Bloodbath in Coto de Caza

<a href="http://www.zillow.com/homedetails/12-Elliot-Ln-Coto-De-Caza-CA-92679/51669054_zpid/">12 Elliot Ln. went back to the bank today for $1,521,292.85</a>.



There is something seriously shady going on with this place, and without the complete title history it is tough to tell what is going on. While it shows a transfer to SA, both him and JS who transferred it to him had a judgment from Bank of NY filed against them. None of the old loans were reconveyed after this transfer, so that is why they still foreclosed on it. Sounds like a legal nightmare. What is funny is the $12k in property taxes were paid and paid on time...
 
[quote author="graphrix" date=1247801502]<a href="http://www.zillow.com/homedetails/12-Elliot-Ln-Coto-De-Caza-CA-92679/51669054_zpid/">12 Elliot Ln. went back to the bank today for $1,521,292.85</a>.



There is something seriously shady going on with this place, and without the complete title history it is tough to tell what is going on. While it shows a transfer to SA, both him and JS who transferred it to him had a judgment from Bank of NY filed against them. None of the old loans were reconveyed after this transfer, so that is why they still foreclosed on it. Sounds like a legal nightmare. What is funny is the $12k in property taxes were paid and paid on time...</blockquote>


Everything about this property was weird, including that it went back to the bank today with no postponmnts. Have you seen a foreclosure yet for which the auction was not postponed at least twice?

Anyways, <a href="http://www.cotohousingblog.com/?p=2084">Coto Housing Blog</a> had a write up yesterday talking about how weird everything was with this property.
 
[quote author="graphrix" date=1247801502]<a href="http://www.zillow.com/homedetails/12-Elliot-Ln-Coto-De-Caza-CA-92679/51669054_zpid/">12 Elliot Ln. went back to the bank today for $1,521,292.85</a>.



There is something seriously shady going on with this place, and without the complete title history it is tough to tell what is going on. While it shows a transfer to SA, both him and JS who transferred it to him had a judgment from Bank of NY filed against them. None of the old loans were reconveyed after this transfer, so that is why they still foreclosed on it. Sounds like a legal nightmare. What is funny is the $12k in property taxes were paid and paid on time...</blockquote>


Look at the Zestimate graph of the value of the home. It looks like a sine wave. Move proof that the Zestimate is fairly worthless, although maybe all the weirdness surrounding it is throwing it for a loop-however, in theory, Zillow should simply throw out weird sales and use neighboring comps to determine it's value.
 
[quote author="graphrix" date=1247801502]<a href="http://www.zillow.com/homedetails/12-Elliot-Ln-Coto-De-Caza-CA-92679/51669054_zpid/">12 Elliot Ln. went back to the bank today for $1,521,292.85</a>.



There is something seriously shady going on with this place, and without the complete title history it is tough to tell what is going on. While it shows a transfer to SA, both him and JS who transferred it to him had a judgment from Bank of NY filed against them. None of the old loans were reconveyed after this transfer, so that is why they still foreclosed on it. Sounds like a legal nightmare. What is funny is the $12k in property taxes were paid and paid on time...</blockquote>
Here's a quick play-by-play of the transactions for this property:



- First owner purchased the property from Lennar on 1/23/01 for $685,000.

- First owner simulatiously sold the property to Cendant Mobility Financial Corp (a relocation company) on 10/18/02 for $386,500 and Cendant sold to the second buyer on 10/18/02 for $935,000.

- Second owner sold the property to the third and final owner on 7/14/05 for $1,785,000.

- Third owner (husband and wife) used a first mortgage of $1,242,500 and a second mortgage of $443,750 from, get this, NO RED TAPE Mortgage (too funny)...so basically only put about 5% down.

- The wife quitclaims her share of the home to the husband on 8/21/08.



Notice of Trustee Sale was posted/recorded on 6/26/09. Man, they moved quickly with this property.
 
[quote author="usctrojanman29" date=1247807256][quote author="graphrix" date=1247801502]<a href="http://www.zillow.com/homedetails/12-Elliot-Ln-Coto-De-Caza-CA-92679/51669054_zpid/">12 Elliot Ln. went back to the bank today for $1,521,292.85</a>.



There is something seriously shady going on with this place, and without the complete title history it is tough to tell what is going on. While it shows a transfer to SA, both him and JS who transferred it to him had a judgment from Bank of NY filed against them. None of the old loans were reconveyed after this transfer, so that is why they still foreclosed on it. Sounds like a legal nightmare. What is funny is the $12k in property taxes were paid and paid on time...</blockquote>
Here's a quick play-by-play of the transactions for this property:



- First owner purchased the property from Lennar on 1/23/01 for $685,000.

- First owner simulatiously sold the property to Cendant Mobility Financial Corp (a relocation company) on 10/18/02 for $386,500 and Cendant sold to the second buyer on 10/18/02 for $935,000.

- Second owner sold the property to the third and final owner on 7/14/05 for $1,785,000.

- Third owner (husband and wife) used a first mortgage of $1,242,500 and a second mortgage of $443,750 from, get this, NO RED TAPE Mortgage (too funny)...so basically only put about 5% down.

