Bloodbath in Coto de Caza

muffdaddy_IHB

muffdaddy_IHB

New member
I know this property isn't in Irvine, but check out the bloodbath here in Coto De Caza. <strong>6 TAIGA STREET, Coto De Caza, CA 92679</strong>





From ZipRealty:


<strong>Price Reduced: 01/10/07 -- $2,800,000 to $2,799,999</strong>


<strong>Price Reduced: 04/26/07 -- $2,799,999 to $2,799,000</strong>


<strong>Price Reduced: 06/27/07 -- $2,799,000 to $2,399,000</strong>


<strong>Price Reduced: 08/27/07 -- $2,399,000 to $2,349,000</strong>


<strong>Price Reduced: 09/26/07 -- $2,349,000 to $2,299,000</strong>


<strong>Price Reduced: 12/11/07 -- $1,999,900 to $1,899,900</strong>


<strong>Price Reduced: 12/17/07 -- $1,899,900 to $1,799,900</strong>





$1 million drop in 1 year.





Any guesses to why no takers? The house is sandwiched between two other McMansions, from the photos it seems to get barely any natural light. How much does it have to drop for it to be a "reasonable price?"





edit: oops. Sorry, should have posted this in the Losses outside Irvine Thread.





Here's another in Coto:








12 Bordeaux



Coto De Caza, CA 92679


Listed at $1,999,000.


sales history:








09/19/2005



$2,500,000





23.2%/yr













08/29/2002



$1,321,500










 
[quote author="Anonymous" date=1210146850]Good Coto story here



Mortgage mess hits Coto de Caza

Neighbor departs quickly after home goes into foreclosure.

http://www.ocregister.com/articles/friend-house-few-2030899-guy-foreclosure</blockquote>


Does anyone know the address for the house in the article? Is it 6 Willow Bend or 1 Tanglewood or?
 
CalGal - check this out:



SFR in Coto for $203 per square foot.



23302 Via Pardal is bank owned and listed at $640,200. Do not know why they chose that number. It looks like it went back to the bank for $658,429 on 3/25/2008.



According to Zillow, the last "real" sale was for $820,000 on 5/16/2007 and the sale before that was on 3/29/2007 for $775,000



MLS # P633857



It is ugly, but cheap. How much would it cost to make it look half way decent?
 
<blockquote>23302 Via Pardal is bank owned and listed at $640,200. </blockquote>
Interesting - think it was a flip gone bad?



I think it's still overpriced. Cons - Village (fire danger and increased insurance, hilly, narrow streets), 3-story, needs renovating, built 1976 (lead paint?). As you know, the homes in the Village are custom homes - so a lot of the homes have weird floor plans. I don't think a lot of the owners used architects when they built their home. We walk around the homes and think "what were the owners thinking when they built this."
 
[quote author="CalGal" date=1210207543]<blockquote>23302 Via Pardal is bank owned and listed at $640,200. </blockquote>
Interesting - think it was a flip gone bad?



I think it's still overpriced. Cons - Village (fire danger and increased insurance, hilly, narrow streets), 3-story, needs renovating, built 1976 (lead paint?). As you know, the homes in the Village are custom homes - so a lot of the homes have weird floor plans. I don't think a lot of the owners used architects when they built their home. We walk around the homes and think "what were the owners thinking when they built this."</blockquote>


So true regarding the floorplans in the Village, or should I say the lack of floorplans.

Flip gone bad? I dunno. Looks more like a fraud gone "bye-bye" to me. Who knows? But it sure is ugly.

What do you think that lot is worth? 6000 sq ft.?

Mrs. Awgee does not like the narrow streets. Have you seen that house on Via Coyote that has an NOD? Nice house and list price is now close to $1M. 4000 sq ft.
 
<blockquote>Have you seen that house on Via Coyote that has an NOD? Nice house and list price is now close to $1M. 4000 sq ft. ]</blockquote>
Yeah, we saw the MLS listing (not in person yet). I've had four realtors email me the listing. I guess it's the hot property of the week. :)
 
I just keep holding and gaining more and more interest. Although with the current CD its in, i'm down to 4ish percent. So i'm not really making a whole lot of money anyways.



-bix
 
Can you imagine when Via Pardal sells for $200 per square foot, what that will do to the per square foot stats in Coto? ;-)
 
[quote author="awgee" date=1210225940]Can you imagine when Via Pardal sells for $200 per square foot, what that will do to the per square foot stats in Coto? ;-)</blockquote>


i'd make me want to go and purchase a house! But still 800+k and all the taxes, fees, etc. etc. might be a little tough on my meager engineers salary. What will the neighbors think of my out of place Focus! *gasp*



-bix
 
Awgee, we went to two open houses today.

Both realtors told us that Coto hasn't been affected by the market as the rest of the county.

However, <u>both</u> realtors also told us that the houses will be a short sale soon.

Two out of two houses we looked at will be in foreclosure - yet Coto is immune ? ?

Here are the houses we checked out.



<a href="http://www.redfin.com/CA/Coto-De-Caza/2-Peachtree-92679/home/5019835">2 Peachtree, Coto de Caza</a>



<a href="http://www.redfin.com/CA/Coto-De-Caza/1-Sawgrass-92679/home/5054715">1 Sawgrass, Coto de Caza</a>

The realtor told us that 1 Sawgrass had been owned by <a href="http://www.florencegriffithjoyner.com/">Flo Jo</a> at one time. If that is true, it was kind of cool to be in the fitness room that she worked out in.
 
1 Sawgrass was owned by Al Joiner, Flo Jo's ex husband. I do not know if she ever lived there with him or if she was ever an owner of the property. Was Michael Krieg the showing agent? He calls the bottom every other day and cracks me up with his moronic reasoning. He likes to show graphs and reason that it doesn't matter when you buy if you hold on to your home for at least ten years. I told him, "It may not matter to you, but it sure matters to me." I haven't seen Peachtree, but it you look at the price per sq footage stats, the downturn certainly is affecting Coto. It just doesn't affect the amount of lies the realtors spew.
 
The agent for 1 sawgrass should be beaten over the head with her RE principles book. She screams "BRING ALL OFFERS!!REO.". Um no, not REO yet but close. The auction is set for 5/22, but there is no NTS amount listed. There is a chance I might be going to the auction that day, and if it goes back to the bank, I will post what it goes for. Maybe, I should give the agent a break, because she knows it will become REO in a few weeks.
 
Graph - I am unsure who owns 1 Sawgrass currently. It seems Mr. Joiner signed over the property to somebody else who does not appear to be a bank or normal lending instituion? The house is empty and has been at least three weeks. Since the home is empty, it is my guess the auction will take place and no further negotiations will.
 
Yup, Michael was the realtor. He told us that the owners of the property financed $500k with a private individual. The owners then couldn't pay the mortgage and walked away from the mortgage company and this private lender.



1 Sawgrass needs lots of work! Nice big lot of land though.



Oh, and Mike had all the charts up. :lol:
 
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