Losses Outside of Irvine
- Thread starter CalGal_IHB
- Start date
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Trooper_IHB
New member
My home state, Connecticut. I think this house is older than California ! Check out the bid/ask.
Connecticut CT Real Estate: Prudential Connecticut Realty
And yes....this IS where Lyme disease was first discovered. Hence, the name.
Connecticut CT Real Estate: Prudential Connecticut Realty
And yes....this IS where Lyme disease was first discovered. Hence, the name.
CalGal_IHB
New member
I didn't know that's where Lyme Disease got its name. Learn something new every day - especially from this blog.
ns2524_IHB
New member
List Price: $626,900
23 NOPALITOS WAY, Aliso Viejo, CA 92656
Last Sale: 09/13/06
Last Sales Price: $740,000
Bedrooms: 4
Full Baths: 2
Partial Baths: 1
Square Feet: 1,927
Lot Size: N/A
Year Built: 1999
Listing Date: 09/26/07
On Market: 1 day
Type: SFR
Status: ACTIVE
MLS #: S506992
23 NOPALITOS WAY, Aliso Viejo, CA 92656
Last Sale: 09/13/06
Last Sales Price: $740,000
Bedrooms: 4
Full Baths: 2
Partial Baths: 1
Square Feet: 1,927
Lot Size: N/A
Year Built: 1999
Listing Date: 09/26/07
On Market: 1 day
Type: SFR
Status: ACTIVE
MLS #: S506992
ns2524_IHB
New member
Another $200,000+ loser. All I can say what a difference a couple of years make.
24022 FRIGATE DRIVE, Laguna Niguel, CA 92677
List Price: $689,900
Last Sale: 07/26/05
Last Sales Price: $865,000
Bedrooms: 3
Full Baths: 2
Partial Baths: 1
Square Feet: 1,966
Lot Size: 5,300 Sq. Ft.
Year Built: 1989
Listing Date: 09/27/07
On Market: 1 day
Type: SFR
Status: ACTIVE
MLS #: S507113
24022 FRIGATE DRIVE, Laguna Niguel, CA 92677
List Price: $689,900
Last Sale: 07/26/05
Last Sales Price: $865,000
Bedrooms: 3
Full Baths: 2
Partial Baths: 1
Square Feet: 1,966
Lot Size: 5,300 Sq. Ft.
Year Built: 1989
Listing Date: 09/27/07
On Market: 1 day
Type: SFR
Status: ACTIVE
MLS #: S507113
CalGal_IHB
New member
Wow - that's a big loss.
graphrix_IHB
New member
Too bad we don't have the entire sale history of that one. Notice the build date was 89? That's the equivolent to 2004. South County took a brutal beating in the last downturn.
ns2524_IHB
New member
Next door is asking $1,175,000. Same side of the street. Not worth 500,000 more.
23992 Frigate DR LAGUNA NIGUEL, CA 92677
Beds: 4
Baths: 2.5
Sq. Ft.: 2,302
$/Sq. Ft.: $510
Year Built: 1988
Stories: Two Levels
View(s): Coastline, Ocean, Panoramic, Water
Area: Laguna Niguel South, South of Crown Valley, West of Niguel
County: Orange
MLS#: S483711
Status: Active
On Redfin: 168 days
23992 Frigate DR LAGUNA NIGUEL, CA 92677
Beds: 4
Baths: 2.5
Sq. Ft.: 2,302
$/Sq. Ft.: $510
Year Built: 1988
Stories: Two Levels
View(s): Coastline, Ocean, Panoramic, Water
Area: Laguna Niguel South, South of Crown Valley, West of Niguel
County: Orange
MLS#: S483711
Status: Active
On Redfin: 168 days
ns2524_IHB
New member
I will update this thread with homes that lost 100,000 or more.
