Losses Outside of Irvine

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Well, we do not know if there is any actual loss associated with this property, because it is a spec home and has never been sold or lived in. Although Redfin has it as listed for 6 days, it has actually been for sale for over 1 1/2 years and maybe closer to 2 years and it was probably actually for sale before it was completed. If we estimate that it cost the developers $15,000,000 to build this home and if we estimate that they are paying 7%, their monthly interest cost is $87,500 per month or over $1,000,000 per year.

The original listing price was $22,900,000 and it is now listed for $19,500,000, which means the developers have lowered their listing price by about 15%. Honestly, I have no idea what a listing price means on a property such as this. It would seem at this level, everything is up for negotiation.

Ya gotta wonder who has the means to shell out $87,500 every month and who has the cajones to keep doing it? Even if the owners are a consortium of four investors, that is one chunk of monthly change. And how long can they make payments before they can not sell at a profit?

http://www.redfin.com/stingray/do/printable-listing?listing-id=1534925
 
Wow...what a house. The grounds look amazing, and the owner could probably offset the cost by renting out the property for weddings, but this picture is hard to look at (perhaps too much enhancement?):

S524247_1_0.jpg
 
Update:

http://www.redfin.com/stingray/do/printable-listing?listing-id=1355207

1931 E MOUNT VERNON AVE ORANGE, CA 92867 is off the market. The realtor sign is down, and somebody has taken the ugly ass palm trees down. I'm guesing it's sold. It's neighbor I posted:

http://www.redfin.com/stingray/do/printable-property?external_id=4398319

2017 E MOUNT VERNON AVE ORANGE, CA 92867 sold for $435K on 2/4/08. This home was in escrow three times over the last 24 months for $635, $605, and lastly $540K last August when the subprime deal blew up. They gave up $100K+ in six months!
 
http://www.latimes.com/classified/realestate/la-re-foreclosed13mar13.pg,0,4488974.photogallery?index=9

36693497.jpg


FORECLOSED AND TO BE AUCTIONED: CORONA

1865 Kingsford Drive 92880

Agent's description: Three bedrooms, two baths, 1,699 square feet. "Master bedroom includes private bathroom with double sink vanity, large closet and private patio ... Very nice rear yard with covered patio in a desirable North Corona neighborhood."

• Previous sales price (From Zillow.com): $490,000 in December 2005

• Current "list price": $393,500

• Starting bid: $196,750

Note: Auction sellers often set a minimum "reserve bid" that is higher than the opening bid.

Auction: March 15 at Pomona Fairplex

http://latimesblogs.latimes.com/laland/2008/03/notes-from-a-fo.html

4) 1865 Kingsford Drive, Corona. Last listed at $393K, opening bid was $196K. Sold for $240K. I ran the numbers on this one last week; it sold for $490,000 in 2005, so the decline from peak pricing on this house is 51%. That's a lot.
 
702 East Borchard AVE

Santa Ana, CA 92707

nobody in their right mind would buy that house for 665k. that area is ghetto. i drive by it everyday to go to work. i smell fraud. that house will never recover back to 665k. well.... maybe in 100 years with inflation the way it is. hahahahahaa
 
3 MAGNOLIA DR Ladera Ranch, CA 92694

Asking Price: 429,000 - A loss of $771,000 or 64% from the peak!!

Beds:

4

M109190_5_0.jpg


Baths:

3

Sq. Ft.:

3,116

$/Sq. Ft.:

$138

Lot Size:

6,000 Sq. Ft.

Type:

Single Family Residence

Style:

Spanish

Year Built:

2003

Stories:

Two Levels

View(s):

Panoramic, Park or Green Belt

Area:

Mission Viejo South

County:

Orange

MLS#:

M109190

Status:

Active

On Redfin:

8 days

Sales History

Date

Price

Appreciation

Jun 21, 2002

$534,000

--

Nov 03, 2005

$1,200,000

27.2%/yr

Sep 26, 2007

$961,972

-11.0%/yr
 
I have done a triple-take on that asking price. Woah! I wouldn't be surprised if someone at "the bank" realizes their mistake and the asking price is increased. Not saying it will happen, but I wouldn't be surprised.
 
I am thinking it is an auction home and the asking price is the inital bid.

Notice the date on the picture it says 12/1/???? (I can only guess its 2007)
 
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