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Now what: Your builder is bankrupt One minivan, one mom, five kids The economic 'value' of Mom First-time homebuyer help People in Business: A weekly list of achievements for May 8 Wal-Marts seek OK to sell beer, wine Launch what you cook Check out what homes are selling for! Foreclosure charts! Blue=Bad; more glum housing stats January 08 February 08 March 08 April 08 May 08 Contact us with your news and information: Team leader: Christine Peterson, cpeterson@bakersfield.com, 395-7418 Assistant team leader: John Cox, jcox@bakersfield.com, 395- 7345 Reporters: Courtenay Edelhart, cedelhart@bakersfield.com, 395-7372 Vanessa Gregory, vgregory@bakersfield.com, 395-7379 Jenny Shearer, jshearer@bakersfield.com, 395-7234 Gretchen Wenner, gwenner@bakersfield.com, 395-7368 
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Reporter Vanessa Gregory headed up to Tehachapi this morning to catch up with residents of Alta Estates. The developer of their new subdivision, Empire Land (aka Prestige Homes and numerous other entities) filed for bankruptcy April 25. The Ontario homebuider's attorney told us the company will be liquidated although it's currently a reorganization case. Folks who bought homes in the tract this fall wonder what will happen with little things that need fixing and whether they'll have home warranties they were counting on. Here's the full story, along with links to our other coverage of the troubled market. -- Gretchen Wenner, staff writer
Talk about a good cause. Ginger Boyd is a 32-year-old Bakersfield mother of five children, three of whom are adopted. She's single, having been recently divorced, and she works for a living. Until this week, Boyd had no car of her own. So her mother nominated her for the annual Mini-Van for Mom event. Every year since 2001, Auto Shopper America at 911 Oak St. in Bakersfield has given away a minivan to a single mother, preferrably one without a vehicle. On Thursday, Boyd drove away from Auto Shopper with a silver 2000 Dodge Caravan Sport. She also took home a computer donated by San Joaquin Bank. "We want to come alongside a working mother and help her with transportation challenges," said Tina Miller, who heads up the event. A similar event, organized by the same people, takes place near the holidays in December. If stay-at-home Moms were paid for all the incredible work they do — raising children, doing laundry, shuttling kids to sports and activities, offering counseling — they'd make $116,805 annually. A lot of that pay is driven by overtime, says the study released by Salary.com and reported on by the Associated Press, because Moms, as we know, sure don't work just 40 hours a week. And for moms who work outside the home too, they'd get $68,405 if they were paid for their work as mothers, the Associated Press reports. Salary.com has a cool Mom Salary Wizard that let's you plug in number of children by age, ZIP code and hours worked doing various tasks so you can personalize what your Mom is "worth." It ends with a fake paycheck. Sigh. And what about Dad? Well, there is a calculator for him too. Or do the right thing and deem your Mom "priceless." — Christine Peterson Here's a "raw report" press release from the state's Department of Housing and Community Development: CalHome Program Workshop to be Held in Visalia Do you know the person to the left? Find out what she accomplished in this week's People in Business column. Want to be in next week's list? It's best to submit to bakersfield.com/yourwords. You can also mail contributions to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m. Reporter Jenny Shearer found out that Bakersfield Wal-Marts are seeking liquor licenses from the state Department of Alcoholic Beverage Control. No word yet on what kind of beer or wine would be sold if Wal-Mart gets the OK. Read the full story here. Do what you know. That's what business coaches always tell budding entrepreneurs. Don't, for example, try to start your own professional football franchise if you work as a ... a ... I don't know — a newspaper reporter. Do like Arnie Bella, is what they'd say. She's a local medical biller, but that's neither here nor there. The point is, she loves to cook, and her relatives can't get enough of her crepes. So Bella got a business partner, finance manager and New Jersey transplant Paulyn Mercado. Together they're working to open two adjoining restaurants at 5550 California Ave., just north of Stockdale Highway. Warning: Their ideas for the restaurants are going to make your mouth water, so you may want to eat before reading on. We'll wait... One is House of Shabu, an asian fondue place like the kind Bella loves to eat at in Los Angeles. Picture thinly sliced meat and vegetables dipped in piping hot sauces. Indoor and outdoor seating, beer and wine. The other is Oh Goodness! Crepe 'n Gelato. Sort of speaks for itself, really. No beer or wine, but yes, outdoor seating. If all goes well, the idea will turn into a franchise and make Bella and Mercado rich. Our latest home sales map is ready for a peek. No need to grab a map to find Snowdrop Drive and Rose Petal Street. (Homes on those streets recently sold.) We’ve done the work for you. The map is updated with homes that sold in Bakersfield from March 17 to March 23, color-coded by sales price. We regularly publish single-family home sale transactions that occurred between individuals. Since foreclosures, or bank-owned properties, now account for an increasing number of weekly sales, sales between banks and individuals are now being included. Check out what homes are going for with the information from First American Real Estate Solutions that's compiled by reporter Vanessa Gregory. Highlights for the week of March 17 to 23: • 76 homes are new on this map. •¨Priciest? One sold for $1.1 million in the 93309 ZIP code. • Cheapest? One sold for $50,000 in the 93309 ZIP code. What do you think of the prices? — Christine Peterson Financial blogs in the big city can use more exciting terms, but here at the family paper let's just say we've got charts. Kern County foreclosures and defaults. In April 2008, they set new records again. These are from the county recorder's office, and you can enjoy the PDF files by clicking the blue boxes. There's also a chart from appraiser Gary Crabtree showing how the pace of defaults that ultimately foreclose has swooped up since 2006.