2 ARABIS COURT #86, Mission Viejo, CA 92694
Last Sale: 05/02/06
Last Sales Price: $500,000
List Price: $421,900
Bedrooms: 2
Full Baths: 2
Partial Baths: 1
Square Feet: 1,316
Lot Size: N/A
Year Built: 2003
Listing Date: 09/28/07
On Market: 1 day
Type: CONDO/TH
Status: ACTIVE
MLS #: S507340
2 ARABIS COURT #86, Mission Viejo, CA 92694
Last Sale: 05/02/06
Last Sales Price: $500,000
List Price: $421,900
Bedrooms: 2
Full Baths: 2
Partial Baths: 1
Square Feet: 1,316
Lot Size: N/A
Year Built: 2003
Listing Date: 09/28/07
On Market: 1 day
Type: CONDO/TH
Status: ACTIVE
MLS #: S507340
CalGal_IHB
New member
MLS # S487525
6 Brentwood, Coto de Caza
5 Bedrm, 5 Baths, 3-car garage, 4,000 sq ft
Purchased 9/12/05: $1,425,000
SOLD 9/29/07 $1,200,000
LOSS assuming 5% re commission: $285k or 20%
6 Brentwood, Coto de Caza
5 Bedrm, 5 Baths, 3-car garage, 4,000 sq ft
Purchased 9/12/05: $1,425,000
SOLD 9/29/07 $1,200,000
LOSS assuming 5% re commission: $285k or 20%
@ trrenter:
About the place in Chino Hills listed at 349k. It is an auction listing. I too was curious and called and asked. I have family that lives right across from that street. From what I remember hearing, you have to register to be able to bid and there is also some 10% commission that also must be paid. Homes in that area do go for around 500k with no big upgrades. I assume this will get bid up to that range.
Amazing... my family bought a brand new house about 6 years ago for 370k. It was even bigger than the one on auction. I hope prices fall to somewhere around that range.
About the place in Chino Hills listed at 349k. It is an auction listing. I too was curious and called and asked. I have family that lives right across from that street. From what I remember hearing, you have to register to be able to bid and there is also some 10% commission that also must be paid. Homes in that area do go for around 500k with no big upgrades. I assume this will get bid up to that range.
Amazing... my family bought a brand new house about 6 years ago for 370k. It was even bigger than the one on auction. I hope prices fall to somewhere around that range.
ns2524_IHB
New member
15 MALLARD DRIVE, Aliso Viejo, CA 92656
List Price: $725,900
Last Sale: 10/07/04
Last Sales Price: $825,000
Bedrooms: 4
Full Baths: 2
Partial Baths: 1
Square Feet: 2,100
Lot Size: 4,512 Sq. Ft.
Year Built: 1996
Listing Date: 09/27/07
On Market: 3 days
Type: SFR
Status: ACTIVE
MLS #: S507112
List Price: $725,900
Last Sale: 10/07/04
Last Sales Price: $825,000
Bedrooms: 4
Full Baths: 2
Partial Baths: 1
Square Feet: 2,100
Lot Size: 4,512 Sq. Ft.
Year Built: 1996
Listing Date: 09/27/07
On Market: 3 days
Type: SFR
Status: ACTIVE
MLS #: S507112
graphrix_IHB
New member
ns2524,
Keep an eye on 28 Spicewood 92656. It was featured in the OCR last Sunday because it sold for $805k. The comps do not support that at all. I smell fraud and bet we will see it in the foreclosure thread by April.
Keep an eye on 28 Spicewood 92656. It was featured in the OCR last Sunday because it sold for $805k. The comps do not support that at all. I smell fraud and bet we will see it in the foreclosure thread by April.
southoctracker_IHB
New member
graphrix,
You're completely right about 28 Spicewood, beginning with the fact that the sellers were able to get $306k more than they paid for it in August '03. Considering there are many, many 2004 rollbacks in Aliso Viejo these days (so we can assume appreciation has been virtually 0 since then, if not negative), it seems like a pretty big stretch to believe this property shot up that far that quickly.
As for comps - 25 Spicewood (exact same size) sold one month earlier for $710k, as I'm sure you're well aware. This one doesn't pass the smell test at all. For what it's worth, the closest comp that's on the market now is asking $56k less - $749k.
