakes along a gently rising canyon floor; the par-4 2nd plays along a broad ridge-top to a green seemingly perched at land's end; the par-4 3rd drops precipitously from a ridge back down into a canyon, while the par-3 4th stretches from the edge of one ridge, across a canyon to another ridge.
"If you think hard on it, golf courses rarely offer so many hole templates that are so very distinct," said Jim Hardy. "The great courses have two or three environments or 'looks', and the remaining holes are variations on those themes. At Brasada Canyons, we had three or four themes - and the sheer variety of resulting holes is quite striking.
"Folks have latched onto the 15th" - a drivable par-4 across a canyon in full view of the Cascades - "but the 9th might be our favorite hole out there. It's 499 from the tips, a par-4. You play across a baranca, to a hugely generous landing area. There is no fairway bunkering - there is no need for it when you consider the natural roll of the terrain. The green sits out at the terminus of this ridgeline with the white-capped mountains as a backdrop. Just stunning."
Housing never intrudes on the 7,328-yard course. Rex VanHoose, Jacobsen Hardy senior vice president/managing architect, notes that his firm was given an extremely wide berth in laying out Brasada Canyons. "The fairways at Brasada are extraordinarily wide for a whole host of reasons - because we were given a free hand by the developers, because the wind can really howl up there, and because holes framed by canyon walls tend to look narrow, even when they aren't.
"Combating that optical illusion was an aesthetic decision, but we had another reason for this width: Fairways on a grand scale fit the character of this property. With so many 360-degree views of the valley floor, with so many holes looking across at Mt. Jefferson, Three Sisters, Broken Top and Mt. Bachelor, we wanted the golf course to have its own sense of grandeur."
About Brasada Ranch
Brasada Ranch is located in the village of Powell Butte, 13 miles from Roberts Field in Redmond (RDM), with its daily direct flights to Portland, Seattle, Salt Lake City, San Francisco and Los Angeles. Portland is 150 miles to the northwest and Bend is 16 miles to the south. The resort development at Brasada Ranch (www.brasada.com) was developed as an "intelligent" community. Oregon Electric Group has run fiber optics to every home site and resort building, enabling four-digit dialing throughout Brasada Ranch. Each residential unit also features a "smart box", allowing all utilities to be monitored and programmed remotely, i.e., from a homeowner's alternate residence.
For this sort of ingenuity, for its salvage and use of wood from an old lumber mill, for the foresight to set aside half of its land as open space, Brasada Ranch was named Community of the Year by "Builder," the magazine of the National Association of Home Builders (NAHB), in the October 2007 issue. Brasada is also the first newly constructed destination resort in the nation to receive a gold rating from the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED). This prestigious LEED certification was given to Brasada Ranch's centerpiece structure, the 8,300-square-foot Discovery Center. In addition, the four other core community buildings are designed to LEED silver and gold standards.
No, timmy the way its works, is most of these people paid $30k for their condo, in the last 2-3 years. Thus they would just 'walk', and then the condo's would go to Pape who holds the lien. Then Pape could waive the lien, and then turn around and sell the condo, or retain it for majority control of the resort.
The above scenario, assumes that Pape wins the $120k/condo assessment in court.
RE: Brasada Ranch
Holy shit. I hope they got gates on it like Pronghorn...Powell Butte "village" (hahahaha) is redneck central! Good luck selling that shithole in the desert. Windy as fuck out there too.
"Windy as fuck out there too."
----
Its windy wherever you be, especially after all those burritos you been chowing down on.
The CONDO SCREW - Nov 2003, Pape Buys INNof7
Promises the world, sells 1/6 shares, and promises to spend $20M on the ice-rink.
***
Inn of the Seventh Mountain Launches Fractional Ownership
Closest Lodging to Mt. Bachelor Ski Area Introduces New Luxury Condominiums, Services and Amenities
Press Release: Inn of the Seventh Mountain
November 27, 2003
BEND, OR -- At the foot of Mt. Bachelor (the ski Shangri la of the Cascade Mountains with 10 chair lifts, an Olympic "super-pipe" and 3,683 skiable acres) the venerable Inn of the Seventh Mountain is now offering a once-in-a-lifetime chance to be part owner of their dreamy mountain resort.
The Inn of the Seventh Mountain, located on the Deschutes River, is launching fractional ownership of their luxury resort condominiums. Long regarded as one of the best year-round retreats in the Pacific Northwest even before the planned $20 million in renovations to the condominiums and core facility, The Inn of the Seventh Mountain is set to thrive with the new shared-ownership opportunities and a mountain resort lifestyle to suit any outdoor enthusiast.
The stewardship of INNspired LLC, an Oregon Limited Liability Corporation co-owned by Douglas Cochrane & Associates LLC and Pape' Properties, Inc, coupled with the innovative management company Fandango Resorts (www.fandangoresorts.com), has given The Inn of the Seventh Mountain a very bright future. Fandango specializes in the programming and management of upscale, full-service boutique condominium resorts, hotels and private residence clubs.
"We are offering families a different type of resort facility to invest in -- one that has the authentic charm of Central Oregon, the comfort of a first-class mountain residence, and the convenience of being located closest to Mt. Bachelor with a full service, year-round staff. And all of this, at the most attractive price point in Bend," states the resort's Anne McDonald, Director of Sales and Marketing -- Real Estate.
