Bakersfield appraiser disciplined by OREA

[Lloyd Bonafide]

I'm sure he's quite pleased that this is in the news. But at least this gets their name out there.

http://www.bakersfield.com/102/story/485737.html

A Bakersfield appraiser was disciplined by state regulators in March for prior work on a transaction involving the former Crisp & Cole Real Estate company, state documents and county property records show.

In a separate incident the appraiser’s father, who is also an appraiser, was included in an FBI and IRS raid of 13 sites around Bakersfield related to Crisp & Cole operations. No charges have been filed in that case.

Christopher S. Newton’s appraisal report on 1914 Three Bridges Way contained “misleading statements” and serious errors that led to an inflated valuation, the citation indicates.

For example, one comparable site used for price comparison was 40 percent bigger than 1914 Three Bridges, the citation says, but Newton wrote “the two sites were equal” without any explanation for the size difference.

Another home used for comparison “was not a valid sale as reported,” the citation said.

Other errors and omissions led to an inflated price for the house, the state citation shows, resulting in Newton having created the report “in a misleading or fraudulent manner.”

Newton on Monday said, “I wish you guys would get a new perspective.”

 

[panappr]

Wow father and son.... I would love to here the discussion around the dinner table.

 

[Pa'akai]

I haven't been in Bakersfield in almost 10 years. But homes over $1,000,000. In Bakersfield. Whats up with that.

 

[ZZGAMAZZ]

I actively worked that market in 2005 and 2006. I remember a neighborhood west of the city on Panama (Lane) where within 1 mile that was a gaggle of custom homes of varying design--Mediterrnean, contemporary, Tudor, English mannor (even one with a moat)--all with market values > $1M, at least at that time. Didn't seem like there was much industry in the area other than agriculatural. The city had an aura of what life in LA might have been like 20 or 30 years ago.

 

[Mike Boyd]

Bakersfield is CAs center for oil production. I would imagine there to be many wealthy folks living (existing?) in and around that area.

 

[ZZGAMAZZ]

Remember the father-and-son duo that attacked a major league 1st base referee/umpire a few years ago?????

 

[Ken Youngkrantz]

Mike, you are right about existing. June, July and August have trouble even getting my dogs to go outside. Rest of the year its nice. Also two hours from the beach and Big Bear Mountain.

Also, you are right about the oil money around here. People around here with oil money have no clue how to try to spend all of their money. Also, many people working in and for the oil industry making obscene amounts of money. A man across the way from me over the last two years has spent a little over $2 million rebuilding a house. I did an appraisal last week, for a attorney, he bought a house for $490,000 and spent 1.3 million rebuilding it.
Ken
In Beautiful Downtown Bakersfield