Bloodbath in Coto de Caza

and...



The sale was brokered by Ken Bowen of the Bowen team.

"We represented both the buyer and the seller," Bowen said.





That's gotta be huge commission check..
 
Oh, I'm sure that since they were representing both sides, they cut them a break on the commission: 5%, or only a cool million.
 
It appears that 9 Douglass went back to the bank for $1,042,572.44. Does that sound like alot? It does, but not as much as $1,595,000, which is the amount reported by Zillow that this property sold for on 9/01/2006. $1,042,572.44 was the opening bid with no other bids, so this property is showing a loss of $552,428 so far .., without a real buyer, yet. That is 35%. Remember when the real estate bulls were, (and some still are), saying that real estate prices may level off, but they would never fall more than 5% or 10%.
 
[quote author="awgee" date=1212440104]It appears that 9 Douglass went back to the bank for $1,042,572.44. Does that sound like alot? It does, but not as much as $1,595,000, which is the amount reported by Zillow that this property sold for on 9/01/2006. $1,042,572.44 was the opening bid with no other bids, so this property is showing a loss of $552,428 so far .., without a real buyer, yet. That is 35%. Remember when the real estate bulls were, (and some still are), saying that real estate prices may level off, but they would never fall more than 5% or 10%.</blockquote>


They are still claiming the big declines are only in Santa Ana or Anaheim. They apparently do not look any closer in other "higher-end" parts of the county, or else they would find that the CLTVs of loans on properties going into foreclosure now are virtually the same as the ones in Santa Ana...the only difference is the dollar amounts involved are higher in places like Coto and Laguna Niguel.
 
Does anyone know the status of 1 Sawgrass? Did it sell? It is no longer on Redfin.


6 Vintage Way just got relisted with <strong>another</strong> agent. This is the third agent that I know of. If the owner is serious about selling the property, they may consider lowering the price. My guess is that potential buyers care much more about price than they do about who the listing agent is.
 
[quote author="awgee" date=1212464816]Does anyone know the status of 1 Sawgrass? Did it sell? It is no longer on Redfin.


6 Vintage Way just got relisted with <strong>another</strong> agent. This is the third agent that I know of. If the owner is serious about selling the property, they may consider lowering the price. My guess is that potential buyers care much more about price than they do about who the listing agent is.</blockquote>
Not true, I may kick an extra dollar or two if the sell-side agent is a hottie (only because I'm a realtor on the side and would be presenting myself)...haha
 
[quote author="CalGal" date=1210548998]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:</blockquote>


So looks like 1 sawgrass sold? or at least somebody showed a bid?
 
[quote author="awgee" date=1212464816]Does anyone know the status of 1 Sawgrass? Did it sell? It is no longer on Redfin.


6 Vintage Way just got relisted with <strong>another</strong> agent. This is the third agent that I know of. If the owner is serious about selling the property, they may consider lowering the price. My guess is that potential buyers care much more about price than they do about who the listing agent is.</blockquote>


<strong>1 Sawgrass</strong> is in escrow with an accepted offer. Agent comments: AGENTS GO DIRECT. LIST PRICE IS YOUR 'BUY IT NOW' PRICE. ANYTHING UNDER LIST PRICE WILL BE A SHORT SALE. IF IT SHOWS AVAILABLE , IT IS. GO DIRECT.
 
<blockquote>6 Vintage Way just got relisted with another agent.</blockquote>


looks like they're opting for selection #2 below.







The tribal wisdom of the Dakota Indians, passed on from generation to generation, says that, "When you discover that you are riding a dead horse, the best strategy is to dismount."



However, in government, education, real estate, and in corporate America, more advanced strategies are often employed, such as:



1. Buying a stronger whip.



2. <strong>Changing riders.</strong>



3. Appointing a committee to study the horse.



4. Arranging to visit other countries to see how other cultures ride dead horses.



5. Lowering the standards so that dead horses can be included.



6. Reclassifying the dead horse as living-impaired.



7. Hiring outside contractors to ride the dead horse.



8. Harnessing several dead horses together to increase speed.



9. Providing additional funding and/or training to increase dead horse's performance.



10. Doing a productivity study to see if lighter riders would improve the dead horse's performance.



11. Declaring that as the dead horse does not have to be fed, it is less costly, carries lower overhead and therefore contributes substantially more to the bottom line of the economy than do some other horses.



12. Rewriting the expected performance requirements for all horses.



And of course....



13. Promoting the dead horse to a supervisory position.
 
<strong>1 Sawgrass</strong> is in escrow with an accepted offer. Agent comments: AGENTS GO DIRECT. LIST PRICE IS YOUR 'BUY IT NOW' PRICE. ANYTHING UNDER LIST PRICE WILL BE A SHORT SALE. IF IT SHOWS AVAILABLE , IT IS. GO DIRECT.</blockquote>


list price was 1.99? REO's in coto -- how far back of list have they been clearing, 10%?
 