The Inn of the Seventh Mountain is one of Oregon's most visually spectacular destination resorts for families, just minutes from Mt. Bachelor and downtown Bend and three driving hours southeast of Portland. A popular, year-round resort, the Inn's condominiums fit a wide range of configurations and vary in size from one- to three-bedrooms.
On November 1, 2003, The Inn of the Seventh Mountain launched Limited Priority Reservations for fractional ownership of its renovated condominiums, which has proved to be a resounding success. Because of its proximity to Mt. Bachelor and reputation as an outstanding family destination, fractional ownership of a condominium at The Inn of the Seventh Mountain is the best value in the Pacific Northwest. A $1,000 fully refundable deposit secures a reservation to purchase a residence at Inn of the Seventh Mountain, from a minimum of 1/6th of a unit up to six shares or more.
These reservations are being held on a first-come, first-serve basis, and prices will increase at the start of 2004. Being a reservation holder offers best available selection of your desired condominium, pre-public release pricing, and charter membership of The InnerCircle (limited to the first 30 reservation holders). One of the amenities of The InnerCircle membership includes a 2003/2004 season pass to Mt. Bachelor (with a bonafide purchase and sales agreement). Utah-based Fandango Resorts will be the resort management firm, offering a host of advantages in its rental program including a full-time Director of Owner Relations.
For more information on real estate sales, call the Inn toll-free at 1-800-452-6810 or visit the Web site at www.seventhmountain.com.
2008 the Condo Screw today in Heaven.
***
SEVENTH MOUNTAIN RESORT’S FOUR-SEASON PLAYGROUND IS
A CENTRAL OREGON GEM
Seventh Mountain Resort, a luxury golf, ski, and outdoor recreation destination
near Bend, Ore., has long-been one of Central Oregon’s most-desired vacation spots.
Built in 1971 as the Inn of the Seventh Mountain, the resort was touted as the area’s only
ski lodge. In fact, it still remains the closest lodging to Mt. Bachelor, 14 miles up the
road. Located in what was then a quiet mountain town, Seventh Mountain grew with the
times and is now truly a world-class resort.
Perfectly situated on the Deschutes River, Seventh Mountain Resort
(www.seventhmountain.com) is managed by Premier Resorts, a leading resort
condominium management company based in Park City, Utah. Seventh Mountain
underwent a multi-million dollar renovation in 2005 that included an overhaul of most of
the resort’s 181-units, and creation of a new check-in building tastefully adorned in stone,
Page 2
Seventh Mountain Resort backgrounder
2
wood and glass. Other notable changes include an expanded ice-skating rink, redesigned
swimming pool, a pub and outdoor fire pit, and fitness center.
Renovations also include the new Seasons Restaurant featuring Pacific Northwest
cuisine (think wild Oregon Coast Dungeness crab paired with an avocado mousse),
prepared by executive chef Scott Byers. Seasons has a cozy, yet upscale dining room
featuring fireplaces, and a wrap-around deck perfect for viewing Oregon’s wild and
captivating scenery.
By 2008, future development will add a 40-unit condominium hotel and 60 luxury
townhomes to 17 acres of the resort, taking it to the edge of the Widgi Creek golf course.
According to Jim Kenny, general manager, the planned development would further
enhance the commercial improvements already made at Seventh Mountain Resort.
Nearby Fun
Summer guests can take advantage of opportunities to swim, golf, bike, play
tennis, fly fish, whitewater raft, enjoy float trips, rent a canoe or hit the trails on
horseback with Seventh Mountain Stables.
What’s more, next door is the 18-hole Widgi Creek Golf Club, one of Central
Oregon’s finest golf courses.
The four court tennis facility is directed by Steve Vaughan, U.S. Professional
Tennis Association certified instructor, and Pacific Northwest USPTA 2002 Coach Of
The Year.
In winter, besides skiing at Mt. Bachelor, guests can also snowmobile, cross-
country ski, swim in heated pools or ice skate. Local attractions include the nearby High
Desert Museum with exhibits about the region’s colorful history, culture, arts, and
wildlife; climbing at Smith Rock State Park; and dozens of high lakes and mountains to
explore.
High Altitude Meetings
The new 15,000 sq. ft. conference center, also completed in 2005, is the
centerpiece of the resort’s recent transformation. The meeting facility can accommodate
up to 400 attendees, and smaller group meetings can be housed in seven individual break-
out rooms. Every meeting room offers high-speed wireless Internet access and the latest
audiovisual equipment.
Page 3
Seventh Mountain Resort backgrounder
3
Additional new meeting and event amenities include a 3,600 sq. ft. ballroom and a
5,500 sq. ft. outdoor tent for special functions in rain or shine on the resort’s campus-like
setting. Several outdoor lawns have accommodated events of 1,000 attendees for car
shows, weddings or concerts.
Own a Piece of Heaven
Seventh Mountain Resort is offering shared ownership opportunities that allow
vacationers to own a piece of Seventh heaven. Fractional one-sixth condominiums
provide each owner with eight weeks of use, with all the amenities and benefits of the
resort experience.
For reservations or for more information visit www.seventhmountain.com or call
800 452 6810.