You're completely right about 28 Spicewood, beginning with the fact that the sellers were able to get $306k more than they paid for it in August '03. Considering there are many, many 2004 rollbacks in Aliso Viejo these days (so we can assume appreciation has been virtually 0 since then, if not negative), it seems like a pretty big stretch to believe this property shot up that far that quickly.
As for comps - 25 Spicewood (exact same size) sold one month earlier for $710k, as I'm sure you're well aware. This one doesn't pass the smell test at all. For what it's worth, the closest comp that's on the market now is asking $56k less - $749k.
graphrix_IHB
New member
caliguy,
Did you see this one? It went back to the bank on 9/4 for $270k and is already listed for $299k. Then there is this one that went back to the bank for $632k. Of course this one is classic it has a make me move price of $1.025mil. Well the bank is going to make you move alright since they bought already for 40% off your wishing price. This one here has a minimum bid of $705k for the 10/4 auction and they paid $850k in 2004. Someone here has been drinking the Cuervo alright. They paid $425k in 2003 but they needed some MEW and the NTS is $450k. Ouch this one is losing $170k if it sells for $725k not including commission and fees from their 11/2006 price of $895k. The NTS is even higher at $766k so I don't think the bank would take $725k.
Oh man south county is getting hammered right now. You sure have your hands full taking it on.
Did you see this one? It went back to the bank on 9/4 for $270k and is already listed for $299k. Then there is this one that went back to the bank for $632k. Of course this one is classic it has a make me move price of $1.025mil. Well the bank is going to make you move alright since they bought already for 40% off your wishing price. This one here has a minimum bid of $705k for the 10/4 auction and they paid $850k in 2004. Someone here has been drinking the Cuervo alright. They paid $425k in 2003 but they needed some MEW and the NTS is $450k. Ouch this one is losing $170k if it sells for $725k not including commission and fees from their 11/2006 price of $895k. The NTS is even higher at $766k so I don't think the bank would take $725k.
Oh man south county is getting hammered right now. You sure have your hands full taking it on.
caycifish_IHB
New member
"Down, down, down..." - Alice in Wonderland
412 NORTH EARLHAM STREET, Orange
Sales History
09/21/2005 -- $610,000
Price Reduced: 09/08/07 -- $549,000 to $519,000
Price Reduced: 09/20/07 -- $519,000 to $499,000
Price Reduced: 10/02/07 -- $499,000 to $449,000
http://www.redfin.com/stingray/do/printable-listing?listing-id=1077374
412 NORTH EARLHAM STREET, Orange
Sales History
09/21/2005 -- $610,000
Price Reduced: 09/08/07 -- $549,000 to $519,000
Price Reduced: 09/20/07 -- $519,000 to $499,000
Price Reduced: 10/02/07 -- $499,000 to $449,000
http://www.redfin.com/stingray/do/printable-listing?listing-id=1077374
southoctracker_IHB
New member
graphrix,
Thanks for the heads up on the listings...I'll have to look into some of those to post on my blog. And, you're absolutely right - South County is getting completely, and I mean completely slammed right now. I was surprised to see that even Laguna Beach is seeing its median price dip (if you can trust the median), so obviously the high end is not immune. No South County ZIP saw an increase in both the median and sales volume over the past month - in fact, in most areas were down on both fronts. Lake Forest and Ladera Ranch are particularly brutal right now.
I haven't gone out to Ladera open houses for a long time, but there were a ton of places up for sale long before this mess really began, so I can only imagine what it's like out there now. I went to some open houses in Aliso Viejo recently, and we saw just one other couple the whole afternoon.
Thanks for the heads up on the listings...I'll have to look into some of those to post on my blog. And, you're absolutely right - South County is getting completely, and I mean completely slammed right now. I was surprised to see that even Laguna Beach is seeing its median price dip (if you can trust the median), so obviously the high end is not immune. No South County ZIP saw an increase in both the median and sales volume over the past month - in fact, in most areas were down on both fronts. Lake Forest and Ladera Ranch are particularly brutal right now.
I haven't gone out to Ladera open houses for a long time, but there were a ton of places up for sale long before this mess really began, so I can only imagine what it's like out there now. I went to some open houses in Aliso Viejo recently, and we saw just one other couple the whole afternoon.
