BANK REO! BELOW REPLACEMENT COST!

2 VIRTUALLY COMPLETE HOMES

27 COMPLETED FINISHED LOTS

BERMUDA DUNES, CA

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LOCATION: The property is adjacent to La Quinta and Palm Desert. It is conveniently located on Aerodrome Ave., south of Interstate 10, between Washington St. and Jefferson St. in unincorporated Bermuda Dunes (Riverside County). The property can be accessed south on Adams St. from Avenue 42, right on Delta to Gaslight Ave. World class golfing is only minutes away. TG 819-H-4.
DESCRIPTION: The property consists of 2 virtually completed homes (Lots #5 and #6) and 27 lots ("Lots"). The recorded Tract Map #30483 created 29 wide (75') residential lots (Lots #1 thru #30 are 9,100 to 16,900+/- SF with one drainage basin). Average lot size is 10,394+/- SF. (APN 607-291-007 thru 018 inclusive and 607-294-011 thru 028 inclusive). A sales parking lot is on Lot #4. Physically, the Lots are virtually finished; although buyer should identify the remaining punch list items. The buyer will have a post closing responsibility to replace the subdivision bonds.

The Solara plan is about 2,330 SF with a great room, 3 bedrooms, 3 baths, den, nook and a 3-car garage. The Bella Donna plan is up to 2,550 SF with a great room, up to 5 bedrooms, 2.5-3.5 baths, den and up to a 3-car garage. Buyer should clarify the development, building and occupancy permit(s) status.

The home at 41348 Gaslight represents the Solara plan and is reported to be 2,329 SF. The home at 41372 Gaslight represents the Bella Donna plan and is reported to be 2,372 SF.

PRICE: $1,150,000; all cash. At the asking price if $25,000/lot is allocated to the Lots, then the homes calculate at under $240,000.
COMMENTS: * Submit letter of intent (no CAR forms), with proof of funds, at the earliest possible time. Preference will be given to offers proposing short due diligence and escrow closing periods.
* Seller reserves the right to accept of reject any offer(s) at any time without notice.
* Seller's formal Purchase and Sale Agreement provides an "As-Is," "Where-Is" basis transaction.
* Buyer must rely solely upon Buyer's independent investigations and due diligence.
CONTACT: Larry Lynch (DRE 01180573) at (818) 787-3077 for additional information.

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KOREK LAND COMPANY, INC.

15230 Burbank Blvd., Suite 101, Sherman Oaks CA 91411

Telephone:  (818) 787-3077; Fax:  (818) 787-9677

E-mail:  mail@korekland.com

DRE 00861992