Seventh Mountain Resort is managed by Premier Resorts, the leading resort
condominium management company based in Park City, Utah. Premier Resorts has an
inventory of over 7,000 rooms in resort locations in So. Lake Tahoe, Calif.; Breckenridge
and Vail, Colo.; Kauai (Whalers Cove); Maui (Kahana Sunset, Maui Beach House); Sun
Valley, Id.; Bend, Ore.; Park City, Utah; North Myrtle Beach, S.C.; San Juan Islands,
Wash.; and Los Cabos, Mexico. It is headquartered at 1375 Deer Valley Dr. So., Park
City, Utah 84060; 800 882 4754; www.premier-resorts.com.
Consequently the owners don't want to pay for the upkeep necessary. Now a few years ago you had one bedroom condo's there going for 20k because the future was uncertain, including the repairs. - rdc
*
Consequently the owners don't want to pay for the upkeep necessary.
[ The owners agreed to the increase on HOA from $50/mo to $1k/mo a couple years ago, because that money was to go to a reserve fund, managed by Mayor Freidman of Bend. The work didn't get done and the HOA owners demanded to see "Freidmans" books ( cascade-bookkeeping ), thats when pape sent out nov 07, $120k Lien notice. ]
Now a few years ago you had one bedroom condo's there going for 20k because the future was uncertain, including the repairs.
[ The reason that the value of the condos dropped from $180k to $20k, was that Pape through Freidman raised the monthly HOA's from $50/mo to $1k/mo, dozens of owners "SOLD" their condo, as they knew for $1k/mo they could buy a house, and pay payments. The drop in price was NOT because of uncertainty, is was PLANNED THEFT. Pape knew if they jacked up the HOA's astronomical, that dozens of owners would dump the condo's for SHIT, and PAPE bought a bunch for penny's on the dollar. ]
Today, those that are fighting PAPE are those that actually believed that the Freidman/Pape $1k/mo was going to a reserve fund to re-roof, and re-side the condos. Most of people who kept their condo and didn't sell had already re-modeled their condo and money in it, that's why they stayed to fight.
Today we askd "Where is the money" To date Mayor Freidman of Bend, refuses to show the books. Recently the new board fired Freidman and Telfer's company ( cascade bookkeeping ), for refusing to show the books.
"Follow the Money", this is going to get ugly, this isn't about the $120k lien, this is about the $1k/mo HOA's fee's and where they went, and many people believe a lot of it went to Bend Mayor Freidman.
Does anyone notice that the only people that Homer ever has the balls to insult is women.
Homer is a fucking Misogynist pure and simply, its always Becky Breeze, and Patty Moss.
Homer hates fucking women that make more money than he does.
Does anyone notice that the only people that Homer ever has the balls to insult is women.
***
So does that mean you are calling Randy Sebastian a women? Because I'm pretty sure he's insulted that bitch in the past and probably in the future.
Is Randy Sebastian a Woman?
'It' must be because Homer only rants about women that make more money than him.
"I don't know why the banks had to find new ways to lose money when the old ones were working so well."
-Wells Fargo CEO John Stumpf, as quoted by Warren Buffett
Homer,
I have an idea, given that you like to do story's about Bend's "Good Women, Gone Bad", ...
Chris Telfer is the only uncontested candidate, running for the Council ...
Ms. Telfer is your kind of women, nobody even ran against her, knowing that she was Mayor Friedmans 'right hand man'. These two birds run 'Cascade Bookkeeping", managing all the HOA condo money in a city that eats, breathes, shits, ... CONDO's.
Want to build a condo in Bend? or Condo Complex who do you choose to do your 'books'?? Slam-Dunk, ...
Have at it ... This story has everything, sleaze, condo's, and best of all babes, bend babes, the sweetest babes on the west coast, the babes that made Bend #1 in PR & marketing.
Would someone explain to me why there are SO MANY homes for sale in the Bend area?. I have been looking at the Craigs List and the tncrealty page and cannot believe why there is such a huge inventory.Are all these people moving out of town or are these the "flippers".Is there a mass migration out of the area - why are there so many homes for sale in January.
Why so much inventory now? Simple. The inventory you see now (and a lot more that's still "hidden") has been there all along, but hidden as Real Estate Dark Matter.
Plenty of the inventory was taken off the visible market in late fall and early winter. There are houses in the MLS with no signs and houses with signs that are not in the MLS. Any combination of marketing and stealth you can think of is happening. Look at the COR website at each neighborhood. Is the cheapest house in the neighborhood listed? Not necessarily.
Sellers and Realtors don't know what the fuck to do. It's called "foundering."
I had predicted that "spring" would start in February, but perhaps to a desperate seller, January is the fashionable definition of the beginning of spring 2008.
As bad as you think it looks, it's worse.
Last year, if you offered 20% less than list price, you were spat upon. This year, you'll be awarded with the seller's youngest daughter.
Thank you timothy for addressing my question.I'm not sure I still completely understand but it's clear that you have WAY more inventory than similar cities Eugene/Salem.
I guess my question is: why is there so much overdevelopment in Bend as opposed to Salem/Eugene. All these places have equity refugees. They are all an escape from California. They are all subject to the same land use laws. Why was Bend overbuilt so much dramatically more? Why did Bend prices go so much higher than Eugene/Salem prices?
All these places have equity refugees. They are all an escape from California.
Take ours... PLEASE!
Bend is sold to Californians as a resort. What's Eugene supposed to say?
Bend: "Ski, hike, bike!"
Eugene: "You'll be glad to get 8 months of drizzle after 4 months of allergies."
I think it's because everyone here is new. We've quadrupled in size in a short time.