IrvineCommuter_IHB
New member
The property talked about in this article is on the other side of the country (Greenwich, Conn) but it debunks the standard realtor statement that higher end properties are not affect but the housing slump.
www.cnbc.com/id/21112461
"There's an indoor lap pool, eight-car garage and four-storey elevator. But the 26,000-sq ft, Tuscan-style home features something even more unusual in this ritzy suburb of gated estates and mansions -- a $3 million discount on its price.
As the credit crisis started to shake global financial markets in August, the owners of the 22-acre estate at 309 Taconic Road in Greenwich, Connecticut, cut their price to $19 million, showing turbulence in the U.S. housing market penetrating the wealthiest strata of American society."
"But the global credit crunch is stirring caution among its newest crop of wealthly elite. Greenwich is the unofficial capital of the U.S. hedge fund boom. More than 100 of the private investment pools for the wealthy have set up in the town. That worries economist Edward Deak at Fairfield University in Connecticut.
"The hedge funds, private equity firms are taking a hit," he said.
"I'm concerned about what the mortgage meltdown is going to mean for bonus incomes coming into Connecticut in January '08 and also January of '09."
www.cnbc.com/id/21112461
"There's an indoor lap pool, eight-car garage and four-storey elevator. But the 26,000-sq ft, Tuscan-style home features something even more unusual in this ritzy suburb of gated estates and mansions -- a $3 million discount on its price.
As the credit crisis started to shake global financial markets in August, the owners of the 22-acre estate at 309 Taconic Road in Greenwich, Connecticut, cut their price to $19 million, showing turbulence in the U.S. housing market penetrating the wealthiest strata of American society."
"But the global credit crunch is stirring caution among its newest crop of wealthly elite. Greenwich is the unofficial capital of the U.S. hedge fund boom. More than 100 of the private investment pools for the wealthy have set up in the town. That worries economist Edward Deak at Fairfield University in Connecticut.
"The hedge funds, private equity firms are taking a hit," he said.
"I'm concerned about what the mortgage meltdown is going to mean for bonus incomes coming into Connecticut in January '08 and also January of '09."
IrvineCommuter_IHB
New member
Another tale from a far away land (Miami). I thought the auction descriptions are interesting.
www.cnbc.com/id/21102250
"At a condo auction a few weeks ago here (Platinum Condos) about 300 people showed up but only 50 actually bid. The rest were folks from banks, hedge funds, and mortgage lenders. It's like when more 'industry' shows up at a Madonna concert than actual fans. They all wanted to watch the bleeding begin and see just how fast it flowed. "
The article also stated that Miami has a three-year inventory.
www.cnbc.com/id/21102250
"At a condo auction a few weeks ago here (Platinum Condos) about 300 people showed up but only 50 actually bid. The rest were folks from banks, hedge funds, and mortgage lenders. It's like when more 'industry' shows up at a Madonna concert than actual fans. They all wanted to watch the bleeding begin and see just how fast it flowed. "
The article also stated that Miami has a three-year inventory.
ns2524_IHB
New member
These 100,000+ losses are a common place now.
25831 CHAPEL HILL DR, Lake Forest, CA 92630
Last Sale: 11/02/06
Sales Price: $715,000
List Price: $590,000
Bedrooms: 4
Full Baths: 3
Partial Baths: 0
Square Feet: 1,829
Lot Size: 5,900 Sq. Ft.
Year Built: 1977
Listing Date: 10/04/07
On Market: 0 day
Type: SFR
Status: ACTIVE
MLS #: C07146132
25831 CHAPEL HILL DR, Lake Forest, CA 92630
Last Sale: 11/02/06
Sales Price: $715,000
List Price: $590,000
Bedrooms: 4
Full Baths: 3
Partial Baths: 0
Square Feet: 1,829
Lot Size: 5,900 Sq. Ft.
Year Built: 1977
Listing Date: 10/04/07
On Market: 0 day
Type: SFR
Status: ACTIVE
MLS #: C07146132