Shady Canyon

[quote author="IrvineRenter" date=1210761944]6 Prairie Grass is in preforeclosure.



14 Vernal Spring is in preforeclosure.</blockquote>


6 Prairie Grass was bought for roughly $2.2mil in 3/2004, and the NTS is $2.8mil. I can't wait to see the minimum bid, as it could make this a 2003 or greater rollback.
 
I guess the high end is not immune. Strange to see the price cuts & offers to lease on a Shady Canyon place, but I guess it makes sense...



http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?source=SOCALMLS&cKey=8x57c3b6&listing_num=S529922&mls=mls_so_cal

108 CANYON CREEK, Irvine, CA 92603



Price Reduced: 04/25/08 -- $7,450,000 to $6,250,000

Price Reduced: 05/22/08 -- $6,250,000 to $5,950,000



Also availble for lease at $25,000 per month.
 
[quote author="IrvineRenter" date=1210761944]6 Prairie Grass is in preforeclosure.



14 Vernal Spring is in preforeclosure.</blockquote>


6 Prairie Grass is being auctioned tomorrow, May 28th, at 2pm at the Courthouse. I wonder if there will be any bidders?
 
[quote author="MacFanMom" date=1211959235][quote author="IrvineRenter" date=1210761944]6 Prairie Grass is in preforeclosure.



14 Vernal Spring is in preforeclosure.</blockquote>


6 Prairie Grass is being auctioned tomorrow, May 28th, at 2pm at the Courthouse. I wonder if there will be any bidders?</blockquote>


Any idea what the opening bid is? $2.8M ?
 
I couldn't find it, but if you really want to know, call the Trustee tomorrow morning.



Trustee: Recon Trust Company N.A.

Trustee Phone#: (800)281-8219

TS Number: CA08129796DL
 
6 Prairie Grass had a minimum bid of $2.7mil, and even with that hefty discount the bank gave, no one bid and the bank now owns a prime Shady Canyon property.
 
Does anyone have title information on this property? How much is owed to the bank/what are loans on the house? I see John McMonigle as the listing agent but I assume that is no longer the case?



Many thanks
 
[quote author="EquityMind" date=1212109375]Does anyone have title information on this property? How much is owed to the bank/what are loans on the house? I see John McMonigle as the listing agent but I assume that is no longer the case?



Many thanks</blockquote>


If I am reading the various posts correctly, no guarantee, the lender now owns the home. The first was $2.7M or maybe $2.8 M and nobody bid at the courthouse steps auction. I doubt if the property is still listed with McMonigle, as it will probably be awhile before an institutional lender can get through it's own paperwork and list the property for sale. There would be no loans on the house presently as it is now owned by the lender.
 
This weekend a realtor told me there are 44 for sale listings in Shady Canyon. I don't know what the minimum price is in Shady Canyon, but most of the homes for sale are more that $3,000,000 and my guess is that at least half are listed at more than $4,000,000. How big might the market be for $4,000,000 homes in Irvine? How long will it take to sell 44 multi-million dollar homes in Shady Canyon? How many years of inventory is that?
 
It is not just Shady: you alsohave to factor in Turtle Ridge, Newport Coast, the Pelicans, Crystal Cove, CdM, the Balboas.



Think about this: on a $4 million dollar home, the taxes, HOA, and Mello Roos will total about $50,000.00 per year.



Way more million dollar homes than millionaires.
 
I just did a rough calculation of how many multi-million dollar, (let's say over $2M) homes are <strong>FOR SALE</strong> in Orange County and I got 1494. I don't how many buyers of over $2M homes are presently looking for a home, or even how over $2M home buyers there are in a year in Orange County, but something tells me it ain't 1500 or even 1000 or even 750. I dunno.
 
[quote author="awgee" date=1213050513]I just did a rough calculation of how many multi-million dollar, (let's say over $2M) homes are <strong>FOR SALE</strong> in Orange County and I got 1494. I don't how many buyers of over $2M homes are presently looking for a home, or even how over $2M home buyers there are in a year in Orange County, but something tells me it ain't 1500 or even 1000 or even 750. I dunno.</blockquote>


A quick SoCalMLS search with limits on OC, a wildcard for city, and minimum $2M pricetag shows 1163 active listings as of 8:45 this morning. (Many Newport Beach active listings are not included in this figure since they typically list only in the ValetMLS system.)
 
Do you guys think that at the same time the bottom end eats away at that indestructable 2000-4000 sq foot magic zone in Irvine where prices don't seem to be dropping, the high end will eventually cave and put even more pressure on them?
 
Why do the homes need to be so big? What's wrong with building a "small" 3,500 sq ft home for your family?



What does someone do with a <a href="http://www.redfin.com/CA/Irvine/89-Canyon-Crk-92603/home/5929787">13,000 sq ft home</a>, 9 bedrooms, 11 baths and a 9 car garage?
 
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<fieldset class="gc-fieldset">
<legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/70_UNdbNLLiAvtwUmPWiUE7.xls" target="_blank" class="gc-files">Shady Canyon 6-10-2008.xls</a> <span class="gc-filesize">(23 B)</span> </fieldset>
 
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