Here's One The Bailout Bought

[ldapkus]

$3 mil. construction loan. Didn't even get a roof before the builder went under.

[Marcel R. Cyr]

The Banks should absorb this malpractice of Loans for something like that unless a guaranteed payback is established.

Linas, was that #3,000,000 at the stage it is at right now.
As big as it is, I would not be surprised.

Marcel

[Carl A. Brown]

It just needs a little stucco !!

[ldapkus]

Originally Posted by mcyr

The Banks should absorb this malpractice of Loans for something like that unless a guaranteed payback is established.

Linas, was that #3,000,000 at the stage it is at right now.
As big as it is, I would not be surprised.

Marcel

The construction loan was for $3 mil. to complete. I put it at 30% completed as is. Indoor pool for this home $95,000. When I first saw it I thought it was a church

[Brian A. MacNeish]

Originally Posted by ldapkus

The construction loan was for $3 mil. to complete. I put it at 30% completed as is. Indoor pool for this home $95,000. When I first saw it I thought it was a church

May be being built by another Jim and Tammy Baker!!! Good example of the insecurity of people.......they have to do really outrageous things like have the biggest/the most/the best to feel they have arrived.

A book was written by a couple of shrinks/psychologists a few years back on the phenomenon of the recent rich.........they are generally insecure and do this to prove to others that they are succesful.

Consumerism, greed and general disinterest are ruining our countries.

[Marcel R. Cyr]

Originally Posted by ldapkus

The construction loan was for $3 mil. to complete. I put it at 30% completed as is. Indoor pool for this home $95,000. When I first saw it I thought it was a church

Linas, any idea as to how much money was dumped in this before the belly up of the builder.?

Just curious. So the Owner is stuck with no Builder, is that it?

Marcel

[ldapkus]

Originally Posted by mcyr

Linas, any idea as to how much money was dumped in this before the belly up of the builder.?

Just curious. So the Owner is stuck with no Builder, is that it?

Marcel

About 30% of $3 mil.
I just googled the owners name and found that he fired the original builder because more than 90 days lapsed between inspections and a new builder was hired back in 01/2007. They are arguing with the county over permit fee increases over $20,000. Home is..... get this....40,959 s.f. !!!

[Marcel R. Cyr]

Originally Posted by ldapkus

About 30% of $3 mil.
I just googled the owners name and found that he fired the original builder because more than 90 days lapsed between inspections and a new builder was hired back in 01/2007. They are arguing with the county over permit fee increases over $20,000. Home is..... get this....40,959 s.f. !!!

That is unreal, who would want a house that big?

I still can't imagine how they were planning to finish this building for a measly amount of $3 mil. Spent that much when I built the Boss's house a few years ago and was about 4,000-5,000 s.q. ft..

Thanks Linas.
Must Build cheap in Illinois.

Marcel

[Greg Bell]

Wow that is about 70 dollars a foot. There is no way to build such an upscale house for that amount. I would think that it would be more like 200 plus a foot.

[Bob Elliott]

Which burb is that in Linus?

[Marcel R. Cyr]

Originally Posted by gbell

Wow that is about 70 dollars a foot. There is no way to build such an upscale house for that amount. I would think that it would be more like 200 plus a foot.

That is the number I had in my head also Greg.

That is a big House.

Marcel

[ldapkus]

Yeah, I think that's how the banks got into trouble, giving out loans for projects they did not research before granting monster loans. Then again I have seen $1 mil.homes built on the borrowers personal funds before ever requesting any funds from the bank. Or here's one that drew money for excavation and foundation work and look what we got:

[ldapkus]

Originally Posted by relliott

Which burb is that in Linus?

Hinsdale / Burr Ridge

[Marcel R. Cyr]

Originally Posted by ldapkus

Yeah, I think that's how the banks got into trouble, giving out loans for projects they did not research before granting monster loans. Then again I have seen $1 mil.homes built on the borrowers personal funds before ever requesting any funds from the bank. Or here's one that drew money for excavation and foundation work and look what we got:

Linus, they skipped a line item;


Grubbing and Clearing

Marcel

[jwarner]

Originally Posted by mcyr

That is unreal, who would want a house that big?

I still can't imagine how they were planning to finish this building for a measly amount of $3 mil. Spent that much when I built the Boss's house a few years ago and was about 4,000-5,000 s.q. ft..

Thanks Linas.
Must Build cheap in Illinois.

Marcel

Marcel,

We both know as well as many others that the reason the builder went belly up is he took this job for way too little. $3,000,000.00 for this house. Maybe the the owners are putting up big cash out of pocket.

I can't imagine building this monster for that.