There doesn't seem to be any historical perspective. People looked around and saw everyone else building, so they started building. They looked around and saw everyone else opening businesses, so they opened a business.
But the only base industry we still have left, really, is tourism. Which historically is a minimum wage job.
So, now that the building boom is over, you've got all these newcomers looking around and saying, "What now?"
So, there are going to be plenty of waiter and store clerk and dishwashing jobs around, but if not that, what?
Oh, yeah. Put my extra house on sale, or even my primary house. The party is over.
So I think the building industry just took on a life of it's own, justified by it's own success.
It's continuing, somewhat, in the commercial area.
And yet, what are the industries? Tourism, and I believe we've become a retirement community, another industry that is famous for not spending large amounts of money.
There will be rich enclaves that will continue to do will, just like in California, you can have Silicon Valley doing extremely well, while only 50 miles away there is a subprime morass.
Bend is going to have places that do will, like Downtown, and all the rest. Which isn't a healthy thing to have happen.
I think they were trying to spread the 'rich' part into other parts of town, most notably in the Westside, but I don't think they got established enough, and will fall through.
So we'll have lots of new retail buildings, without tenants, office buildings without office workers, resturants without diners.
At the SAME time some high-end resturants are going to do really well.
Haves and have-nots.
Why was Bend overbuilt so much dramatically more?
*
The question is "Why was Bend the #1 over-valued RE in 05,06,07??
The answer is OUR city-hall spent millions marketing Bend as #1 resort in the world, and subsidized developers by waiving actual SDC cost. So we got over-built, and over-valued.
Next question?
Sellers and Realtors don't know what the fuck to do. It's called "foundering."
*
It's called "real estate paralyis", common in 1932, read the "great depression" by mcElvaine, theres a whole chapter on REP.
In a gist sellers wouldn't sell at a lower price, and buyers wouldn't buy, after a few years it all collapsed to ZERO. Eventuall REP gives, and when it does, there generally is no bottom, because by that time, banks don't loan.
*
There seems to be a silly question here today, how come so much inventory, how come Salem isn't like Bend.
Pure & simple Salem isn't ran by a bunch of developer's, builder's, and Grifters like Bend.
Inventory?
Prineville and Madras - 30year of inventory.
Redmond 15yrs
Bend - ?? nobody knows somewhere between 15-30 years of inventory, at current sales, if they stopped building today
*
The reason? Everyone was buying four houses because the could.
Horses founder when they are gluttonus and over eat.
Bend is floundering...like the fish.
The problem with inventory is that tooo many people that had big buck in their sights bought more than one flipper house and many of those were RE folks, as evidenced by the NOD's of record. Wait til the LV squatters move in. 1810 Res. listings in Bend/Redmond and 730 are vacant. Can't rent em, can't sell em. 74 sold in Bend in Dec for a Med of 365k. Has to actually drop before anyone can buy here again. And why not wait? 50-60k off sometime this year is worth the wait. NO?
why not wait? 50-60k off sometime this year is worth the wait. NO?
*
Sure you wait 2 years, and you can get your self a mcMansion out east of SE27th, in an empty tract of meth-labs, but then what? Better buy lots of double-OO buck, because you'll need it.
Sure in two years, if you wait, there will be all kinds of deals in Siberian Bend, but nobody will be wanting to live there, so what kind of deal is that? You might be the last sucker that pays $120k for one, before the burn it all down.
Someone posted over on BendBB that Dec 2006 sales were 74 residential vs 131 in Dec 2006, down 43%.
Holy Fuckin Crap.
The problem with inventory is that tooo many people that had big buck in their sights bought more than one flipper house and many of those were RE folks
*
Hell retards were buying 4 per person, and 2 or 3 in Madras and Redmond,
Your realtor, there are over 2k of them fish, they bought dozens, some built condo hotels, ... It was supposed to come back in 2005, it didn't it was supposed to come back in 2006, it didn't is was supposed to come back in 2007, it didn't.
Now they're saying its NOT going to come back in 2008.
Are they done bleeding yet?
Shit the smart thing to do as a bank, is to keep the fish on the hook as long as you can, cuz this shit ain't selling, so keep up the promises and faith, so the MTG payments keep being sent.
Bend was always about good money chasing bad deals.
Soon everyone in Bend will be getting fucked like the folks at the INNof7MTN, why? Because they're all sitting on HOA's, and the developer needs cash.
Beware, if your sitting in a Bend condo, or own a Bend condo, prepare to get fucked, like you can't imagine.
Imagine? Well at least most of the folks at INNof7MTN, could walk away, because the liens were more than they paid, and most were paid off, but in Bend, you have 1,000's of condos that are under-water, and and the developer's need cash NOW.
The big Bend fuck is coming for all.
Where will it be safe? No where in Bend.
That's over 18 months of inventory.
Watch for Bulletin damage control... well, more damage control than we've already seen. Which is Day 256 of 24/7 Damage Control.
Dec 2006 sales were 74 residential vs 131 in Dec 2006
Uhhhhhh... that's 74 sales last month, Dec 2007. duh.
That's 18 months inventory vs 8 months in Dec 2006.
We're screwed.
Someone posted over on BendBB that Dec 2006 sales were 74 residential vs 131 in Dec 2006, down 43%.
Holy Fuckin Crap.
