Bloodbath in Coto de Caza
- Thread starter muffdaddy_IHB
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NEW -> Contingent Buyer Assistance Program
I found it funny that the taker of the front yard photo thought it best to turn on the sprinklers before taking the pic. Maybe they thought the lawn would green up a bit. I doubt if it was the automatic sprinklers kicking in, because the lawn is too brown. There is another REO at 8 Cedargrove in which the lawn and landscaping is brown. What can the HOA do? Cite the bank? I'll bet they have, and so ...
Interestingly, there are no appliances in the kitchen at 8 Cedargrove. I have not been inside and do not know what the rest of the home looks like. And 4 Edgewood is going to give serious competition to 8 Cedargrove and every other under $1,000,000 listing in Coto. Ya gotta love them banks.
Is this the lot you are referring to?
23181 Pradera Rd. is still listed as status:Active according to Redfin. It appears that Mariann likes to have her clients invest in grading in order to make the lot more saleable. When I first saw the fence and grading on 31572 Trigo Trail more than a year ago, I thought the activity meant the lot had sold and construction was soon to follow, but it sits today unsold and status:Active according to Redfin.
LOL
I told my wife yesterday that I forgot to ask you if 6 Via Presea made it to auction or if it got postponed. I am guessing the $1.8M was the first and the difference between $2.05 and $1.8 was the amount owed on the second. I think the second lien holder took the property a few months ago and was the owner until yesterday. Whaddya think? I saw some photos of the home when it was on the market a couple of years ago and it looked quite dated. And the side yard backs up to Coto de Caza Dr which is a little too busy for my taste.
Speaking of $2 million foreclosures:
From what I have read, it seems short sales have the same or close to the same negative effect on a home debtors credit rating as a foreclosure, so whenever I see a home listed as a short sale, it matters little to the home debtor if the home is sold as a short sale or if it goes to foreclosure. And very few homes are actually sold as short sales, so most of the time that a property is listed as a short sale, it ends up in foreclosure. Does anyone else have any information or thoughts on this?
41 Augusta sold in July of 2005 according to Redfin and has been listed off and on since 3/17/08. I do not have access to the original listing price right now, but if I can get it on Monday, I will edit this post. 41 Augusta was relisted yesterday as a short sale with a listing price of $2,495,000. It is probably just a matter of time before this home ends up in foreclosure. If the present owner is willing to have a short sale on their credit report, my guess is that they will not be motivated to continue the payments to keep this property from going into foreclosure. Can you imagine what the total monthly cost is on this home? Geez!
Actually, from my Costa Mesa data, this is no longer true.
Short sales rarely sold last year, but for the past three months, they have sold at the same rate as REOs, and at a somewhat higher price-point (median ~$100k higher than the REOs).
I suspect that the banks are wising up and realizing that a maintained, not thrashed, house sells for more than an abandoned REO.
I don't know if this is true for other cities (maybe IR2 or IPO know for Irvine?), but it is the really surprising finding for me from the past few months.
This property sold in mid '97 for $414,500. Some think (and I tend to agree) we'll be back to '98 prices adjusted for inflation. If that's the case, the "bottom" for this house would be around $550,000 and $178/sq ft. making the listing price a "mere" 17% away. According to the realtor, the bank is "looking for offers!!!". He's probably thinking and hoping for a bidding war...
Did you happen to stop by awgee? I thought the home was in decent shape when compared to other REO's I've visited. Carpet was a mess, some water damage in a bathroom, overall worn down bathrooms, and of course the grass (or lack thereof).
awgee_IHB
New member
I do not know what other conclusion one can draw when one looks at the numbers.
6 Panorama last sold on 4/17/1998 for $734,500. An NTS has been issued on this property with a notice of sale amount of $1,554,780.08. I start to get a little empathetically sad for the "owners" when I see this type of situation, and then I realize that they are living in a $2 mil home. According to Redfin, this property has not been offerered for sale within the last few months or year and is not presently listed for sale. My guess is that there must be an additional mortgage on the property that precludes trying to sell for more than the amount of the first. On second thought, they do not need or deserve my sympathy or empathy. Or maybe they had lots of medical bills.
