Misery Loves Company

Posted by: Maya Roney on June 25, 2007

Can a down-and-out developer and a bunch of struggling rock stars help each other out? SunCal hopes so. The company, which is the largest privately-held developer in the Western U.S., is now giving scholarships and publicity to indie musicians as part of a new marketing campaign in a time when both the housing and record industries aren’t doing so hot.

It’s not easy to sell homes these days. So real estate marketers are pulling out all the stops, with everything from celebrity-branded projects to Second Life sales offices (I wrote a story about this a couple months ago that you can read here).

SunCal’s program, called “Music From Home,” holds a contest in a certain area. Last time it was the Antelope Valley desert, this time around it’s Orange County. Then, the company and a “distinguished group of music-minded professionals” chooses the best individual or group.

SunCal is currently in a bit of a scuffle with Disney over a low-income housing project the developer wants to build near Disneyland. Disney has gathered over 14,000 signatures to protest the development, which it says will destroy the tourism-only resort district (read about it here)

The last winners of Music From Home, an alt rock band optimistically called “The Future,” got to record an album with some producers from Capitol Records. But they never actually got signed. Bummer.

Reader Comments

Jonz

March 4, 2008 1:20 PM

Don't see how SunCal can survive through the year.
We may be witnessing the company in its final death throes.
SunCal lost a 1,300-acre property in Sparks (Copper Canyon Property; foreclosed 2/27/2008).

It pulled out of a major home building project in Bakersfield, CA, defaulting on a $73-million loan to Lennar.
And SunCal is defaulting on other deals.

http://www.theorangejuice.com/2008/02/suncal-defaulting-on-village-green.html

And this may be the biggest piece of news to date:

http://voipservices.tmcnet.com/latestnews/2008/02/22/3286330.htm

Approval of Bonds For SunCal Fails

SunCal - RIP.

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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