*
Zeeroh is just around da corner, this shit is linear, anybody graphing the slope? I don't believe in charting, but in this case, the slope has been linear all along.
This is the problem with predicting Bend inventory, we used to have MLS & dark-matter about 3,000 homes for sale, soon @ 50/mo it will be 60 years of inventory. Ahhh I love Bend.
Keep building them fucking condo's, and make sure Friedman & Telfer get to collect the monthly HOA's cuz, thats your insurance in this MOB town.
We're screwed. - homer
*
Bend has always been screwed, you yourself have pointed out many a time, that a guy who walks in this town with a wallet is screwed form day one, and its only a matter of time before he leaves without his wallet.
Dec 2006 sales were 74 residential vs 131 in Dec 2006
*
What's the current building permit?? Isn't it higher than that, even though it down?
Also the foreclosure is over a 100/mo now, you got to add that in,
They're bringing over a 100/mo online, they're foreclosing over a 100/mo, and soon they'll be selling less than 50/mo,
Then there is the MLS & dark matter & FBSO which is probably 5,000 homes in Bend alone. Then toss in a few 1,000 of the developer shit that can't be sold. There's probably 10,000 homes in Bend that would like to fucking SELL!
Don't worry the cali's are coming with lots of money.
There's probably 10,000 homes in Bend
That's nothing! In the smokin hot Madras & Priney markets, where they can sometimes blow out 3 homes a month, they are planning over 10,000. And not skanky Siberian desert crap, but real cardboard box pieces of shit at 200% of current medians in those towns.
Don't forget the Grand-daddy of them all! Ashwood, OR population 123, is planning 5,000 homes! That's a mere 41 homes per person, so actually Bend is really in great shape compared to that!
And as the Bulletin will tell you, companies are SCRAMBLING to move to Bend, becasue our rock-bottom cost of living. I wonder if they're talking about the fact that CACB shares have been cut in half in the last 3 months? It IS cheaper to own shares here now.
And as the Bulletin will tell you, companies are SCRAMBLING to move to Bend, becasue our rock-bottom cost of living
*
Brooks Resource just got a 900 unit low income housing project approved in the heart of NWXC. Good things are coming, plenty of inexpensive housing.
Duncan, Suggests that the rich are still coming to Bend, but I don't think so, the only explicit marketing now is for 1/6 share condo's at INNof7thMTN, and as we know this is PURE-WHITE trash play. Nobody buys time-shares, but morons, thus MORONS are the people that the BULL & SORE are marketing Bend as the #1 resort.
***
Own a Piece of Heaven
Seventh Mountain Resort is offering shared ownership opportunities that allow
vacationers to own a piece of Seventh heaven. Fractional one-sixth condominiums
provide each owner with eight weeks of use, with all the amenities and benefits of the
resort experience.
For reservations or for more information visit www.seventhmountain.com or call
800 452 6810.
Seventh Mountain Resort is managed by Premier Resorts, the leading resort
condominium management company based in Park City, Utah.
> And as the Bulletin will tell you, companies are SCRAMBLING to move to Bend, because our rock-bottom cost of living.
*
Wasn't that one f'd up article? My favorite part was the lady who moved here (who has slave labor in China manufacture her Chinese dogshit) complain about not being able to find reliable help. Uhhhh, not at the wages you're likely paying sweet cheeks! I'm guessing $7/hr MAX to stuff dog collars in mailers and ship them. Good gig for her I bet.....but please don't keep deluding yourself thinking that you're doing anyone a favor with shit-wages.
And all the execs who are moving their companies here like its some great business move. I about split my sides laughing so hard. I hope they're privately held...try selling Central Oregon to their stockholders with a straight face! It's all personal for them....the execs WANT to live in the #1 resort destination in the west. They will soon have their hand out like PVPowered....looking for a tax payer handout to "stay around" cuz doing business in the middle of a desert SUX!
>>Hell retards were buying 4 per person...
Hell yeah. If you go to foreclosure.com and sort the preforeclosures by name, you'll see a LOT of formerly brilliant "investors" chalking up multiple NODs and NTSs.
The more 100% loans they took out, the richer they got.
Until the day it all stopped.
What I wonder is this. If you "own" 25 houses in Bend, and all of the sudden you're late on 5, is it even POSSIBLE to stop somewhere short of losing them all?
After watching Casey Serin and "Jeff" on the SDCIA board, I kind of doubt it. Serin lost them all. "Jeff"? Well, who knows, but the last we heard from him he was puking in the shower by his own admission, thanks to a couple Cape Coral Florida houses.
Too bad none of our Bend multi-losers have taken up blogging to help put a human face on the farce of Bend Real Estate.
>>Horses founder when they are gluttonus and over eat.
Heh. Figures that in Central Oregon someone would say that. That's something like the 4th definition of founder.
I've never been fond of horses. They are just fast-moving less-tasty cows to me.
But the idea of a Realtor stumbling around like an overfed horse does tickle me, I admit.
Get your typo's correct...the stats were for Dec 07 not 06. Last units sold close to that were 98?... with Med at 180+-k when it was close to "affordable". Affordable was 92 at around 110k average.
Ya'all, I would really like to swear about now..like say.."fuck for real" what has happened to Bend. I have sold RE for years and have always been conflicted. Duh!!
