14 Rockwren

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furious sugar_IHB

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My curiousity has the better of me with this house-



Listed for $1,399,000 and is an REO/ Lender owned according to the handout at the open house? A friend of mine who lives nearby said that someone bought it for $1M and is now trying to flip it. Also-- it was in the Irvine World News this weekend as a featured home with entirely different interiors than what I saw at the open house on Saturday-- paint, furniture, etc. Any one know the background on this house?
 
[quote author="furious sugar" date=1237863789]My curiousity has the better of me with this house-



Listed for $1,399,000 and is an REO/ Lender owned according to the handout at the open house? A friend of mine who lives nearby said that someone bought it for $1M and is now trying to flip it. Also-- it was in the Irvine World News this weekend as a featured home with entirely different interiors than what I saw at the open house on Saturday-- paint, furniture, etc. Any one know the background on this house?</blockquote>
Some funky stuff going on with this property. MLS records indicate that it was sold in June 1995 for $455k then sold in August 1999 for looks like about $800k (based upon the current assessed value of $867k). A husband and wife purchased in 1999 and then it looks like it was sold to the wife in 2002 at which time a first mortgage of $649,500 and a second mortage of $250,000 was obtained. Then in Sept 2003 the wife got another loan from a private lender for $500,000. The trustee deed transferred (foreclosed) on 11/13/08 and is now owned by First Newport Properties LLC.
 
Thanks USC. So was it the private loan that foreclosed-- and they are now on the hook for the first and second payments as well? Or was it the first loan that foreclosed?
 
[quote author="furious sugar" date=1237946217]Thanks USC. So was it the private loan that foreclosed-- and they are now on the hook for the first and second payments as well? Or was it the first loan that foreclosed?</blockquote>
From the looks of it, the first foreclosed on it because it went through a First American entity before hit the LLC.
 
The broker for this house (Steve Morton) is the same broker who listed another flip in Woodbridge at 15 Bayview last year. The Bayview house was bought by an "investor group"at auction for around $890,000 and immediately listed with no improvements for close to $1.3 million if I recall correctly. It sat for a while with no takers, so they then put in a ton of upgardes and relisted it and it eventually sold for a little over a million. If this Rockwren house is another flip I woud imagine the broker is in on it or at least close to the "investor group" that is trying to do the flip. If you look at the broker's web site he has the same house listed twice - once with the same pictures that they have on the MLS and again with what look like older pictures (may this is what it looked like when they bought it?). Wierd! Have you heard of any dates for an open house on this?
 
They held an open house last weekend. Lots of people going through it. The first floor looks great- 9' ceilings, lots of millwork, etc. I asked the sitting realtor (broker?) when it was done and he said 1996-- if that is true- the owners had incredible vision as it looks like it was designed in 2005. Interestingly- the kitchen counters are significantly higher than norm (+3-4")- I heard a comment that the former owner was a basketball player??



What I found curious is that you can still see the "old" architecture upstairs. The realtor said it was a total gut-- but it doesn't ring true because the upstairs still has the odd ceiling angles, etc. I couldn't figure out how they went from 8' to 9' ceilings on the lower level until someone told me they probably went from a raised foundation to a slab on the lower level to gain it. Had to be really expensive....



It will probably be open this coming weekend......
 
I called the agent last week and he told me that they were having an open house on Sunday, but when we showed up he was not there. Thanks alot! Redfin shows that this is still "active" but who knows. I am real curious about this one becuase I really don't think there is a market for $1.4 million homes in Woodbridge...the house on Nighthawk has been on sale for over a year now.....
 
[quote author="furious sugar" date=1238481745]I just tried to find it on Redfin-- it no longer shows up....... perhaps one of the IHB insiders can find out if the listing was pulled?</blockquote>


Listing is still listed as active - here is the title report:



<img src="http://irvinerealtorsite.com/14Rockwren.JPG" alt="" />



Purchased by a "vulture fund" four months ago and now 17 days on the market.

Good luck!



-IR2
 
[quote author="IrvineRealtor" date=1238483444][quote author="furious sugar" date=1238481745]I just tried to find it on Redfin-- it no longer shows up....... perhaps one of the IHB insiders can find out if the listing was pulled?</blockquote>


Listing is still listed as active - here is the title report:



<img src="http://irvinerealtorsite.com/14Rockwren.JPG" alt="" />



Purchased by a "vulture fund" four months ago and now 17 days on the market.

Good luck!



-IR2</blockquote>
IR2, if it was purchased by a "vulture fund" why don't the records have the trustee sale amount? It makes it seem like it went back to the bank since no sales price was indicated.
 
I received a notice that this property had gone from "active" to "contingent" today. If anyone has any information on the sale price please let me know....
 
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