Ladera Ranch

[quote author="25inIrvine" date=1250664215]So it appears that if I do "Ladera Ranch" as the search in foreclosure radar. My map on ForeclosureRadar looks like IR2. But if I do the search for just "92694" then it looks like Graph's.



And the properties coming up went from 171 to 374 when I changed it.....



What is the reason behind this? Now my spreasheet to track the numbers seems pretty worthless since I don't know which number I used for each city</blockquote>


I'm guessing some homes are being counted as a different city.
 
[quote author="25inIrvine" date=1250664215]So it appears that if I do "Ladera Ranch" as the search in foreclosure radar. My map on ForeclosureRadar looks like IR2. But if I do the search for just "92694" then it looks like Graph's.



And the properties coming up went from 171 to 374 when I changed it.....



What is the reason behind this? Now my spreasheet to track the numbers seems pretty worthless since I don't know which number I used for each city</blockquote>


A lot of Ladera still has a the old Mission Viejo address listed, before it was officially Ladera. The other reason is many of the lenders' software hasn't been updated to recognize that 92694 is no longer MV, but a new city not in their database known as Ladera. So yes, in your FR searches for Ladera, just use the zip code.
 
[quote author="25inIrvine" date=1250664215]So it appears that if I do "Ladera Ranch" as the search in foreclosure radar. My map on ForeclosureRadar looks like IR2. But if I do the search for just "92694" then it looks like Graph's.



And the properties coming up went from 171 to 374 when I changed it.....



What is the reason behind this? Now my spreasheet to track the numbers seems pretty worthless since I don't know which number I used for each city</blockquote>


I was surprised when I saw the Ladera numbers in your post a few weeks ago (thanks for the info BTW; I look forward to future updates). Awgee identified the city/zip code issue the other day on the Coto Housing Blog. As a Ladera homeowner, I can't say that I'm not disappointed.
 
[quote author="Sunshine" date=1250682638][quote author="25inIrvine" date=1250664215]So it appears that if I do "Ladera Ranch" as the search in foreclosure radar. My map on ForeclosureRadar looks like IR2. But if I do the search for just "92694" then it looks like Graph's.



And the properties coming up went from 171 to 374 when I changed it.....



What is the reason behind this? Now my spreasheet to track the numbers seems pretty worthless since I don't know which number I used for each city</blockquote>


I was surprised when I saw the Ladera numbers in your post a few weeks ago (thanks for the info BTW; I look forward to future updates). Awgee identified the city/zip code issue the other day on the Coto Housing Blog. As a Ladera homeowner, I can't say that I'm not disappointed.</blockquote>


I tried to check out some other areas as well that may have the same problem. if anyone else knows any ones where the city and zip code produce different numbers let me know. So far I have just noticed a slight change in Aliso Viejo..and I was surprised there was no difference in Foothill Ranch when I did the zip code only.
 
[quote author="25inIrvine" date=1250664215]Now my spreasheet to track the numbers seems pretty worthless since I don't know which number I used for each city</blockquote>


Where are you posting that information?
 
[quote author="Sunshine" date=1250682638][quote author="25inIrvine" date=1250664215]So it appears that if I do "Ladera Ranch" as the search in foreclosure radar. My map on ForeclosureRadar looks like IR2. But if I do the search for just "92694" then it looks like Graph's.



And the properties coming up went from 171 to 374 when I changed it.....



What is the reason behind this? Now my spreasheet to track the numbers seems pretty worthless since I don't know which number I used for each city</blockquote>


I was surprised when I saw the Ladera numbers in your post a few weeks ago (thanks for the info BTW; I look forward to future updates). Awgee identified the city/zip code issue the other day on the Coto Housing Blog. As a Ladera homeowner, I can't say that I'm not disappointed.</blockquote>


Yeah, the Coto Housing Blog is always beating Graphrix to the punch on the important issues. :p
 
[quote author="Roo" date=1250717799][quote author="25inIrvine" date=1250664215]Now my spreasheet to track the numbers seems pretty worthless since I don't know which number I used for each city</blockquote>


Where are you posting that information?</blockquote>


<a href="http://www.irvinehousingblog.com/forums/viewthread/5782/">http://www.irvinehousingblog.com/forums/viewthread/5782/</a>



I plan to update it the last weekend of August
 
<a href="http://www.zillow.com/homedetails/12-Starlight-Isle-Ladera-Ranch-CA-92694/64904195_zpid/">This property on 12 Starlight Isle is a notable one that went back to the bank for $1.35M</a>. I could post more of the foreclosures in Ladera, but they just are not as big of a monster home as this one worth noting.
 
[quote author="graphrix" date=1253894551]<a href="http://www.zillow.com/homedetails/12-Starlight-Isle-Ladera-Ranch-CA-92694/64904195_zpid/">This property on 12 Starlight Isle is a notable one that went back to the bank for $1.35M</a>. I could post more of the foreclosures in Ladera, but they just are not as big of a monster home as this one worth noting.</blockquote>


Notable? The realtor and the car salesman?
 