I also wanted to close the gate. Then all these really great people in the early 90's wanted to move here. They were cool and running from LA to Santa Barbara to Solvang to Bend. But I don't want to live in Bend, CA.. I want the old Bend back...Where I bottle fed many of the calves..replaced the rear end in my truck, myself..since I couldn't pay for it..the paint was flaking off my house on 65 acres and the fireplace didn't heat worth a shit no matter how much wood I put in it. Have to admit..they were some of the best days of my life. Looking forward to doing it again. We will all need to.
Hey Paul-doh,
I have an intriguing proposition for you regarding the situation unfolding at the Inn at the Seventh Mountain. Please e-mail me at your earliest convenience. Since the BULL and KTVZ are unwilling to distribute anything credible regarding the dispute, this blog could be an excellent avenue for that to occur. Let's just say a board member is willing to divulge the truth...
E-mail me at jeffgilbertson@hotmail.com.
Thanks.
Would someone explain to me why there are SO MANY homes for sale in the Bend area?. I have been looking at the Craigs List and the tncrealty page and cannot believe why there is such a huge inventory.Are all these people moving out of town or are these the "flippers".Is there a mass migration out of the area - why are there so many homes for sale in January.
I do think there is a large number of people who work in portable fields who are taking steps to get out. But remember that Bend has a homeownership rate a bit above 70%. That includes a lot of Realtors and people in the construction trades. These working folks have burned through their cash (including refinancings) and their homes represent their only asset, and they'll pretty much have to be kicked out if they can't get their price. Their only options are to sell for more than they owe on the house or to be foreclosed on.
Their only options are to sell for more than they owe on the house or to be foreclosed on. - bem
*
I'm sure it will be the earlier, I have no doubt that they'll sell for more than they own. Yeh, especially with the fact that zero-down, was how they got into the game.
Bem, I don't think enough is said as to "WHY" Bend is the number #1 over-valued 05,06,&07 ( 70%) over for all these years by CCNFN, WHY? There's a reason.
I have an intriguing proposition for you regarding the situation unfolding at the Inn at the Seventh Mountain. - anonymous INNof7
*
All the information by the 'dissidents' is at their website.
http://innof7thmtn.com/
If our person of interest wishes to add info, just dump it here, so it can be validated. You could also send it to bruce his website has his email address ( juniper-ridge-info.blogspot.com ).
If its of interest, bruce will post it,
Your best bet, is to POST all the raw INFO here so we can all tear it apart.
I'm highly skeptical this request for homer's email, as the 'real dissidents' of INNof7, already have a FULL website with the real information, that has BEEN ignored by ALL the media.
Given that over 90% of the 'dissidents' are in Portland, I would also suggest posting any info you have at porthousing.blogspot.com.
The doctor who is running the fight against Pape lives in Forest Grove, and that is where the operation is ran from.
There's an excellent page-one story about 'condos' in today Oregonian, about how before 1970 there were none, and now 100k.
All condo's in up in a fuck. What's interesting is what they leave out.
They make it all sound like a maintenance problem. While really the problem is fraud and malfeasance.
>>Get your typo's correct...
What does that even mean? It's not a typo if it's correct.
I bottle fed many of the calves..the fireplace didn't heat worth a shit no matter how much wood I put in it. Have to admit..they were some of the best days of my life.
*
Your bringing tears to our eyes. yes, those were the good days.
Rock farming, watching the little lichens grow, and scraping the crop for food.
Our realtors and construction workers will so exit enmasse, and all we'll be stuck with is yuppy's that can't fix their own toilet.
Remember all the homes in Bend, built after 2002 are pure crap, there's going to be lots of re-modelling work very soon.
>>Let's just say a board member is willing to divulge the truth...
Old board or new board. :-)
Too bad none of our Bend multi-losers have taken up blogging to help put a human face on the farce of Bend Real Estate.
*
Beautiful people don't blog. This is Aspen, this is the home of Sally Heatherton. People in Bend "DONT AIR THEIR LAUNDRY".
In Bend their will be a silent exit, and note there have already been many suicides, when I was young and folks went broke, that was the most common exit, pa just blew his brains out.
Serin was in the bay-area, ... do you realize that most bend realtors don't even know how to use a computer? Most construction folks the same.
Besides the 'flipper' in Bend was not the flipper in Cali, the Bend flipper is a lard arse golfing SUV Hummer driver, smoking a cigar. Those types of people don't blog.
Blogging is a 'nerd' game, bigger than life people with big fake tits, dicks, hair, and homes & cars, ... They don't have 'time' to blog.
But I don't want to live in Bend, CA.. I want the old Bend back...
*
Lost innocence, the old Bend is never coming back.
Everything will get covered with asphalt and concrete, this is what hap-taylor, knife-river, mike-hollern, bauhofer, homers-williams, ... this is what they do. They got 100's of future politicians in line wanting their own "cascade bookkeeping" monopoly handed to them on a platter, ...
The old Bend will never come back. The new bend is selling fractional time share condo's to cali hair-lips.
They call it 'aspen'.
>>Remember all the homes in Bend, built after 2002 are pure crap, there's going to be lots of remodeling work very soon.
I've seen a couple Realtors I recognize from open houses "moonlighting" in other jobs now. No doubt this is humiliating and painful at first, but it probably feels great to get ANY kind of regular paycheck.
