Lots in upscale neighborhood at sheriff's sale

Fifty-three properties in the Cold Creek Crossing development will go to sheriff's sale later this month.
Jason Singer
Dec 8, 2010

Fifty-three properties in the Cold Creek Crossing development will go to sheriff's sale later this month.

If the properties sell, it could help the city recoup about $5 million it poured into the development for public improvements, as well as delinquent property taxes.

The developer, Joseph Yost III, went bankrupt after the west-side development failed to generate enough sales.

The properties will be sold as one package at 10 a.m. Dec. 21.

An appraiser valued the properties at a collective $2.18 million, but bidding will start at $1.45 million, Erie County Sheriff’s Capt. Steve Westcott said.

The sheriff’s sale is the product of a three-year foreclosure case where Sky Bank is the plaintiff and Cold Creek Development Company is the defendant.

For a brief history of the development click HERE.

Comments

goofus

Merry Christmas hopey changey crew.

6079 Smith W

Area home prices have not hit bottom yet, too many foreclosures and short-sales in the works.

Nationally some are calling for a huge reduction: 

http://www.businessinsider.com/nouriel-roubini-1-trillin-in-housing-losses-2010-12

 

Gardenman

There are some tough times out there for those trying to sell homes. A home close to me has been on the market for almost 2 years. Its a beautiful place and like nothing to do to it. County auditor has it at $185,000 and owners now have it down to $162,000 and still can not sell it.

Thankfully, I will not have to put mine on the market anytime soon. Hang in there better times will come.

 

 

 

6079 Smith W
@ Gardenman:   After about three yrs., we finally sold our house last yr. Here’s the secret:   Keep reducing the price until someone makes you an offer.   The rest of the formula is pretty simple: No offers? Your price is too high. Houses are a commodity.   The local economy will continue to decline – waiting for the market to improve to sell your house ain’t an option.  

Think Detroit or MI. Can you imagine waiting for that housing mkt. to return? Ain’t gonna happen in our lifetimes.

Remember the old saying: As MI goes so goes OH.

http://www.cnbc.com/id/40431286

 

digger nick

Wow! That hope and change really seems to be working out ehh?

 

YOU keep your hope and change, I'll keep my guns and money....

outsider

 Can't wait until property evaluations come up with the county auditor. My first guess is that over 2,000 families will as for a reduction. People will remember your campaign slogan.

Raoul Duke

Digger, you forgot "Lawyers."

Salvatore

How many years did Yost owe taxes?

Darwin's choice

How many times did his home on Autum Drive get listed for foreclosure sale? He's still got a nice Cigarette boat to tool back and forth to his Kellys Island hideaway! Thank's Sandusky Taxpayers!

thinktwice

I'm feeling snoody and may just take a peek. Nah..I like having money in my account and not wrapped up in a high mortgage. I've got nothing to prove and all to gain.

Taxpayer

Failed to generate sales??  I am sorry to see more failure in the housing and property market.  So the results of this Sheriff's Auction is from the flourishing recession that ended back in June 2009 and the spike in real estate sales by the Firelands Realtors Association?  What does it look like to YOU??  It appears someone is LYING!  What a mess.  Someone files bankruptcy for protection, a bank is forced to write this off and the city is out of money to try and encourage the development?  I guess now is the time to buy.  But, I would not offer the starting price.  Not even $1 MILLION.  So WHO pays?  We do.  The bank will get a bailout from taxpayers.  These empty lots are not worth very much to anyone.  I am sure someone out there can afford $1.45 MILLION for this debacle.  Oops, you liberals want to tax the rich even more.  Ha! Ha!  I would not invest a penny and let all you liberals be miserable looking at an empty housing development.  How about asking those realtors to invest MILLIONS in the construction money for new homes?  After all, the market is just peachy. 

6079 Smith W
  "Home values tumble $1.7 trillion in 2010"   “American homes are expected to be worth $1.7 trillion less in 2010 than they were worth last year, according to a report released Thursday by real estate website Zillow.   This year's drop in home values is 63% bigger than the $1 trillion dip in 2009, and brings the total value lost since the housing market's peak in 2006 to a whopping $9 trillion.”   http://money.cnn.com/2010/12/09/real_estate/home_value/ 

 

=====================     The fact is that many small community and regional banks have not and will not get bailed out by taxpayers.   The Federal Reserve has taken “too big to fail” and made them into “too bigger to fail.”  

It's largely a case of: The Big Boys get the money and the smaller banks get to swing and hope for the best.

 

Kimo

The city has coal tar residue to get rid of.

Plenty of empty lots on Walnut Ridge Ln.

Dump the sludge out there until a solution is found for proper disposal.

It would not hurt property values all that much.

;-))))

Factitious

Seriously. Does anyone think $29,000 per lot in a failed project will fly in this market? 1/3 that, maybe. Can already hear the auctioneer - "No bid, no sale!"

localpeople

Come on Sandusky Register Upscale!!!! Yost and his people did just what they wanted to do, the first people to build there houses that paid 30 to 40 thousand for a lot in SANDUSKY are crazy  they got your money and your house is most likely overpriced. Why didn't he just build the houses, he couldnt there wasnt any money in the first place. U people will NEVER NEVER be able to sell your home and make a profit out of it, there to over priced for right down the street from the homeless shelter which is fine I'm happy those people have somewhere to go.  Angels Path and Angels Way has houses so much better than Cold Creek with the same prices why would U build a home there I dont care if u dont like Perkin's or not, Sandusky's looking for kids to enroll into there school at this point.

So let's hope we get someone in there to build these homes or lower the prices of these lots until then there nice homes with WEEDS!! And I like where they placed the sign have known who owns that lot when they 3rd home was built. double typed