-- Gretchen Wenner, staff writer
Zillow's first-quarter home value report came out this morning and we're among the spots with ugly blue masses...the most depreciation.
You can find the national report here, or just focus on Bakersfield stats here.
-- Gretchen Wenner, staff writer
Bakersfield, brace thyself! Some edgy ads have arrived in our market. Click on the blue box to the left for the Karpe ad. Read the full story here — then tell us what you think.
Lawyers should do OK in the real estate bust if the Dunmore Homes bankruptcy is any indication. The Sacto developer's downfall (it has turned into a liquidation case) has created a nasty swamp of legal action. Small companies, however — including many in Bakersfield — have bitter pills to swallow. They're not likely to get much from bankruptcy proceedings. Most pay out-of-pocket for work and materials they supply. For them, those expenses are a total loss. Here's our full story on local fallout from Dunmore's demise. You'll also find links to previous articles in the Developer Default series.
-- Gretchen Wenner, staff writer
Location:
Lerdo Highway and Beech Avenue,
Shafter, CA
Mission Bank is teaming up with Adept Dental Group to build a 7,600-square-foot building at Lerdo Highway and Beech Avenue in Shafter. The two entities will share ownership and tenancy of the building, a groundbreaking ceremony for which is set to take place at 9 a.m. Friday. The building is expected to be ready for occupancy in late October. The Bakersfield-based bank’s president and CEO, Richard Fanucchi, said the branch will replace a temporary office Mission occupies nearby, where business loans have exceeded expectations. Mission Bank has two other branches, its headquarters in downtown Bakersfield and a branch it opened in Greenfield in 2004. Adept Dental Group has an office at 8605 Camino Media, Suite 100. Mission Bank’s 2007 operating results have garnered it some positive recognition in the industry. The Bakersfield-based institution recently made The Community Banker magazine’s list of eight “Top Performing Banks,” based on its average return on equity (22.49 percent) and return on assets (3.75 percent). The average return on equity among California’s commercial banks was 5.4 percent; the average return on assets was 0.17 percent. Mission also won a “top honors” distinction in The Findley Reports, an industry publication. The bank ranked second in the “super premier” category, which listed 55 banks. It was Mission’s fourth consecutive year on the publication’s “top honors” list. Here's a "raw report" press release from the Greater Bakersfield Chamber of Commerce: Comprised of sophomores, juniors and seniors from 13 area high schools, the 2008 Class of the Greater Bakersfield Chamber of Commerce’s award-winning Youth Leadership Bakersfield program completed an intensive six-session curriculum, devoting approximately one day per month studying diverse aspects of our community. Graduation ceremonies, sponsored by Mid State Development Corporation, were held May 2 at the Four Points Sheraton Hotel. It is with pride that the Chamber salutes: Claire Bainbridge, Centennial; Anna Cartmell, Centennial; Derrick Chan, Highland; Garrett Croney, Ridgeview; Sydnie Espiritu, Garces; Cederek Feltus, West; Sarah Frankhouser, Stockdale; Karlee Grundeis, East; Ashley Hackney, Garces; Jake Lerma, BHS; Kelsey Linford, Centennial; Cristina Martin, Golden Valley; Ashley Martinez, South; Jazmin Martinez, South; Eric Mercado, Foothill; Nicole Mercado, East; Alex Mitchell, BHS; Marilisa Montano, Foothill; Tyler Murray, Stockdale; Katie Niday, Liberty; Adam Nielsen, Liberty; Jami Ordiz, BHS; Jacqueline Phillips, Ridgeview; Michael Reuland, Stockdale; Marlene Reynoso, Golden Valley; Steven Sargent, Ridgeview; Seth Schilhabel, Ridgeview; Bryce Sterling, Centennial; Ben Walker, Frontier; Hannah Warren, Stockdale; Emma Watson, Centennial; and Caroline Yabiku, East.