You're thinking the right way. Smart people will get trained to deal with mold (I was amazed to find there's mold in the desert, but there is). They'll learn how to fix walls and floors and mis-installed dishwashers and fireplaces. They'll learn how to add heating ducts to put heat into "bonus rooms" in houses that were rentals, where the owners never bothered to find out if the house was livable before they rented it out.
Also, they'll learn how to get state and local gov't jobs to clean up the untenable mess that's been made of our infrastructure. There will be tons of gov't jobs and some people who service them. Want a great business? Think about starting a high-quality sandwich truck to sell sandwiches to all the crews working around town fixing the mess.
The new nickname of Bend will be "Tax City."
The new nickname of Bend will be "Tax City."
*
Nah, we're going to tax the rich, Mike Hollern, is going to give Bend 100% of his 2001->2005 winnings, which is about $2Billion dollars, exactly what we're short in SDC's.
timothy said...
>>Let's just say a board member is willing to divulge the truth...
Old board or new board. :-)
*
Good call tim, everything that one needs to know has really been posted. At this point Pape's lawyers need to win the public relations game, otherwise they'll get creamed in court.
I have seen a lot of apologists for Pape here and over on BENDBB. Our mystery person, if they had anything, should would just dump it here, that's the way to get information out the widest.
I'm sure some lawyer just wants to manage homer, and by contacting directly can feel him out to their way of thinking.
Pape has fucked himself BIG-TIME on this deal. They should have stayed with their word years ago when they bought INNof7MTN, but who would have guess that the market would go south? That the investment was a terrible fucking mistake??
The folks the press and Pape call's the 'dissidents' will do just fine, they're well connected fine family's in Portland, and they know how to handle white trash that sells BIG-YELLOW equipment just fine.
The thing to really watch in this story is Mayor Friedman, he has everything to lose. Squeaking clean Chris Telfer is being groomed for the next mayor, her hand in the 'cascade bookkeeping' box now tarnishes here, The WHOLE Bend political elite money machine is falling apart before our eyes.
Old-Boy Board: Hair-Lip developers, who own BIG-YELLOW franchise.
New-Boy Board: Influential Portland Jewish, Mac-Club, Jewish Community Center, old establishment.
I have been around Oregon damn near 50 years, and the new board is going to ream these fucking Eugene get-rich quick hair-lips.
The folks the press and Pape call's the 'dissidents' will do just fine, they're well connected fine family's in Portland, and they know how to handle white-trash that leases BIG-YELLOW equipment just fine.
The thing to really watch in this story is Mayor Friedman, he has everything to lose. Squeaky clean Chris Telfer is being groomed for the next mayor, her hand in the 'cascade bookkeeping' box now tarnishes her, The WHOLE Bend political elite money machine is falling apart before our eyes.
Old-Boy Board: Hair-Lip developers, who own BIG-YELLOW franchise.
New-Boy Board: Influential Portland Jewish, Mac-Club/Jewish Community Center, old Portland establishment.
I have been around Oregon damn near 50 years, and the new board is going to ream these fucking Eugene get-rich quick hair-lips.
Don't forget that Pape provides equipment to Knife-River ( hap-taylor ) who destroyed Bend for Mike Hollern ( Brooks ), Mayor Friedman get's a nickel tax off every dollar 1/6 time-share hair-lip condo owners pay for monthly HOA. For over five years it all been a dream scam, and now its going to implode fucking quick.
In a year, Powdrz will have sold or walked from MT-B, and INNof7MTN will have a new owner, ...
Everything in Bend is for sale. It's going go cheap, this is why Powdrz has sold almost all the land, they have already got their money back. This is why Pape put the $17M lien on the condo-owners, it was to be a credit, so he could get his money back, and dump the FUCKING bitch known as INNof7MTN.
Powdrz has almost all their orginal investment back, so they could actually walk today and not lose money. Pape just wanted to get his $20M for upgrading the urine pool from the condo-owners before he bailed, because he sure and the hell isn't going to sell INNof7MTN for what he paid, and the $20M he put in for the new ice-rink & pool, he'll have to eat.
Everything fucking thing in Bend is for sale, ...
Brooks now just got a 900 unit low income apartment housing project approved for NW-Crossing's, all the remaining desert in the project will be apartments, and its all for sale.
Apartments are the future of Bend, ... REITS will now be setup "BEND APARTMENTS" get rich, all the calis that get foreclosed, and don't move have to go somewhere.
*
Homer, its almost time to put INNof7MTN, on your fucking tombstone.
Certainly MT-B will be there soon.
Once Hollern starts putting up his low income APT towers in the heart of NWXC, the place will become a fucking ghetto, ... more tombstones.
>>Brooks now just got a 900 unit low income apartment housing project approved for NW-Crossing's, all the remaining desert in the project will be apartments, and its all for sale.
You keep saying this, and people keep ignoring it. This is VERY important. NW Crossing ground to a halt when its For Sale inventory climbed, and the building it turned to all those overprices condos that no one wanted. Now they are building all those mixed-use living-space-over-commercial that no one wants. And then all those lots went up for sale--bring your own builder, but you still have to follow the rules.
Now it sounds like NW Crossing will get the only thing that might have a chance of filling up--apartments for the newly-defaulted former winners.
What a change in two years. From the lap of luxury, desirability, and superiority to...this.
Re: Inn of the 7th inside info
Yes, I'll post it, especially anything about Freidman. I'm right in the middle of putting together complaints about Capell/Knife River and the abuse of Exec Meetings to send to the Ethics Commission next week.
