Possibly more foreclosures on the way in Chandler - New home builder Randell Martin calling it quits

Looks like there is going to be a lot of action on the way.  Check out this email I just received from the Arizona Department of Real Estate.

The Department has been notified that Randall Martin Homes’ subdivision lot holdings are going into foreclosure.  According to Randall Bury, owner of Randall Martin Homes, the company is “walking away” from its holdings in Marley Park, Roosevelt Park, Valley at Dobson Crossing (aka Portello at Dobson Crossing) and Higley Park.  It is anticipated that the lien holder(s) will assume ownership. 

Village at Dobson crossing (also known as Portello at Dobson crossing) is located near Queen Creek Road and Alma School in Chandler.  According to my research there are 180 lots in total (almost all of these lots are for home sites).  Out of the 180 lots 112 of them are owned by Randall Martin Homes and the remaining are owned by home owners.  Also according to my research in the Maricopa county records Amtrust Bank made a 9.1 Million dollar land loan (for Dobson Crossing) as the primary lien holder and also issued a 5 million dollar revolving line of credit on 5/24/2005.  In addition a loan for 6 million dollars was recorded on the same date by a lender named Mountain Funding as the secondary lien holder (for Dobson crossing).  On 3/15/2006 the revolving line of credit issued by Amtrust Bank was increased to 10 millions dollars.  On 2/8/2008 Bosco Michael (a law firm in Phoenix acting as the trustee representing the beneficiary Mountain Funding) filed the notice of trustee sale.  No filings have been recorded by Amtrust Bank as of yet.  The auction date is set for May/9/2008.

Townsend Marley Park is located near Litchfield Road and Wadell in Surprise with 130 home sites.

Roosevelt Park is located near 107th Ave and Van Buren in Avondale.

Castle rock, Stonebridge and Sandalwood at Higley Park is located near Higley and the 202 freeway.

Here is a link to the builder’s website: 

http://www.randallmartin.com/

-Atin Kapadia

www.abkrealty.com