This newest project includes buying up unfinished homes at Marks and Kearney across from the proposed golf club and flipping them. These new small time developers said now is the time to rebuild.
Once completed in January, the asking price for this seven bedroom, four bath house in Southwest Fresno will be less than a quarter million dollars. The investors behind this transformation hope this home is the beginning of a turnaround for a failed project.
"The Running Horse development has a bad rap but if you come down here and look at the area it's really not that bad," said investor Chris Mathys.
Chris Mathys and his partners, husband and wife team Sam Bautista and Audriana Martinez purchased this foreclosed house in an auction three months ago. Dozens like it in this subdivision were never finished. Mathys said his looked like this one down the street before his partners started work on it.
Running Horse started quickly out the gate several years ago, but stalled when a luxury golf course next door never got finished. Business mogul Donald Trump looked in to reviving the project, but quickly backed out.
"We were thinking because of the situation and the area we might be risking our investment but I don't think so. Right now at this point i don't think [so]" said Audriana Martinez.
Four bank owned properties, just like this one, are right next door to Mathys's investment. They've become real eyesores. His plan is to relandscape all of these so his home appeals to any future buyers.
"When people pass here they are like, 'Wait a minute. Is this that development?'" said first time home owner Sanjeev Singh.
Singh also sees hope in Running Horse. He bought this home and is hoping prices will rebound if others move in too.
Singh: "It's just waiting on the market. You have to sit on these properties for about four years and eventually the market will go back up. So people will get their investment back."
Mathys's plan is to purchase at least two more unfinished homes and sell those off too all the while helping redevelop a subdivision.NEWS BY LOCATION | ABC30 BLOGS | DISCUSSION FORUMS
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