I also have been in contact with Susan Kimes and through her a couple others on some of the issues.
bewert over at gmail.com
From Innofthe7th Special Meeting minutes
Verification of the Votes – Bill Friedman designated Candace Forseth (phonetic) to tabulate the results. Peter Bours, an existing board member, requested the right to observe the vote and tabulation. Tamara MacLeod, counsel for the existing AUO board would only permit the counsel for the concerned Unit Owners, Peter Hicks to stand in the general vicinity but not see how individual votes are actually cast. Peter Bours was not permitted to observe the vote or the subsequent tabulation.
Reconciliation of the Count - Multiple requests for a explanation of the reconciliation between the proxies delivered to Bill Friedman on Dec 26, 2007 and that of the ballots provided by the Bill Friedman and Tamara MacLeod on the date of the special meeting. No complete and authoritative explanation was provided.
AND from the Minutes of the new boards first meeting:
Along with the removal of Freidman, Cascade Bookkeeping, lawyer Tamara McLeod and her firm from their former positions, there is this interesting little nugget:
Motion Carol O’Neil Bours, second Peter Smith (Passed 8-0)
Jeffrey Kent to fill the vacancy on the Board created by Jack McClennen
Per the AUO bylaws, vacancies are filled by the vote of the Board. Jeff Kent, a retired federal prosecutor and a 1/6th owner, appointed as the replacement for Jack McClennen
I'm sure having a retired federal prosecutor on the board opposing their interests may be of more than passing interest to Freidman, et al.
I appreciate everyone's feedback on the right course of action regarding my previous post. I've "lurked" on this blog since its inception, but haven't had a desire to post until now. I love this board for what it represents (principals that extend beyond the local economic viability) despite its occasionally excessive vulgarity.
The person I've chatted with briefly via email is Peter Bours, and I'm fairly certain most of the information he was going to relay has already been posted on the various internet outlets. I'm simply a native Oregonian and Bend resident that is tired of seeing honest people screwed over by the powers-that-be (Bend City Council, Powdr Corp., the Papes, Friedman, Hollern, etc.). My initial email to Mr. Bours was only to congratulate the new board and himself with their successes over the Papes, and to add an additional vote of confidence that there is significant support in the local community. I will continue to follow the situation unfolding at the Inn of the 7th closely, as I believe the importance of its outcome extends beyond only its concerned residents.
Thanks for your time, and keep up the good work!
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Bank stocks taking a hit, regardless of subprime exposure
By Andrew Moore / The Bulletin
Bank stocks across the country have taken a beating over the last year from the subprime mortgage and credit crises, and they slipped again Friday with the rest of the market on news that unemployment rose in December.
Many bank stocks are trading at or near 52-week lows and, in some cases, multiyear lows.
Bend-based Cascade Bancorp, parent company of Bank of the Cascades, closed Friday at a new 52-week low of $12.07. The company’s stock is down 60 percent from its closing price of $30.48 a year ago.
The last time the stock closed near $12 was November 2003, according to Morningstar.com, a financial tracking site.
Brett Rabatin, an analyst with FTN Midwest Securities Corp., in Nashville, Tenn., who follows Cascade Bancorp, said the entire banking sector is lagging. Concerns about credit and the economy, paired with lower interest rates, are driving down bank stocks.
“Valuations really have been pounded,” Rabatin said.
Rabatin thinks 2008 will be a tough year for bank stocks and doesn’t see values stabilizing for a quarter or more. Bank stocks could be further affected if there are more downturns in the economy, and the credit crisis spills into the more resilient commercial lending market, he said.
“There is some uncertainty as to what will happen,” Rabatin said.
Shares of Portland-based Ump- qua Holdings Corp., the parent company of Umpqua Bank, closed Friday at $14.20, a five-year low.
Kristee Chick, a Bend-based senior vice president of the bank, cited the subprime fallout as a reason why Umpqua’s stock has lost so much value, but not because the bank is exposed to bad debt.
Chick said the hype surrounding subprime loans and constant media attention given to the issue have helped drive all bank stocks down, regardless of whether the banks are losing money on risky loans.
“We do not have any subprime mortgage loans, but obviously our stock price is hurt just like everybody else’s,” said Chick, adding that Umpqua Bank has been “caught up in the storm.”
Chick said there are problems with single-family residential loans across the industry and lower interest rates are hurting bank profitability, but she is optimistic that if the residential market stabilizes, 2008 could be a good year for the bank. Chick added that Umpqua Bank is still benefiting from healthy activity in commercial lending.
Cascade Bancorp announced Thursday that it is likely to miss analysts’ earnings expectations when it releases its fourth-quarter earnings report Jan. 23. It projected final 2007 earnings of $35.2 million, or $1.23 per diluted share, roughly flat with 2006.
Shares of Bank of America and Wells Fargo, two big national banks with branches in Bend, also are trading at or near 52-week lows. Bank of America’s stock closed Friday at $39.85 and is down 26 percent from its 52-week high, according to Morningstar.com.
Wells Fargo stock closed Friday at $27.49 and is down almost 28 percent from its 52-week high.
The Keefe Bank Index, a bank index fund created by New York investment firm Keefe, Bruyette & Woods Inc., closed Friday at $83.25, a five-year low. The index is comprised of 25 large cap bank stocks, including Bank of America, Citigroup, Wells Fargo and Washington Mutual.
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