Mission Mortgage’s Director of Business Development, Mark Sprague, was quoted in Saturday’s edition of the Austin American-Statesman providing comments on the recent foreclosure postings by the company led by Bob Wunsch, Waterstone Development.
The article by Shonda Novak in Saturday’s Business Section, starts, “Lenders have filed foreclosure notices for several parcels of vacant land and dozens of residential lots owned by Bob Wunsch, a sign of deepening trouble for one of Williamson County’s most prominent developers.”
The newest posting for foreclosure is not the only one for Wunsch’s properties. Wunsch had recently filed for bankruptcy in an attempt to work out arrangements with the banks to whom he was indebted. Wunsch was a part of the Berry Ranch development and was one of the developers for Avery Ranch.
Mark Sprague was asked by the Austin American-Statesman to provide comments on the recent announcements. His additions to the story included the following:
Mark Sprague, director of business development for Mission Mortgage, said Wunsch’s company, Waterstone Development, “has always been one of the more successful developers over the past 10 to 15 years in the Central Texas area, as evidenced by Avery Ranch, Berry Creek and many others. His ability to secure prime locations … is a testament to being a strong financial partner as well as a decent person to work with, two things that developers are not always known for.
“The real estate downturn came at an unfortunate time for many, but particularly Bob. Equity sources in today’s financial environment are nervous, and want a return quicker.”
Sprague said most of Wunsch’s proposed projects are in desirable areas where lots are needed, and at a stage where lots could start being developed for homes.
“Whoever decides to pursue them should have success,” Sprague said. “There is not a builder in town who would not like to be in most of the communities listed.”
To read the complete article on the Statesman website, please click here.
Mark was also quoted in an article last week regarding new home activity in and around Austin that you can read about by following this link.
The economic situation in Austin remains challenging for many builders and developers, even as we are seeing signs of recovery. The uncertainty in the market will no doubt create further turmoil as we work towards a more stable foundation in the marketplace. For now, it is best to keep yourself informed and following Mark Sprague’s comments and recommendations is advised.
For more information or to submit questions to Mark, please email us at email@example.com.
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