the ranch foreclosures

The Ranch situated on San Jose east Hills was the best estate that money could buy in 2006 until it was swallowed by the real estate bust. Virgin Acacio was broker dealing in property. When his profits went up five times he felt like passing through the Arc de Triomphe when he drove his swank new Mercedes through the impressive towers of The Ranch standing on Silver Creek. Napoleon Bonaparte could not have felt better than Acacio!

Rolling in sudden gains from the housing ballooning Acacio together with spouse moved away from their crumbling neighbourhood in the valley and purchased an estate for $1.1 million in The Ranch. It had been developed between 2003 and 2006 to pamper the nouveaux riche with housing plots on hill tops that captured fascinating views of the valley, verdant green and distant club joints that looked like toys.

The couple began to socialize with their newly rich neighbours – engineers, real estate brokers, mortgage agents and technical executives. The houses looked impressive with Roman columns, stone turrets and lion statues made of marble. The Ranch came to personify the splash and arrogance of the boom.

Relentless job losses, slashed pay packets and pressure from lenders to clear mortgage dues have pathetically changed the picture overnight. Many at The Ranch are falling over backwards to negotiate with their lenders and trim their lifestyles.

Before the bust hit, Acacio had put in marble floors and set up a sophisticated sound system. All that was two years ago. He bemoaned, “We had it all. Now, we have to come to grips with reality. We need to adjust with the times, to cut wherever we can. Now, we have to come to grips with reality. We need to adjust with the times, to cut wherever we can.”

Like glowing tongues of fire, foreclosures and short-sale have set aflame the iconic mansions with curved staircases, fountains with three tiers and garages to accommodate at least four vehicles.

Joe Fierro is one of the many who has a story to tell. When he set up his quarters in The Ranch he had a thriving loan business. Today he is a property manager. He said, “It’s a mess. I know of three in the immediate area that got foreclosed on.” While talking he wistfully looks at the shell of a building left behind by his neighbour. Palm trees are dying on the lawn the outdoor kitchen is discarded with toys. All that remains is a customized archway loudly shouting in the eerie silence “Som Residence”.

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