Ladera Ranch projections

NEW -> Contingent Buyer Assistance Program
[quote author="tenmagnet" date=1227592911][quote author="awgee" date=1227592784][quote author="tenmagnet" date=1227592210][quote author="awgee" date=1227588835][quote author="tenmagnet" date=1227587096]It states minimum bid of $1.8M, is that right?</blockquote>


IIRC, The Deuce has trying to teach us that the "asking" price for a short sale home may not be any type of real asking price. It may be a "fishing" price for the listing agent with the intention of getting bids so that the listing agent can then take the bids to the lender and show how much the property may actually sell for. The listing agent, with approval from the lender, then relists the property with a "realistic" asking price.</blockquote>


It states minimum bid at the court house is $1.8M, is this a "fishing" price?</blockquote>


No, sorry if I was not more clear. The "fishing" price is the $995,000 in the redfin ad.</blockquote>


Okay, no problem, I understand what you're saying.

That's a very good point.

What about the courthouse auction price, is that accurate?</blockquote>


It is what the lender says it is. Sorry, but I have no idea as to whether the lender holds to their minimum bid price or whether they can change it. So far, I have not heard of any strange changes made and from what I hear, the bids on the couthouse steps are straight forward and quick.
 
[quote author="awgee" date=1227593123][quote author="tenmagnet" date=1227592911][quote author="awgee" date=1227592784][quote author="tenmagnet" date=1227592210][quote author="awgee" date=1227588835][quote author="tenmagnet" date=1227587096]It states minimum bid of $1.8M, is that right?</blockquote>


IIRC, The Deuce has trying to teach us that the "asking" price for a short sale home may not be any type of real asking price. It may be a "fishing" price for the listing agent with the intention of getting bids so that the listing agent can then take the bids to the lender and show how much the property may actually sell for. The listing agent, with approval from the lender, then relists the property with a "realistic" asking price.</blockquote>


It states minimum bid at the court house is $1.8M, is this a "fishing" price?</blockquote>


No, sorry if I was not more clear. The "fishing" price is the $995,000 in the redfin ad.</blockquote>


Okay, no problem, I understand what you're saying.

That's a very good point.

What about the courthouse auction price, is that accurate?</blockquote>


It is what the lender says it is. Sorry, but I have no idea as to whether the lender holds to their minimum bid price or whether they can change it. So far, I have not heard of any strange changes made and from what I hear, the bids on the couthouse steps are straight forward and quick.</blockquote>


Yeah, that sounds right, just wasn?t sure.

Maybe someone else can weigh in.
 
I don't know for sure, but from what i've seen on the NTs (one of the contracts our company has is with a real estate application, so we have a database of all of that) i've looked at, the auction amount is usually just what the loan is for. Seems like the banks arn't interested in selling the house at an auction, and would rather go through the normal process of selling an REO.
 
I thought that I had read that a lot of banks are lowering the minimum bid below the primary note amount.



Do they do that lowering on the notice, above, or on the day of the sale with the auctioneer on the steps?
 
The loan amount is $1.68mil., and the notice of sale amount is $1,843+mil. Will the lender start the minimum bid lower? Maybe, and I will let you know what that is when it gets posted, but it hasn't been posted yet. On a side note, the loan amount is much less than the NTS amount, meaning it is most likely an option ARM. Probably a WAMU option ARM, and if JP Morgan just wants to get it off their books then they should drop the minimum bid down to appeal to investors.



Another side note, 20 Elissa is scheduled for the auction the day before, but the NTS amount is only $1.1mil. And, there are plenty of $1mil+ properties scheduled for auction in Ladera, it's really bad.
 
[quote author="graphrix" date=1227599911]

Another side note, 20 Elissa is scheduled for the auction the day before, but the NTS amount is only $1.1mil. And, there are plenty of $1mil+ properties scheduled for auction in Ladera, it's really bad.</blockquote>


Well, bad for people currently in Ladera. Good for us.
 
A few weeks ago Pardee Homes was trying to unload the remainder of its homes in the Segovia tract. I think Segovia is one of the lower end Covenant Hills neighborhoods, but its still pretty nice. Anyway, the lowest price on one of the homes was 650k. This is way below comps in Covenant Hills and right at about $200 sf. The listing lasted about a week or two on Redfin; does anyone know if they actually sold and if they did what sort of prices they went for? I can only hope they sold near the bottom of their ranges.
 
One of the issues places like Ladera will have moving forward are the Melo Roos and Association fees.



One could increase there mortgage by 75k to 100k and have the same payments if they find a home without association or Melo Roos and not increase the actual monthly payments when all is said and done.



The association I don't mind if it is reasonable but some of these association fees seem unreasonable. Then if they go up then you have an even higher monthly rate.
 
[quote author="Chotsky" date=1227614320]A few weeks ago Pardee Homes was trying to unload the remainder of its homes in the Segovia tract. I think Segovia is one of the lower end Covenant Hills neighborhoods, but its still pretty nice. Anyway, the lowest price on one of the homes was 650k. This is way below comps in Covenant Hills and right at about $200 sf. The listing lasted about a week or two on Redfin; does anyone know if they actually sold and if they did what sort of prices they went for? I can only hope they sold near the bottom of their ranges.</blockquote>




We checked out segovia today and they have a sign that says "temporarily sold out", even though the street is lined with for sale signs.
 
[quote author="ABC123" date=1224974723][quote author="graphrix" date=1224940777]



Aside from the high taxes, and the feeling you get driving around there, have you hung out with the people that live there? I mean, there are some good people there, but they are few and far between.</blockquote>


I would love to have Tamara from Real Housewives living next door!</blockquote>


I would love to have her living with me! :)
 
[quote author="norcaljeff" date=1227708640][quote author="ABC123" date=1224974723][quote author="graphrix" date=1224940777]



Aside from the high taxes, and the feeling you get driving around there, have you hung out with the people that live there? I mean, there are some good people there, but they are few and far between.</blockquote>


I would love to have Tamara from Real Housewives living next door!</blockquote>


I would love to have her living with me! :)</blockquote>
If that happened, I'd probably go crazy because she is annoying as hell although she does have a nice rack. haha
 
Tamara house is for sale according to OCregister...bought for $1.3 in 2005, she is asking for $1.525. MLS#S552635, according to OCRegister.



NorcalJeff, maybe you can make an offer and asking the "housewife" to be included as part of the deal. haha
 
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