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| Written by PI Editorial Staff | |
| Friday, 10 October 2008 | |
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Is Diablo better off by default? Maybe For more on this story, visit Dawn of a new day. It is human nature to assume that, when it seems like things can’t possibly get worse, they actually can’t. That seems to be the overarching theme surrounding Diablo Grande’s new ownership and the reaction to its sale. But let’s not get ahead of ourselves. Things have been very bad for a very long time at that would-be oasis in the hills. Environmental lawsuits slowed the development not by months, but by years. The downturn in the housing market exacerbated the problems. The water was unhealthy, a problem that was neither quickly nor adequately handled. The golf courses were mismanaged. Oh, and did we mention the whole bankruptcy thing? Once listed for $150 million, Diablo Grande wound up selling Tuesday for the bargain-basement price of $20 million to resort developer World International. World’s co-developer, Laurus Corporation, has so far said all the right things and made all the right moves to ensure a smooth transition, but who’s to say it won’t fall victim to the same issues that befuddled founder Donald Panoz and vice president of development Dwain Sanders all these years? Not much is known about the investment partners that make up World International. But plenty is known about Laurus, and there certainly is reason for optimism to be found in the company’s track record. One look at Laurus’ posh Web site, with its glistening photos and awe-inspiring renderings of current and future resort projects, is enough to get Diablo Grande homeowners all giddy inside. Should Laurus pull off the hotel, spa and convention center that is and always was the focal point of Diablo Grande’s plans, the rest could all fall into place. Does it seem plausible that World and Laurus will succeed where Panoz failed? Sure it does. But until it actually happens, we’re recommending a heaping dose of caution to go with your optimism. This sale will not solve this country’s economic problems. And these new owners don’t have a magic wand with which to raise home values or eliminate the environmental issues in those hills. We’d love to see Diablo Grande flourish and become the destination all those involved want it to be. We’re just not going to get too excited about it yet. The name might change, but this is still the old Diablo Grande until proven otherwise. Comments
(1)
 written by what say you , October 23, 2008 |
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all i can say is "wow" i guess good thing for patterson diablo is there annoying neighbor. failure of diablo is always a good distraction from what ills patterson.
i hope that same wand could be applied to pattersons severe home value
decline as well.
i read comments in the irrigator about too many homes on the market empty mc'mansions. so while you paint this questionable picture of diablo(which i agree on some points) why not do some research and report to the people what is going to happen to all the empty lots with wires and piping sticking out of them left by the home builders. I saw yesterday ryland's office is gone,shea is down to 1 office and has sold the models,morrison is moving out as of this week,jhonathans Homes have been gone. what is going on with that situation? where is the school that was supposed to be recieving a percentage of mello-roos tax by the people in those developments? ryland gave the monies for the water park but when i visted ryland less than a year ago they were still spewing the lies that the school was coming and mello-roos and the special tax was going towards that. i konw sales agents say anything to sell homes but the outright lies of the situation in patterson and politics of patterson have added in the frustration of many people who now are just leaving their homes. yes bad loans economy etc is still the major reason. i feel for the patterson folks because many are stuck to look at over grown yards and leaving the city and county with millions of dollars in unpaid property taxes,mello-roos tax, and now needing more money do to the rate the city is starting to enforce forclosures. i feel long time residents have been lied to and now tax dollars are being used to cover cost by abandonded homes. sold by agents who tried to sell this idea of patterson that i feel like will never happen.
I respect what people want for patterson(keeping it small local owned business) but what the buliders were selling to buyers is a stark contrast to the reality. To me neither can work or merge with the other.
so yes diablo is the same old diablo i will give it that but what is pattersons deal??? not once has the irrigator mentioned all the empty lots and the future for the patterson gardens. how the city plans to get 1st time home buyes in the vast amount of homes. yes credit is tight but not for va,fha,cal-fha, and i know the city has a grant program.