CalGal_IHB
New member
. . . . and STILL sitting!
Ha!
Bloodbath in Coto de Caza
- Thread starter muffdaddy_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Ha!
Ignore short sales. They are fake. They could be priced at one dollar or one billion dollars-doesn't matter. They almost always result in no sale, followed by a bank foreclosure. Now, it might take a year or more between the short sale being listed and the bank actually foreclosing, but that is the usual result eventually.
Now, as a non-distressed home owner, you have two choices:
1. Sell now at REO prices
2. Wait until the market recovers until you can get the price you want (in one year, five years, never, who knows?)
Those are your only choices. Now, if you, say, got another job and are moving out of state, and can't afford to own two houses, you are not a non-distressed home owner. You have to sell, unless you think you can rent it out (although you probably won't break even in this market, factoring in the mortgage payment, HOA dues, taxes, and maintenance). But what if you owe more on the house than it's worth? Unless you can eat the loss-that's a failed short sale in the making, followed by foreclosure.
Update: 32006 Via Coyote sold on 12-12-08 for $960,000. That is less than the 2003 selling price of $1,023,000 and my guess is that it was a short sale.
Yup yup. But look at the sales prior to the last one. Somebody more than doubled their money in five years (and, of course, they probably didn't pay cash, so assuming they put 20% down, it's more like they made ten times what they invested).
http://www.fidelityasap.com/
Is it a coinky dink that the Acronym for American Team Mortgage is "ATM"?
Ha!
usctrojanman29_IHB
New member
I don't know about that...look at the sales history. Looks like it may be a flip job.CalGal said:
awgee_IHB
New member
Of the 159 listings in Redfin for homes for sale in Coto de Caza 49, or (31%), previously sold in 2004 or later. I have no idea if this is normal or if this means anything. The breakdown is as follows: 2 sold in 2009, (back to bank), 6 in 2008, 7 in 2007, 8 in 2006, 10 in 2005, and 16 in 2004. It occurs to me that five year option ARMs are resetting and recasting right about now on homes sold in 2004.
awgee_IHB
New member
50 properties have been listed for sale within the last 30 days in Coto.
I do not have access to how many homes sold in that same time frame. I only have access to which listings closed, which are not all sales. In fact, less than half of the closed listings turn out to be sales.
But, I can tell that about 9 homes sold in Coto in February. Of the 9 homes that sold, 7 sold for under $1,000,000, and the most expensive home to sell went for $1,375,000. February sales are the most recent I can come up with because it takes awhile for the listing on Redfin to change from "closed" to "sold".
Anyways, it appears that unlike Irvine, many more homes are being listed for sale in Coto than are selling. If anyone can come up more accurate numbers, please do. And, if the last few months are any indication, the over $2,000,000 market has disappeared or "dropped off a cliff." And, IIRC, the most expensive home in Coto that sold in January went for $1,300,000.
I do not have access to how many homes sold in that same time frame. I only have access to which listings closed, which are not all sales. In fact, less than half of the closed listings turn out to be sales.
But, I can tell that about 9 homes sold in Coto in February. Of the 9 homes that sold, 7 sold for under $1,000,000, and the most expensive home to sell went for $1,375,000. February sales are the most recent I can come up with because it takes awhile for the listing on Redfin to change from "closed" to "sold".
Anyways, it appears that unlike Irvine, many more homes are being listed for sale in Coto than are selling. If anyone can come up more accurate numbers, please do. And, if the last few months are any indication, the over $2,000,000 market has disappeared or "dropped off a cliff." And, IIRC, the most expensive home in Coto that sold in January went for $1,300,000.
Geotpf_IHB
New member
awgee said:
Ignore short sales. They are fake. They could be priced at one dollar or one billion dollars-doesn't matter. They almost always result in no sale, followed by a bank foreclosure. Now, it might take a year or more between the short sale being listed and the bank actually foreclosing, but that is the usual result eventually.
Now, as a non-distressed home owner, you have two choices:
1. Sell now at REO prices
2. Wait until the market recovers until you can get the price you want (in one year, five years, never, who knows?)
Those are your only choices. Now, if you, say, got another job and are moving out of state, and can't afford to own two houses, you are not a non-distressed home owner. You have to sell, unless you think you can rent it out (although you probably won't break even in this market, factoring in the mortgage payment, HOA dues, taxes, and maintenance). But what if you owe more on the house than it's worth? Unless you can eat the loss-that's a failed short sale in the making, followed by foreclosure.
awgee_IHB
New member
awgee said:
Update: 32006 Via Coyote sold on 12-12-08 for $960,000. That is less than the 2003 selling price of $1,023,000 and my guess is that it was a short sale.
QH Renter_IHB
New member
Zulu's post sounds like inside information.
awgee_IHB
New member
awgee_IHB
New member
There is a thread where a few of us were discussing the definition of a "knife catcher".
Check out the sales history for 6 Brentwood.
I can not help but wonder if their realtor was saying, "It's a buyer's market.", "Prices will not go lower.", etc.
And were they thinking, "If we don't buy now, we will never be able to buy again" or "Prices will be rise again soon because prices always rise in Southern California in the long term"? Redfin is not calling it a short sale. Ouch!
Check out the sales history for 6 Brentwood.
I can not help but wonder if their realtor was saying, "It's a buyer's market.", "Prices will not go lower.", etc.
And were they thinking, "If we don't buy now, we will never be able to buy again" or "Prices will be rise again soon because prices always rise in Southern California in the long term"? Redfin is not calling it a short sale. Ouch!
Geotpf_IHB
New member
awgee said:
Yup yup. But look at the sales prior to the last one. Somebody more than doubled their money in five years (and, of course, they probably didn't pay cash, so assuming they put 20% down, it's more like they made ten times what they invested).
usctrojanman29_IHB
New member
I'm sure Graph will be there. You can use the following website to track the results and see what's coming up.awgee said:
http://www.fidelityasap.com/
trrenter_IHB
New member
awgee said:
Is it a coinky dink that the Acronym for American Team Mortgage is "ATM"?
Zulu_IHB
New member
A construction fence has gone up at the 2-acre lot at 23181 Pradera Road. The lot was graded back in November, and rumor has it that construction will start on a 7000sf home in the next 2-3 weeks.
If I am not mistaken, this will be the first new home to be built in the Los Ranchos Estates in the past couple of years.
If I am not mistaken, this will be the first new home to be built in the Los Ranchos Estates in the past couple of years.