- 3 -
basement, and is situated on approximately half an acre of land.
The property is located on a two-lane access road that leads into
the neighboring residential subdivision and into the Del Rio
Country Club, which is considered a prestigious section of
Modesto. From March 1991 through June 1995, petitioners occupied
the Stewart property as their personal residence. Mrs. Abrams
testified that during this period they expended approximately
$70,000 for improvements on the house, such as a swimming pool
and backyard landscaping, thereby increasing their total
investment in the property to approximately $554,950.
In 1993, Mr. Abrams earned an annual income of approximately
$350,000. Due to a decline in the real estate market, however,
Mr. Abrams’ salary decreased to approximately $230,000 in 1994
and approximately $150,000 in 1995. As a result, sometime in
early 1995 petitioners determined that they could no longer
afford the $3,800 monthly mortgage on the Stewart property.
Petitioners attempted to sell the property themselves for several
months, but did not receive any offers. At this time, the
Modesto real estate market was in the midst of a 5-year
downtrend. Sales of high-end homes were particularly sluggish.
Thus, petitioners considered selling or leasing the property,
whichever opportunity presented itself.
In June 1995, petitioners found a prospective tenant, Ms.
Elizabeth Szilagyi (lessee), to lease the property from July 1,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011