Thursday
5/7/2009 12:00:00 PM Address: 6 PANORAMA
City: COTO DE CAZA
State: CA
Zip: 92679
County: Orange
APN: 779-152-03
Sale Status: Sale Date 05/07/2009
TS Number: CA09236156CL
ASAP Number: 3048466
Notice of Sale Amt: $1,554,780.08
Opening Bid Amt: 0
Sold Amt: 0
Sale Location: At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.
Trustee: Quality Loan Service Corporation
Trustee Phone#: (619)685-4800
6 Panorama last sold on 4/17/1998 for $734,500. An NTS has been issued on this property with a notice of sale amount of $1,554,780.08. I start to get a little empathetically sad for the "owners" when I see this type of situation, and then I realize that they are living in a $2 mil home. According to Redfin, this property has not been offerered for sale within the last few months or year and is not presently listed for sale. My guess is that there must be an additional mortgage on the property that precludes trying to sell for more than the amount of the first. On second thought, they do not need or deserve my sympathy or empathy. Or maybe they had lots of medical bills.
Thursday
5/7/2009 12:00:00 PM Address: 6 PANORAMA
City: COTO DE CAZA
State: CA
Zip: 92679
County: Orange
APN: 779-152-03
Sale Status: Sale Date 05/07/2009
TS Number: CA09236156CL
ASAP Number: 3048466
Notice of Sale Amt: $1,554,780.08
Opening Bid Amt: 0
Sold Amt: 0
Sale Location: At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.
Trustee: Quality Loan Service Corporation
Trustee Phone#: (619)685-4800
awgee_IHB
New member
A few times now, I have noticed some of the "pent up supply" become actual supply. Pent up supply meaning an organic listing which is not priced for today's market and goes off market. For awhile. The owners of pent up supply take their homes off the market because they are not getting offers for what their special home is "worth", and they decide to wait until the market starts going up again in a few months or until the spring rush. So far, the pent up supply that becomes actual supply never seem to figure out that they will not sell their palace until they price it relevant to today's market and the listing either sits again or it eventually goes to short sale and then NOD.
I seem to remember 6 Via Terracaleta being listed last year for over $1,700,000 and then being repriced $100,000 or so less. It was pulled off the market and now relisted at a chasing the market down, WTH, price. $301 per sq ft would receive some offers. $401 per sq ft? Maybe not so much.
I seem to remember 6 Via Terracaleta being listed last year for over $1,700,000 and then being repriced $100,000 or so less. It was pulled off the market and now relisted at a chasing the market down, WTH, price. $301 per sq ft would receive some offers. $401 per sq ft? Maybe not so much.
awgee_IHB
New member
I was gonna wait until escrow closed on 7 Sawgrass, but it seems just entering escrow at $3,600,000 has the other high end sellers in a tizzy, and I can't say I blame them. The owners/flippers of 7 Sawgrass bought in Jan of 2007 for $4,000,000 and started remodeling. They are pros. When finished, the house and grounds were drop dead gorgeous. On 5/6/08, the property was listed at $5,795,000, an over the top price on an over the top home. The owners started lowering the price after a couple of months and kept lowering until entering escrow at $3,600,000 for a decrease of $2,195,000 off the original listing price or -38% in less than one year. But, that is a pro for you, unlike the spec builder of 31232 Via Colinas who seems determined to chase the market down.
awgee_IHB
New member
The agent says in the listing description, "This Bank Owned property will not last!." If the bank takes an offer at the listed price, it won't last. At $208 per sq ft, this oughta sell quickly. Unless there is something majorly wrong with the home.
The property sold for $1,199,000 on 9/16/04 according to Redfin.
The bank took it back for $1,081,111 on 2/13/09.
And now has it listed at $643,500!
I will have to refill my popcorn bowl.
Ipo, is your heart set on Irvine?