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>.



<img src="http://media.cdn-redfin.com/photo/46/bigphoto/986/S560986_1.jpg" alt="" />



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.
 
[quote author="Roo" date=1251161637]Nice website on Ladera: <a href="http://www.92694direct.com/">www.92694direct.com</a></blockquote>


When you populate the search fields, it doesn't seem to return any results. maybe a brief technical error -- but doesn't seem very useful.
 
[quote author="TR_Esq" date=1254367620][quote author="Roo" date=1251161637]Nice website on Ladera: <a href="http://www.92694direct.com/">www.92694direct.com</a></blockquote>


When you populate the search fields, it doesn't seem to return any results. maybe a brief technical error -- but doesn't seem very useful.</blockquote>


It was working fine when I posted it, but recently I've been experiencing the same problems...hope they fix it.
 
[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.
 
[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>


Nice: 1.18% taxes + $8,111 + $405 x 12 = $23,591 in taxes/fees alone every year.
 
Covenant Hill - MLS Listings & Foreclosure Radar Case Study - SFR Only



I looked at Covenant Hills MLS listings from Redfin and Foreclosure Radar (FR) to see what the total inventory looks like. Note that I am only interested in SFR.



Here's what I found:

58 MLS listings

21 of them are short sales

12 Preforeclosure Listings

2 Schedule for Auction Listings

2 REO

10 of the 16 FR homes are also listed as short sales (don't double count them).

This leaves 31 organic listings.



Note: FR only keeps listings for 120 days, so more homes might be REO but I don't know unless they are still on FR. Please let me know how I can track REO from Redfin?



From FR:

38 Preforeclosure (12 are listed)

36 Scheduled for Auction (2 are listed)

12 Bank Owned (2 are listed)



In summary:



Total inventory: 128 SFR including 38 Preforeclosure, 36 Scheduled for Auction, 12 Bank owned, 11 Short-sales (not including those in some stages of foreclosure), which leaves 31 organic listings.



Now that I have a base point, I'll be able to track how many homes are listed/delisted from Redfin without a sale and how the homes listed in FR make their way to MLS listings.
 
There is a box you can check that says "MLS Listed Foreclosures" as well as "Bank-Listed Foreclosures" although I wouldn't be surprised if not all of them are under there.



The long way to do is read through the bullete points right under the listing descriptions and there is usually a section that says:



Listing Information



* Conditions: REO/Lender Owned





I did notice one of the ones that came up under "MLS Listed Foreclosures" was just a short sale though....
 
I thought I would share my 2 cents for those considering Ladera.



I've been a private renter for over 2 years. I like living in a smaller community where I don't have to go far for errands, such as banking, food runs, medical appointments, etc. Everything is in my backyard and I like supporting community business owners (which I cannot say for Westar, the mgmt company for the shops and "strip malls")



Ladera is great for families, everyone knows that. It's clean, well-kept. Lots of kids to play with, great amenities for them to use.



I am single and I cannot afford a SFH in Ladera. I can afford many of the attached condos, but I think it's ridiculous for me to pay 2 HOAs that start at $350 minimum, depending on in which tract you live. I could go the route of a detached condo and pay only one HOA that falls around $220 minimum, but I still think prices are too high. Along with that, buyers must pay a percentage of their purchase price to the association, which I think is outrageous. I've also heard that sellers must do the same. So, in essence, you have to pay the association to buy in, to live there, and to leave.



Redfin is a good resource to scope out HOA fees, as they're included in the listings.



As far as neighborhoods go, there has been a steady stream of renters coming in, especially in my tract. Half the renters are Saddleback students, the other half are families. The students love their large parties, blast their stereos while leaving windows open, and many leave beer cans and bottles in the common areas, such as the sidewalks. Some of the families are under the disillusion that they live in a SFH, so they let their kids run all over the place, nearly getting hit by cars, leaving toys and blow-up pools in the common areas as well. I'm one of the more thoughtful neighbors and I keep to myself, so perhaps I'm a bit more sensitive than the average Joe.



Parking is bad in many of the tracts. People tend to use their garage as either storage or an extra room, so people are fighting for parking spaces and street parking, and often parking in front of garages. This was a huge problem in my tract until so many people complained that parking enforcement was brought in. It's 1000 times better now than a year ago.



Please don't get me wrong, there are some great tracts in which residents take pride of their homes and neighborhoods. Be sure to do some research when looking at properties and talk to the residents.



As for me, I'm going the detached condo route outside of Ladera where the prices are more affordable and the HOAs are reasonable.



To sum up:



Pros: cleanliness, upkeep of the area overall, small businesses, family friendly, amenities, shopping/errand distance

Cons: parking, HOAs, housing prices
 
renbac - Good summary, and howdy fellow Ladera resident.



I do want to provide some additional information for any prospective Ladera residents who cannot afford SFRs. There is at least one townhome community in Ladera Ranch that is quiet and doesn't have a parking problem -- Sycamore Grove (in Oak Knoll). However, the HOA fees are high.
 
[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.
 
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