Ladera Ranch

[quote author="Joe33" date=1254530055][quote author="graphrix" date=1254369356][quote author="Roo" date=1254366177]I would like to get your predictions on what might be the lowest price nice tract homes in Covenant Hills might go for (not the custom estates). Looking more for a $/sf than a total $ amount.



Here's an example: <a href="http://www.redfin.com/CA/Ladera-Ranch/2-Moonlight-Isle-92694/home/5962514">2 Moonlight Isle</a>.



Keep in mind the 1.84% tax rate and $405 HOA. That adds up quite a bit, so the purchase price might need to be discounted to reflect that.



I'm not necessarily interested in this specific home, but I do like the neighborhood quite a bit.</blockquote>


I think the tract homes in Covenant Hills will eventually get as low as $900k to the $1M range. You should see all the purdy dots on Foreclosure Radar in Covenant Hells.



Speaking of taxes and deadbeats, this guy has a nice tax default for nearly $15k. Now to nitpick, the tax base is not 1.84%, the tax base is 1.18% and the mello roos plus other non-percentage based fees comes to $8111 every year. If you bought this place for $900k your total property tax obligation would equal 2.1% of the $900k purchase price. That is... if you pay your taxes unlike this guy.</blockquote>


There are already several tract homes in Covenant Hills that have sold for about $800K. They are down the hill, closer to the power lines and without views. Generally about 2900 to 3500 square feet.</blockquote>


Yes, I know, thanks. But I was talking about the tract homes that are up the hill and are 4000+ sqft. that will eventually sell in the $900k-$1M range, like the one in the original post was talking about.
 
[quote author="graphrix" date=1254531391][quote author="Joe33" date=1254530055][quote author="graphrix" date=1254369356][quote author="Roo" date=1254366177]I would like to get your predictions on what might be the lowest price nice tract homes in Covenant Hills might go for (not the custom estates). Looking more for a $/sf than a total $ amount.



Here's an example: <a href="http://www.redfin.com/CA/Ladera-Ranch/2-Moonlight-Isle-92694/home/5962514">2 Moonlight Isle</a>.



Keep in mind the 1.84% tax rate and $405 HOA. That adds up quite a bit, so the purchase price might need to be discounted to reflect that.



I'm not necessarily interested in this specific home, but I do like the neighborhood quite a bit.</blockquote>


I think the tract homes in Covenant Hills will eventually get as low as $900k to the $1M range. You should see all the purdy dots on Foreclosure Radar in Covenant Hells.



Speaking of taxes and deadbeats, this guy has a nice tax default for nearly $15k. Now to nitpick, the tax base is not 1.84%, the tax base is 1.18% and the mello roos plus other non-percentage based fees comes to $8111 every year. If you bought this place for $900k your total property tax obligation would equal 2.1% of the $900k purchase price. That is... if you pay your taxes unlike this guy.</blockquote>


There are already several tract homes in Covenant Hills that have sold for about $800K. They are down the hill, closer to the power lines and without views. Generally about 2900 to 3500 square feet.</blockquote>


Yes, I know, thanks. But I was talking about the tract homes that are up the hill and are 4000+ sqft. that will eventually sell in the $900k-$1M range, like the one in the original post was talking about.</blockquote>


Correct, if I ever live down in Ladera Ranch it will be because I'm getting a far superior product than what I'd get in Irvine. There has to be a cutoff at some point when you get 2,750 sf, no view, no yard in Irvine vs. 4,500 sf, some view (at least no neighbors on the hill side), and a decent yard (with grass and maybe a pool).



HOA, taxes, and mello-roos are high in Ladera Ranch, but when comparing with Irvine, it's about the same for new neighborhoods. I hate manual work, so when times come I will only look for new neighborhoods.
 
Comp Killer in Covenant Hill: <a href="http://www.redfin.com/CA/Ladera-Ranch/9-Padre-Pl-92694/home/5934454">9 Padre Pl</a>



It's REO listed at $986,900

Beds: 5

Baths: 5.5

Sq. Ft.: 4,645

$/Sq. Ft.: $212

Lot Size: 8,959 Sq. Ft.



Lot is small and it's location is not great (it's backyard backs onto the Covenant Hill just by the main gate). Also, there isn't any ocean view. Nonetheless it sold for $1,906,000 on June 28, 2006. What will all the neighbor do when they all see that their homes lost 50% in value? REO are moving up the ladder chain and will hit hard.



1 Padre is listed at $1.6M...wonder which one will sell?

3 Padre is scheduled for auction with total loans of $2.8M.
 
[quote author="Roo" date=1256427936]Comp Killer in Covenant Hill: <a href="http://www.redfin.com/CA/Ladera-Ranch/9-Padre-Pl-92694/home/5934454">9 Padre Pl</a>



It's REO listed at $986,900

Beds: 5

Baths: 5.5

Sq. Ft.: 4,645

$/Sq. Ft.: $212

Lot Size: 8,959 Sq. Ft.



Lot is small and it's location is not great (it's backyard backs onto the Covenant Hill just by the main gate). Also, there isn't any ocean view. Nonetheless it sold for $1,906,000 on June 28, 2006. What will all the neighbor do when they all see that their homes lost 50% in value? REO are moving up the ladder chain and will hit hard.



1 Padre is listed at $1.6M...wonder which one will sell?

3 Padre is scheduled for auction with total loans of $2.8M.</blockquote>


Ouch. That gotta hurt.



I noticed that this house was turned around pretty quickly from auction to listing. I guess it must be in pretty good condition.
 