The property sold for $1,199,000 on 9/16/04 according to Redfin.
The bank took it back for $1,081,111 on 2/13/09.
And now has it listed at $643,500!
I will have to refill my popcorn bowl.
Ipo, is your heart set on Irvine?
usctrojanman29_IHB
New member
They would actually allow the front get all jacked up like that in Coto? What is this world coming to???awgee said:
awgee_IHB
New member
usctrojanman29 said:
I found it funny that the taker of the front yard photo thought it best to turn on the sprinklers before taking the pic. Maybe they thought the lawn would green up a bit. I doubt if it was the automatic sprinklers kicking in, because the lawn is too brown. There is another REO at 8 Cedargrove in which the lawn and landscaping is brown. What can the HOA do? Cite the bank? I'll bet they have, and so ...
Interestingly, there are no appliances in the kitchen at 8 Cedargrove. I have not been inside and do not know what the rest of the home looks like. And 4 Edgewood is going to give serious competition to 8 Cedargrove and every other under $1,000,000 listing in Coto. Ya gotta love them banks.
usctrojanman29_IHB
New member
Well, as we all know banks aren't the best landlords/property owners. haha Don't they know that if they spend a little they'll get more back??? Those HOA infaction penalties will have to be paid for when the sale closes so the banks will pay for them eventually.awgee said:
awgee_IHB
New member
Ya know, ya tell youself, "Well, they must have extenuating circumstances, like medical bills or loss of job or ..."
But, then you see so much of this stuff, ya gotta wonder, "Gosh, do this many folks have medical bills which are not paid by insurance?"
15 Meritage was last sold on 4/3/96 for $351,000, a decrease from it's 1991 selling price of $371,000. Smart buyers, eh?
15 Meritage is now listed as a short sale with an asking price of $799,000.
All I can do is shake my head in wonderment.
But, then you see so much of this stuff, ya gotta wonder, "Gosh, do this many folks have medical bills which are not paid by insurance?"
15 Meritage was last sold on 4/3/96 for $351,000, a decrease from it's 1991 selling price of $371,000. Smart buyers, eh?
15 Meritage is now listed as a short sale with an asking price of $799,000.
All I can do is shake my head in wonderment.
awgee_IHB
New member
Zulu said:
Is this the lot you are referring to?
23181 Pradera Rd. is still listed as status:Active according to Redfin. It appears that Mariann likes to have her clients invest in grading in order to make the lot more saleable. When I first saw the fence and grading on 31572 Trigo Trail more than a year ago, I thought the activity meant the lot had sold and construction was soon to follow, but it sits today unsold and status:Active according to Redfin.
graphrix_IHB
New member
6 Via Presea went back to the bank today for $2,052,599.65.
I thought for sure someone was going to get this one. Because, this crazy old dude was trying to buy it with his duffel bag full of gold bars but he was rejected because he didn't have a cashiers check. He started ranted on and on about how that paper currency is crap, and the only real currency is gold. Not like the auctioneer cared. Anyway, I kinda felt sorry for him. Strangely, he reminded me of someone, but I just can't pinpoint it.
I thought for sure someone was going to get this one. Because, this crazy old dude was trying to buy it with his duffel bag full of gold bars but he was rejected because he didn't have a cashiers check. He started ranted on and on about how that paper currency is crap, and the only real currency is gold. Not like the auctioneer cared. Anyway, I kinda felt sorry for him. Strangely, he reminded me of someone, but I just can't pinpoint it.
awgee_IHB
New member
graphrix said:
LOL
I told my wife yesterday that I forgot to ask you if 6 Via Presea made it to auction or if it got postponed. I am guessing the $1.8M was the first and the difference between $2.05 and $1.8 was the amount owed on the second. I think the second lien holder took the property a few months ago and was the owner until yesterday. Whaddya think? I saw some photos of the home when it was on the market a couple of years ago and it looked quite dated. And the side yard backs up to Coto de Caza Dr which is a little too busy for my taste.