- The wife quitclaims her share of the home to the husband on 8/21/08.



Notice of Trustee Sale was posted/recorded on 6/26/09. Man, they moved quickly with this property.</blockquote>




Is the difference with the Cendant transaction (aka a 600k flip) because there was a loan they assumed as well?
 
[quote author="C Delroy Spuckler" date=1247815086][quote author="usctrojanman29" date=1247807256][quote author="graphrix" date=1247801502]<a href="http://www.zillow.com/homedetails/12-Elliot-Ln-Coto-De-Caza-CA-92679/51669054_zpid/">12 Elliot Ln. went back to the bank today for $1,521,292.85</a>.



There is something seriously shady going on with this place, and without the complete title history it is tough to tell what is going on. While it shows a transfer to SA, both him and JS who transferred it to him had a judgment from Bank of NY filed against them. None of the old loans were reconveyed after this transfer, so that is why they still foreclosed on it. Sounds like a legal nightmare. What is funny is the $12k in property taxes were paid and paid on time...</blockquote>
Here's a quick play-by-play of the transactions for this property:



- First owner purchased the property from Lennar on 1/23/01 for $685,000.

- First owner simulatiously sold the property to Cendant Mobility Financial Corp (a relocation company) on 10/18/02 for $386,500 and Cendant sold to the second buyer on 10/18/02 for $935,000.

- Second owner sold the property to the third and final owner on 7/14/05 for $1,785,000.

- Third owner (husband and wife) used a first mortgage of $1,242,500 and a second mortgage of $443,750 from, get this, NO RED TAPE Mortgage (too funny)...so basically only put about 5% down.

- The wife quitclaims her share of the home to the husband on 8/21/08.



Notice of Trustee Sale was posted/recorded on 6/26/09. Man, they moved quickly with this property.</blockquote>




Is the difference with the Cendant transaction (aka a 600k flip) because there was a loan they assumed as well?</blockquote>
I don't think that the loan was assumed because the transactions happened on the same day. The $386,500 is probably the check that Cendant cut to the owner as the net sales proceeds for the sale based upon the $935,000 sales price (the loan in place for that owner was $500,000).
 
[quote author="Zulu" date=1239434654]At least one or more high dollar sales are going to be happening in Coto within the next 3 months. When I say high dollar, I mean VERY HIGH dollar.</blockquote>


July 10 would be three months.

Which of the sales from April 10 through July 10 were the VERY HIGH dollar sales you were referring to?
 
Awgee,

Obviously the timing was a little off. As of last week, however, two of the deals are still in the works.



By the way, great website!
 
91 Panorama came on the market this weekend... <a href="http://www.redfin.com/CA/Coto-De-Caza/91-Panorama-92679/home/5024196">Redfin link</A>



So from what I can tell:

Owner is also the listing agent, I cannot find any other listings done by him

Price came on at $2,199,000 then jumped up to $2,299,000 (oops)

This house is now the most expensive one listed on Panorama, by quite some.



Home is 4000 square feet and an acre of land.



48 Panorama is a larger model, and is the highest recent comp, selling at $1.84mil... so this guy believes he is 20% more than that house... Granted, he's got a bigger lot... but $2.3mil he's starting to price himself into some of the custom tracts.



Yes, the oft-abused phrase "resort like mansion" is used in the listing. As well as $mil :)



Whatever... I'm not into hardscaping, single story homes, etc... but its probably a pretty nice home. Just not my cup of tea, and not something I would say is priced to sell at $2.3mil. Who knows... some people love single stories and they might go quickly... I dunno.



Now... here's the one I can't figure out. I pull up the history to see if the price is capped by his loan. It doesn't appear that way. He seems to have good equity so I'll tip my hat to him (even if I put the price of the home back where I believe it should be fairly priced at, it appears he's fine). I'll just say his loan history is complex.



Can someone who knows this stuff more than me, please look at his loan info and explain it to me...



Delroy
 
The last asking price for 4 Palma Valley was $10,975,000. It is going up for auction with an opening bidding price of $5,999,999.
 
[quote author="C Delroy Spuckler" date=1248693821]91 Panorama came on the market this weekend... <a href="http://www.redfin.com/CA/Coto-De-Caza/91-Panorama-92679/home/5024196">Redfin link</A>



So from what I can tell:

Owner is also the listing agent, I cannot find any other listings done by him

Price came on at $2,199,000 then jumped up to $2,299,000 (oops)

This house is now the most expensive one listed on Panorama, by quite some.



Home is 4000 square feet and an acre of land.



48 Panorama is a larger model, and is the highest recent comp, selling at $1.84mil... so this guy believes he is 20% more than that house... Granted, he's got a bigger lot... but $2.3mil he's starting to price himself into some of the custom tracts.



Yes, the oft-abused phrase "resort like mansion" is used in the listing. As well as $mil :)



Whatever... I'm not into hardscaping, single story homes, etc... but its probably a pretty nice home. Just not my cup of tea, and not something I would say is priced to sell at $2.3mil. Who knows... some people love single stories and they might go quickly... I dunno.