[quote author="curious" date=1212625912]<strong>1 Sawgrass</strong> is in escrow with an accepted offer. Agent comments: AGENTS GO DIRECT. LIST PRICE IS YOUR 'BUY IT NOW' PRICE. ANYTHING UNDER LIST PRICE WILL BE A SHORT SALE. IF IT SHOWS AVAILABLE , IT IS. GO DIRECT.</blockquote>


list price was 1.99? REO's in coto -- how far back of list have they been clearing, 10%?</blockquote>
There is no way to give a general percentage from listing prices as each property is different and has it's own specific circumstances. The one generality I can make is that NODs in Coto on on the rise.


IR2 - Thanks for the info, but I am not sure I understand it. My guess is the offer was for $1,995,000 or close to. What does "Agents Go Direct" mean? Did you go to any open houses today? I went to a couple open houses in Turtle Rock and found out that homes in Turtle Rock are older and smallish with little to no back yard and very expensive.
 
[quote author="awgee" date=1212635868]Agent comments: AGENTS GO DIRECT. LIST PRICE IS YOUR 'BUY IT NOW' PRICE. ANYTHING UNDER LIST PRICE WILL BE A SHORT SALE. IF IT SHOWS AVAILABLE , IT IS. GO DIRECT.



IR2 - Thanks for the info, but I am not sure I understand it. My guess is the offer was for $1,995,000 or close to. What does "Agents Go Direct" mean? Did you go to any open houses today? I went to a couple open houses in Turtle Rock and found out that homes in Turtle Rock are older and smallish with little to no back yard and very expensive.</blockquote>


Sorry for the confusion, awgee. There are public comments that are made as part of the property description, and there are private comments made available just to agents. Private comments are intended to be used to inform agents about special circumstances about the property for seller's protection, ex: gate access codes, vacant/occupied, etc (in this case GO DIRECT doesn't tell me much). This agent is stating that seller can come up with funds to close at list price, but anything lower may take much more time to close as the bank will have to approve taking less than what is owed to them on the note... So you are given the choice, time or money.
 
IR2,



how much more pertinent information is typically placed in the private comments? I mean substantial information about the listing (e.g. property condition, rent roll, etc), rather than gate codes and lock box location?



Thanks
 
[quote author="freedomCM" date=1212644337]IR2,



how much more pertinent information is typically placed in the private comments? I mean substantial information about the listing (e.g. property condition, rent roll, etc), rather than gate codes and lock box location?



Thanks</blockquote>


Depends on the agent - for example, one of my current listings looks like this:



<blockquote>Priv Rmks: Please be careful when showing and DO NOT LET CAT OUT! This is not a short sale or REO. Seller requests Equity Title and West Coast Escrow for services. Thank you for showing. - Mello-Roos only 328.46/year. Prefer 30-45 day escrow.</blockquote>


Most of this is available elsewhere, but if I can preemptively answer MR questions or get someone to write a cleaner offer, I'm happy to save some time later by putting more in up front.
 
[quote author="skek" date=1212646394]Sometimes my agent will show me the private remarks. I see a lot of "MOTIVATED SELLER!!! SUBMIT ALL OFFERS!!!"</blockquote>


"Why are we only getting lowball offers?" That's why.





Another truly xlnt reason to ask your listing agent to show you the MLS printout of your own listing. <em>Caveat venditor.</em>
 
[quote author="IrvineRealtor" date=1212647353][quote author="skek" date=1212646394]Sometimes my agent will show me the private remarks. I see a lot of "MOTIVATED SELLER!!! SUBMIT ALL OFFERS!!!"</blockquote>


"Why are we only getting lowball offers?" That's why.





Another truly xlnt reason to ask your listing agent to show you the MLS printout of your own listing. <em>Caveat venditor.</em></blockquote>


Unbelievable to me that anyone <em>wouldn't</em> want to see their own MLS listing. Perhaps some just aren't as control-freakish or anal as I am....heck I would probably want to edit the thing for style.
 
<blockquote>Unbelievable to me that anyone wouldn?t want to see their own MLS listing. Perhaps some just aren?t as control-freakish or anal as I am....heck I would probably want to edit the thing for style. </blockquote>
My realtor got annoyed with me when I politely asked her to fix the spelling mistakes and remove a picture that showed construction after the work had already been completed. It took her 2 weeks to remove that picture - she claimed she had to have the office administrator adjust the listing. There are more stories, but my blood pressure would start to rise again. :) We were under the gun to sell the house so we didn't have time to research and interview realtors. We bought the house from her, so we thought we would use her to sell the house. She was a great buyer's agent - but not a good seller's agent.
 
Skek, I'm sure I have no idea about that which you speak of.



<em><span style="font-size: 11px;">I'll pay you the $10 for that retraction later. Whew, that was a close one.</span></em>
 
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