Speaking of $2 million foreclosures:
From what I have read, it seems short sales have the same or close to the same negative effect on a home debtors credit rating as a foreclosure, so whenever I see a home listed as a short sale, it matters little to the home debtor if the home is sold as a short sale or if it goes to foreclosure. And very few homes are actually sold as short sales, so most of the time that a property is listed as a short sale, it ends up in foreclosure. Does anyone else have any information or thoughts on this?
41 Augusta sold in July of 2005 according to Redfin and has been listed off and on since 3/17/08. I do not have access to the original listing price right now, but if I can get it on Monday, I will edit this post. 41 Augusta was relisted yesterday as a short sale with a listing price of $2,495,000. It is probably just a matter of time before this home ends up in foreclosure. If the present owner is willing to have a short sale on their credit report, my guess is that they will not be motivated to continue the payments to keep this property from going into foreclosure. Can you imagine what the total monthly cost is on this home? Geez!
awgee_IHB
New member
Um, appreciation of 43% in less than two years. Of course, your first thought is, "Maybe it has been extensively remodeled since the last sale?" My memory is not great, but I do not think this home has been remodeled since the last sale, at least not in any manner that would cause a reappraisal for property tax purposes, and certainly not nearly $3 million worth of remodeling.
31361 Trigo Trail
I wonder if the owners are aware that home prices have DEPRECIATED in Coto in the last couple of years. Or maybe this is some type of brilliant marketing strategy. Start at $9,500,000, lower the price by $2,000,000 in a couple of months, and say, "Look at the huge price reduction!"
I have been inside this home the last time it was for sale, and I prefer 7 Sawgrass, and for this price I would most certainly prefer 22931 Sonriente Trail.
Just curious, if you are selling a home and you know there is going to be a huge HOA assessment on your particular tract, are you obligated to disclose that information?
31361 Trigo Trail
I wonder if the owners are aware that home prices have DEPRECIATED in Coto in the last couple of years. Or maybe this is some type of brilliant marketing strategy. Start at $9,500,000, lower the price by $2,000,000 in a couple of months, and say, "Look at the huge price reduction!"
I have been inside this home the last time it was for sale, and I prefer 7 Sawgrass, and for this price I would most certainly prefer 22931 Sonriente Trail.
Just curious, if you are selling a home and you know there is going to be a huge HOA assessment on your particular tract, are you obligated to disclose that information?
freedomCM_IHB
New member
awgee said:
Actually, from my Costa Mesa data, this is no longer true.
Short sales rarely sold last year, but for the past three months, they have sold at the same rate as REOs, and at a somewhat higher price-point (median ~$100k higher than the REOs).
I suspect that the banks are wising up and realizing that a maintained, not thrashed, house sells for more than an abandoned REO.
I don't know if this is true for other cities (maybe IR2 or IPO know for Irvine?), but it is the really surprising finding for me from the past few months.
usctrojanman29_IHB
New member
I think this is beginning to happen more and more everywhere. My cousin's husband is a realtor in Vegas and he has had 4 short sales approved and closed in the past 2 months as compared to 1 in all of 2008. I think they lenders know what's coming (in terms of the foreclosure tidal wave) and want to move properties out of the que ASAP.freedomCM said:
opuswon_IHB
New member
I perused 4 Edgewood's open house this weekend and was entertained by the "devastated" neighbors who were walking through. Mouth's literally dropped when told of the listing price. Popcorn bowl, indeed.awgee said:
This property sold in mid '97 for $414,500. Some think (and I tend to agree) we'll be back to '98 prices adjusted for inflation. If that's the case, the "bottom" for this house would be around $550,000 and $178/sq ft. making the listing price a "mere" 17% away. According to the realtor, the bank is "looking for offers!!!". He's probably thinking and hoping for a bidding war...
Did you happen to stop by awgee? I thought the home was in decent shape when compared to other REO's I've visited. Carpet was a mess, some water damage in a bathroom, overall worn down bathrooms, and of course the grass (or lack thereof).