Now... here's the one I can't figure out. I pull up the history to see if the price is capped by his loan. It doesn't appear that way. He seems to have good equity so I'll tip my hat to him (even if I put the price of the home back where I believe it should be fairly priced at, it appears he's fine). I'll just say his loan history is complex.



Can someone who knows this stuff more than me, please look at his loan info and explain it to me...



Delroy</blockquote>


Single story, and it actually has enough land one would expect for a four thousand square foot house (over an acre). But it ain't worth $572 a square foot.
 
Let the high stakes poker table continue...



<a href="http://www.redfin.com/CA/Coto-De-Caza/31731-Capuchina-Way-92679/home/5056236">Cappuchina Way</A> dropped $500k to $4,490,000. $408 per square foot, with a near 4 acre lot.



Time for <a href="http://www.redfin.com/CA/Coto-De-Caza/12-Shire-92679/home/5054743">12 Shire</A> to respond accordingly. She'll probably drop to $4,490,000 based on the last move... but probably should drop to $4mil.



<a href="http://www.redfin.com/CA/Coto-De-Caza/7-Weatherly-Dr-92679/home/5014550">7 Weatherly</A>, <a href="http://www.redfin.com/CA/Trabuco-Canyon/6-Fresian-92679/home/5054673">6 Fresian</a>, <a href="http://www.redfin.com/CA/Coto-De-Caza/11-Weatherly-Dr-92679/home/5014549">11 Weatherly</A>... are you watching?



Capuchina appears to want to not be the last one standing. Time to find out who needs to sell, and who is just putting there home up on the market in case of winning the lottery.



Delroy
 
<a href="http://www.zillow.com/homedetails/5-Pegasus-Dr-Coto-De-Caza-CA-92679/25602029_zpid/">5 Pegasus went back to the bank for $1.145mil today</a>.
 
[quote author="graphrix" date=1251786831]<a href="http://www.zillow.com/homedetails/5-Pegasus-Dr-Coto-De-Caza-CA-92679/25602029_zpid/">5 Pegasus went back to the bank for $1.145mil today</a>.</blockquote>
The <a href="http://www.cotohousingblog.com/?p=4076">Coto Housing Blog</a> has a full post on this action and links to its history.
 
[quote author="skyblue2" date=1251859081]When I clicked on 12 Shire, Redfin said it was off the market? Does anyone know if it's sold or in escrow?</blockquote>


I do not think it sold or is in escrow.

According to Foreclosure Radar, the Notice of Default from the first mortgage holder is still current.

The NOD from the CZ homeowners association had dissappeared a few weeks ago.

Maybe they are in the middle of hiring a different realtor.

Try back on Sept. 9th.
 
[quote author="awgee" date=1251860067][quote author="skyblue2" date=1251859081]When I clicked on 12 Shire, Redfin said it was off the market? Does anyone know if it's sold or in escrow?</blockquote>


I do not think it sold or is in escrow.

According to Foreclosure Radar, the Notice of Default from the first mortgage holder is still current.

The NOD from the CZ homeowners association had dissappeared a few weeks ago.

Maybe they are in the middle of hiring a different realtor.

Try back on Sept. 9th.</blockquote>


Status = cancelled.
 
[quote author="IrvineRealtor" date=1251863194][quote author="awgee" date=1251860067][quote author="skyblue2" date=1251859081]When I clicked on 12 Shire, Redfin said it was off the market? Does anyone know if it's sold or in escrow?</blockquote>


I do not think it sold or is in escrow.

According to Foreclosure Radar, the Notice of Default from the first mortgage holder is still current.

The NOD from the CZ homeowners association had dissappeared a few weeks ago.

Maybe they are in the middle of hiring a different realtor.

Try back on Sept. 9th.</blockquote>


Status = cancelled.</blockquote>
There were 2 NODs. Have both been cancelled?

If so, it will be interesting to see if we can figure out some of the terms of the loan, ie. interest rate, hard money.
 
[quote author="awgee" date=1251863701][quote author="IrvineRealtor" date=1251863194][quote author="awgee" date=1251860067][quote author="skyblue2" date=1251859081]When I clicked on 12 Shire, Redfin said it was off the market? Does anyone know if it's sold or in escrow?</blockquote>


I do not think it sold or is in escrow.

According to Foreclosure Radar, the Notice of Default from the first mortgage holder is still current.

The NOD from the CZ homeowners association had dissappeared a few weeks ago.

Maybe they are in the middle of hiring a different realtor.

Try back on Sept. 9th.</blockquote>


Status = cancelled.</blockquote>
There were 2 NODs. Have both been cancelled?

If so, it will be interesting to see if we can figure out some of the terms of the loan, ie. interest rate, hard money.</blockquote>


Or maybe she signed for the next season of Real Housewives, and Bravo met her terms...



Delroy
 
[quote author="IrvineRealtor" date=1251863194]

Status = cancelled.</blockquote>


How about 24086 Fairway, 92679 and 35 secret garden, 92620?
 
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