Quail Hill mid-high end foreclosures

[quote author="awgee" date=1249945745][quote author="GavriloPrincip" date=1249945136]Looks like 508 Luminous is also going under the hammer, as soon as this Wednesday. This is the very top of the hill in QH.





508 LUMINOUS

IRVINE , CA 926034263

Orange County

TS # : 2008-33902

Bid Not Available

At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.

8/12/2009 12:00:00 PM

RECONTRUST</blockquote>


How many times has the auction been postponed so far?

My experience with NTSes in Coto is that the auctions are postponed multiple times, and if the home is offered as a short sale, which it does not appear 508 Luminous is, the auction will be postponed enough times so that the short sale can be approved and escrow closed.</blockquote>


I don't know how many times it has been postponed, but it was first scheduled for the auction a year ago.



I also don't see it on Redfin, but I do see <strong>518</strong> Luminous. If 508 is listed, unless it is priced at $2.3M or higher, then it is a short sale.
 
what about 525 luminous- that house was listed as at a wtf price for so long and now listed as a short sale. are there any NODs on that one?
 
[quote author="JoonB" date=1249960770]what about 525 luminous- that house was listed as at a wtf price for so long and now listed as a short sale. are there any NODs on that one?</blockquote>
Doesn't show up as an NOD on my end, you might want to check out foreclosure radar to confirm. The seller purchased this home for $1,798,500 and was successful in extracting the little equity that he had in the property with a second mortgage from the bag holder...errr...Countrywide. First mortgage is $1,348,686 and the second mortgage is $444,000.
 
[quote author="usctrojanman29" date=1249962819]The seller purchased this home for $1,798,500 and was successful in extracting the little equity that he had in the property with a second mortgage from the bag holder...errr...Countrywide. First mortgage is $1,348,686 and the second mortgage is <strong>$444,000</strong>.</blockquote>
Hah... they knew that 2nd was the kiss of death.
 
[quote author="irvine_home_owner" date=1249965512][quote author="usctrojanman29" date=1249962819]The seller purchased this home for $1,798,500 and was successful in extracting the little equity that he had in the property with a second mortgage from the bag holder...errr...Countrywide. First mortgage is $1,348,686 and the second mortgage is <strong>$444,000</strong>.</blockquote>
Hah... they knew that 2nd was the kiss of death.</blockquote>
Hey, they wanted to squeeze out as much of their equity as possible. The owner only put 15% equity to purchse the home intially...75% LTV first and 10% second. Countrywide supported the rest of the downpayment a little later on....seems like a complete write-off to me. haha
 
[quote author="irvine_home_owner" date=1249956647][quote author="GavriloPrincip" date=1249955805]Was the $1.399m property 104 Capeberry? I think the highest price ever paid for a Capeberry was close to that; IIRC it was $1.4m for another house on Capeberry, and that was back in 2006 or 2007. Unlike 104 Capeberry, that property had a view.



The seller of 104 Capeberry is probably pricing his house off the sale of his backyard neighbor at 105 Tearose, which some unfortunate knife catcher paid $1.443m for in April.



<a href="http://www.zillow.com/homedetails/105-Tearose-Irvine-CA-92603/61643615_zpid/">http://www.zillow.com/homedetails/105-Tearose-Irvine-CA-92603/61643615_zpid/</a>



105 Tearose, unlike 104 Capeberry, has a pretty nice view.



In the meantime, we just saw 39 Balcony, a 3800 square foot Vicara with a great view, sell for $1.325m.



<a href="http://www.zillow.com/homedetails/39-Balcony-Irvine-CA-92603/63113717_zpid/">http://www.zillow.com/homedetails/39-Balcony-Irvine-CA-92603/63113717_zpid/</a>



Also, 16 Silhouette sold for $1.5m earlier this year.



Hope the new owner of 105 Tearose likes it enough to be there for a very long time.