Location:
9300 Rosedale Highway,
Bakersfield, CA
Sometimes you just can't tell why large companies do the things they do, as we witnessed in Linens 'n Things' big announcement Friday. That's the day the home furnishings and bedding retailer said it had filed for Chapter 11 bankruptcy protection (that's the one where the company gets to continue operating, free from debtor harassment, while it reorganizes its finances). No wonder there: The economy's down, and stores dependent on people buying and outfitting their homes are sluggish these days. What's hard to understand is why the company chose to close the stores it did. Of 120 or so closings nationwide, 27 are in California -- and the one at 9300 Rosedale Highway isn't among the ones set to shut down, a spokeswoman for the Clifton, N.J.-based chain said Monday. Clearly sales numbers would play into the company's thinking. But what drives that? Some folks have suggested that newer stores -- the ones with better merchandise and a more welcoming design -- are the ones staying open. So why not come out and say that, if that's the case? All we got from company spokeswoman Susan Kenney was, "I can't say why that store wasn't chosen" to close. We honestly think it's the case that she hasn't been informed. The company doesn't have to explain itself. For one thing, the company's no longer public (the Associated Press said in a report Friday that New York investment firm Apollo Management took the company private in 2006 for $1.3 billion). Private companies aren't generally obliged to discuss their decisions. Still, we'd sort of like to know. What did they used to say about movies during the Great Depression? Can't remember just now (we weren't there), but maybe it was something about how people spend their money on forms of escapism when times get tough. Ready for a little escapism? And world domination? Kern's got you covered. Bakersfield alone has three strategy game stores and one manufacturer of historical military simulation board games. And the news is (you were waiting for this weren't you?), they're expected to do well — better, even — as consumers cut back on other expenses. Why? Gaming enthusiasts list a number of reasons: It's a relatively cheap, "renewable" form of entertainment; it promotes community; parents prefer it to video games; it's habit-forming; and, unless you want to be crushed by your opponents, you just may need to invest in the latest cards or gaming miniatures. This all makes us wonder. What other discretionary-spending-based industries are positioned to do well through this economy? (Drugs, alcohol and repo services don't count!) It isn’t just the family budget that’s stretched as the nation teeters on the brink of recession. Local business owners are feeling the pinch, too. Some are cutting prices to entice consumers who are hunkering down amid soaring food and gas prices. Others are curbing inventory or pressuring suppliers for deals. Fed officials are considering tighter restrictions on credit card companies. Namely, according to several wire service reports, the Office of Thrift Supervision and the National Credit Union Administration (now there's a mouthful) seek to prevent the companies from boosting interest rates on existing debt in most cases. What do you think? Have you run into this? In this tough economy, are you using credit cards more?
Do you know the person to the left? Find out what she achieved in our weekly People in Business column. It's the place to announce promotions, new jobs and professional achievements. Want to be in next week's? It's best to submit to bakersfield.com/yourwords. You can also mail contributions to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m. Today's quote: "Senators come and go. Presidents come and go. The lobbyist has been there for 20 years." --J.R. Lewis, an agent with Scott Tobias Real Estate, expaining the benefits of professional political help to a room full of newbie Realtors
Location:
Blandy Avenue,
Ridgecrest, CA
Here's a "raw report" press release from the military about a job fair: Past job fairs have resulted in many successful matches – for the employer as well as the employee. Questions can be addressed to the NAWS Public Affairs Office at (760) 939-1683. Two museums will receive grant money Friday in an effort to boost the number of out-of-county visitors, according to Dave Hook, marketing coordinator at the Kern County Board of Trade. Bakersfield Museum of Art will receive $22,500 for two efforts — a regional marketing campaign, and to promote the Via Arte Street Painting Festival. Buena Vista Museum of Natural History gets $14,000 for a regional advertising campaign. The money is part of the 2007-2008 Kern County Tourism Promotion Grants. "The intent of the grant program is to fund projects that develop, promote and or expand tourism opportunities within Kern County," Hook said in a statement. "The specific focus of the current cycle is to assist qualified organizations in attracting out-of-county visitors, increasing the economic benefits of tourism to the county." Life's not fair. You shouldn't have to entertain a newspaper's business reporting staff in order to get your point across. But it helps, as Urner's demonstrated this week with a press release about its new Z's Please sleep center at 4110 Wible Road. The actual news is significant if not riveting: The 88-year-old retailer this week threw open the doors to its new 2,000-square-foot showroom featuring beds by Sealy, Stearns & Foster and Tempur-Pedic. It's the first step in what marketing director David Perkins said is an expansion that will eventually entail new satellite stores around Bakersfield. Fair enough — that's news. But put yourself in our shoes: That's fairly dry stuff. Oh, we'll write it up. But where's the fun? Urner's, ever mindful of newsies' need for constant stimulation, included some gems in its Z's Please press release. We won't call them euphemisms, but the company was kind enough to introduce new names for its mattress sales staff. We suspect it has something to do with Tempur-Pedic's insistence that it doesn't sell mattresses, but "sleep systems." And that's the company's prerogative. So what is Urner's calling the members of its Z's Please sales team? "Sleep consultants." "Certified sleep solutions specialists." Bravo! Magnifique! If you ever have to write a press release, do yourself and the reader a favor: Use creative language. If nothing else, it'll get you a fun blog post on this here Web site. In preparation for Kern Life, our annual guide to life in Kern County, reporter Courtenay Edelhart was updating a list of top employers. Interesting reading. Here it is: Kern County’s Top Employers: Paramount Citrus 1,096** |
