Company looks to buy Valley Meadows
Like many Ranchos residents, Donna Juchtzer drives past the empty Valley Meadows nursing home every day.
“When I think about what they spent on landscaping and now everything’s sitting there dying,” she said. “It’s an eyesore, so our property value could possibly go down in the surrounding area.”
But Laura Bettingen of Carson City said it hopefully won’t be that way for long. She is one of four investors in ValMat, Llc., which currently owns the property. Bettingen said a company out of Scottdale, Ariz., has sent her a letter of intent to buy the property by Nov. 1.
Bettingen wouldn’t name the company that is interested, but said it has been in the nursing home industry for 30 years and attempted to buy the property last year from Dave Pumphrey, who declined the offer. Pumphrey is one of the major investors in PDQ, Ltd., which owned the property until May 30. The nursing home has changed managers several times in the past couple of years as the result of financial difficulties and not meeting state license requirements.
ValMat acquired the property when Bank of America foreclosed on the first mortgage. ValMat financed a second mortgage of almost $1 million, Bettingen said.
“We had no choice. We had the second mortgage and our note was close to $1 million. We could just let it go to the bank or try to salvage something from it,” Bettingen said. “We want to unload it, but we also want to find the best use for it and the best use for the community. Our concern is if it doesn’t sell, not only do we lose our equity, but the bank won’t do anything with it and it will just sit there. But we’re working with limited resources. We’re all retired people, not a big corporation.”
She said the investors have been trying to sell the property for $2.9 million through RE/MAX Realty. Bettingen said the property was appraised in 1997 at $4.2 million.
Ranchos General Improvement District Manager Bob Spellberg said PDQ owes $3,157.58.
The Ranchos filed a lien on the property Jan. 11. Spellberg said even if the property does sell, the Ranchos won’t turn the water back on until it is paid.
“We won’t turn the water back on for anyone until we are paid,” Spellberg said.
Because the water was turned off, the grass and other plants died and weeds thrived.
“They said there is nothing they could do,” Juchtzer said. “I guess the property is up for sale and nobody wants to pay the bill. That’s what is so sad. I think you’d want to keep it so somebody would be interested in buying it, but now all those beautiful trees are dying.”
Bettingen said she doesn’t intend to pay the lien, especially since the grass is already dead. However, she said the water pipes and sprinkler system will be inspected by an engineer soon, to ensure when the water is turned on, there won’t be a problem.
Bettingen said she and some of her family went to the property last weekend to cut weeds and clean up trash on the property and hauled many bags to the dump.
“At least we cleaned it up to make it presentable. If we had gotten the property back when the lawn was still green, we would have turned the water back on. But as it is now, the landscaping will have to be replaced, so I see no point in turning the water back on,” she said.