[quote author="autox" date=1256504202][quote author="Roo" date=1256427936]Comp Killer in Covenant Hill: <a href="http://www.redfin.com/CA/Ladera-Ranch/9-Padre-Pl-92694/home/5934454">9 Padre Pl</a>



It's REO listed at $986,900

Beds: 5

Baths: 5.5

Sq. Ft.: 4,645

$/Sq. Ft.: $212

Lot Size: 8,959 Sq. Ft.



Lot is small and it's location is not great (it's backyard backs onto the Covenant Hill just by the main gate). Also, there isn't any ocean view. Nonetheless it sold for $1,906,000 on June 28, 2006. What will all the neighbor do when they all see that their homes lost 50% in value? REO are moving up the ladder chain and will hit hard.



1 Padre is listed at $1.6M...wonder which one will sell?

3 Padre is scheduled for auction with total loans of $2.8M.</blockquote>


Ouch. That gotta hurt.



I noticed that this house was turned around pretty quickly from auction to listing. I guess it must be in pretty good condition.</blockquote>
I have never seen the inside, but the outside looks as if the landscaping was never started. The front yard is ground up wood chips.

This house sat on the market for a year or two before it became a REO, and I think that much of the reason is because it is just plain ugly. bkshpr would have a field day pointing out the lack of architectural thought.
 
[quote author="Roo" date=1256427936]Comp Killer in Covenant Hill: <a href="http://www.redfin.com/CA/Ladera-Ranch/9-Padre-Pl-92694/home/5934454">9 Padre Pl</a>

</blockquote>


Wow. That's One I've Never Seen Before. They Have A Listing Where The First Letter Of Every Word Is Capitalized. Even Just Typing This Comment That Way Gets Tiring.



That being said, its got some other little ditties:



"Are you looking for a smoking hot deal?" -> This would have been more appropriate for Tammy's house.



"Priced to Steal" and "They mean business" -> hmmm... its not listed at less than it went back to the bank for.



"Home is LIGHT & BRIGHT" -> Mixing Capitalization Style IN THE MIDDLE OF SENTENCE Is An Interesting Idea.



"Move the Party Outdoors & Prepare a Mouth Watering Meal" -> Awgee, when you buy this place, please invite me for the housewarming party.



"You Must Act Fast ONLY ONE at this Price!" -> Hah hah... that's one I've never heard before on a pre-owned home. "Only one exists"... wow, so every home is rare.



"HURRY, THIS HOME WON'T LAST!!!" -> Too cliche.





Seriously, read the listing. Every line is a charmer.



Delroy
 
[quote author="awgee" date=1256507739][quote author="autox" date=1256504202][quote author="Roo" date=1256427936]Comp Killer in Covenant Hill: <a href="http://www.redfin.com/CA/Ladera-Ranch/9-Padre-Pl-92694/home/5934454">9 Padre Pl</a>



It's REO listed at $986,900

Beds: 5

Baths: 5.5

Sq. Ft.: 4,645

$/Sq. Ft.: $212

Lot Size: 8,959 Sq. Ft.



Lot is small and it's location is not great (it's backyard backs onto the Covenant Hill just by the main gate). Also, there isn't any ocean view. Nonetheless it sold for $1,906,000 on June 28, 2006. What will all the neighbor do when they all see that their homes lost 50% in value? REO are moving up the ladder chain and will hit hard.



1 Padre is listed at $1.6M...wonder which one will sell?

3 Padre is scheduled for auction with total loans of $2.8M.</blockquote>


Ouch. That gotta hurt.



I noticed that this house was turned around pretty quickly from auction to listing. I guess it must be in pretty good condition.</blockquote>
I have never seen the inside, but the outside looks as if the landscaping was never started. The front yard is ground up wood chips.

This house sat on the market for a year or two before it became a REO, and I think that much of the reason is because it is just plain ugly. bkshpr would have a field day pointing out the lack of architectural thought.</blockquote>


Pictures are up now and I see the landscaping (or lackthereof I should say). Neighbors will probably be very happy when this sells and someone moves in and maintain the house.



Add the cost of landscaping (let's say $50k) and it's still a smoking deal compared to what listed around there.
 
I had never seen the backyard, all twenty feet of it. Do you really think it is a good buy. I think it is ugly. Am I the only one? And there is no room for outdoor entertaining/living or a pool. It still seems overpriced to me.
 
[quote author="awgee" date=1256594773]I had never seen the backyard, all twenty feet of it. Do you really think it is a good buy. I think it is ugly. Am I the only one? And there is no room for outdoor entertaining/living or a pool. It still seems overpriced to me.</blockquote>


I'm not a big fan, but it's a step in the right direction. I linked a home a few weeks ago that I really like. I loved 6 Hampshire and a few homes on Bell Pasture. As I said, for me to justify being in Ladera Ranch vs. Irvine it needs to be a much larger home, with a large yard (well large per OC standard at least) and potentially a pool. This home doesn't qualify, but the more homes selling in the low $200 psf, the more pressure for the fantasy $300+ psf out there. Maybe custom homes can justify that, but not many tract homes.
 
[quote author="autox" date=1256504202]I noticed that this house was turned around pretty quickly from auction to listing. I guess it must be in pretty good condition.</blockquote>Looks like it went back to the bank at the Trustee Sale?
 
[quote author="Roo" date=1256611699] ... but the more homes selling in the low $200 psf, the more pressure for the fantasy $300+ psf out there.</blockquote>




OOO-RAH!
 
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