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Little Saigon Plaza forecloses
On Saturday, we ran a piece about V Heritage Plaza, an under-construction shopping center on South Union Avenue that slid into foreclosure. Newly recorded docs filed with the Kern County Recorder's office show V Heritage developer William Lee also lost his completed shopping center, Little Saigon Plaza at 333 Union Avenue last week. Read the full report here. The strip mall has tenants, including a bakery, pool hall, two Vietnamese restaurants, a hair salon and market. The new owner, a San Diego lender, says the tenants will likely get to stay put. A few storefronts are vacant. A retail broker said Tuesday that the retail foreclosure is an isolated case, and not a sign of a troubled commercial real estate market. Anyone been to Little Saigon Plaza? What went wrong? -Vanessa Gregory, staff writer 13 comments from 10 users
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posted by
OldBlue56
on Jun 10, 2008 at 07:14 PM
What went wrong? The Little Saigon Plaza was built in a blighted, low income, high crime area. The same as the V Heritage Plaza. It doesn't take an economic "expect" like you Vanessa to figure that out. posted by
NancyII
on Jun 10, 2008 at 07:16 PM
You can put lipstick on a pig but............... posted by
FrankieV2
on Jun 10, 2008 at 09:09 PM
All the hookers made it foreclose. posted by
Bakersfieldbubble
on Jun 10, 2008 at 09:18 PM
LMFAO! I love the comment from the commerical broker that the retail market is slowing a bit. YEAH RIGHT! Just as I predicted, its slowing a lot and will only get worse. The weak commercial projects will fold first, then we will move to better parts of town, where the "hookers" dont look so skanky! BTW - 330 NOD's last week. TIMBERRRRRRRRRRRRRRRRRRRRRRRRRRRRR. I thought the worst was behind us. BAHAHAHHAHAHAHA
posted by
Bakersfieldbubble
on Jun 10, 2008 at 09:32 PM
" not a sign of a troubled commercial real estate market."
So the 1 million square feet of vacant commerical space is a sign of a positive market? Take a look around and you will see the truth, or you can listen to this spinmeister and their lies. I talked to this same company during the residential boom and heard the same BS about how the market was going up for 5-7 more years. They will say anything to make a commission, they have bills to pay and they need money to fill their gas tanks.
posted by
SoCaMuscle
on Jun 11, 2008 at 08:06 AM
Bubble - where did you get the stat about 1M SF if vacant commercial space? posted by
koztarr
on Jun 11, 2008 at 08:27 AM
We eat at New Saigon at the Saigon Plaza about once per week. Sometimes lunch, sometimes dinner. Living in central Bakersfield helps. I find nothing wrong with the location on Union. Never seen anyone I might think is a "hooker", but then, I don't see many people around the Plaza at all! Plenty of parking!
posted by
Bakersfieldbubble
on Jun 11, 2008 at 09:13 AM
Socal - My own analysis (and $50 worth of gas). I would share here, but I dont want to scare anyone with the facts. posted by
Maggiepoo
on Jun 11, 2008 at 09:18 AM
BBubble, asked you a question on the last Real Estate propaganda post last week, go back and see if you have a answer, It`s about the foreclosed inventory being rotated in Kern County posted by
Maggiepoo
on Jun 11, 2008 at 09:20 AM
And yes the commercial properties will start to become distressed, and that will be the real final blow to the empire, It`s already starting here,not going away soon posted by
lincolnman1860
on Jun 11, 2008 at 11:54 AM
This is the only shopping center in Bakersfield that I know of that has a shop that sells tapioca (boba) drinks...don't close down! I need my boba!!! LOL posted by
doombot77
on Jun 11, 2008 at 12:45 PM
Water Bubbles on Oswell and Bernard...The BEST boba--and coffee drinks, too! posted by
outsider88
on Jul 19, 2008 at 02:58 PM
What do you think if a new developer coming in, changing the center name to something like "Union Plaza", inviting Mexcian restaurants, market, etc.? Will this help to change the status of Little Saigon plaza?
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