[Hey, Graph, can you turn those into hot links? Thx]</blockquote>
I believe that 104 was the $1.399m property. What's even tougher about that is 116 Capeberry, the exact same model, is selling for $1.299m and while not AS upgraded, there is not $100k of upgrades between the two.



And yes, if one can get 39 Balcony, for $1.325m which is bigger, nicer and in a better location, that doesn't bode well for ANY of the Chantilly models. Which makes it even harder for Tapestry models that are still trying to get $1.2m+ (talk about OMG pricing).



Gav... to URL your links... just put [@url][@/url] around your stuff like I did in your quote (remove the '@' symbols)... and glad to see you still around following QH inventory even though you don't live there anymore.</blockquote>


Thanks I_H_O. I still follow Quail Hill loosely; I think it's a great place to live, and a great cautionary tale of the housing bubble, as is was built in 2003-2006 and every single house there is, or soon will be, underwater.



But that's nothing compared to San Clemente, where I live now. Here is a house not too far away that sold for $1.8m in 2006, and now has been on the market for over TWO YEARS and still wouldn't sell at $975,000. I think it was just re-listed at $925,000.



<a href="http://www.redfin.com/CA/San-Clemente/184-Avenida-La-Cuesta-92672/home/3268831">http://www.redfin.com/CA/San-Clemente/184-Avenida-La-Cuesta-92672/home/3268831</a>



[If that link works, you have taught an old dog a new trick!]
 
[quote author="GavriloPrincip" date=1249977482][quote author="irvine_home_owner" date=1249956647][quote author="GavriloPrincip" date=1249955805]Was the $1.399m property 104 Capeberry? I think the highest price ever paid for a Capeberry was close to that; IIRC it was $1.4m for another house on Capeberry, and that was back in 2006 or 2007. Unlike 104 Capeberry, that property had a view.



The seller of 104 Capeberry is probably pricing his house off the sale of his backyard neighbor at 105 Tearose, which some unfortunate knife catcher paid $1.443m for in April.



<a href="http://www.zillow.com/homedetails/105-Tearose-Irvine-CA-92603/61643615_zpid/">http://www.zillow.com/homedetails/105-Tearose-Irvine-CA-92603/61643615_zpid/</a>



105 Tearose, unlike 104 Capeberry, has a pretty nice view.



In the meantime, we just saw 39 Balcony, a 3800 square foot Vicara with a great view, sell for $1.325m.



<a href="http://www.zillow.com/homedetails/39-Balcony-Irvine-CA-92603/63113717_zpid/">http://www.zillow.com/homedetails/39-Balcony-Irvine-CA-92603/63113717_zpid/</a>



Also, 16 Silhouette sold for $1.5m earlier this year.



Hope the new owner of 105 Tearose likes it enough to be there for a very long time.



[Hey, Graph, can you turn those into hot links? Thx]</blockquote>
I believe that 104 was the $1.399m property. What's even tougher about that is 116 Capeberry, the exact same model, is selling for $1.299m and while not AS upgraded, there is not $100k of upgrades between the two.



And yes, if one can get 39 Balcony, for $1.325m which is bigger, nicer and in a better location, that doesn't bode well for ANY of the Chantilly models. Which makes it even harder for Tapestry models that are still trying to get $1.2m+ (talk about OMG pricing).



Gav... to URL your links... just put [@url][@/url] around your stuff like I did in your quote (remove the '@' symbols)... and glad to see you still around following QH inventory even though you don't live there anymore.</blockquote>


Thanks I_H_O. I still follow Quail Hill loosely; I think it's a great place to live, and a great cautionary tale of the housing bubble, as is was built in 2003-2006 and every single house there is, or soon will be, underwater.



But that's nothing compared to San Clemente, where I live now. Here is a house not too far away that sold for $1.8m in 2006, and now has been on the market for over TWO YEARS and still wouldn't sell at $975,000. I think it was just re-listed at $925,000.



<a href="http://www.redfin.com/CA/San-Clemente/184-Avenida-La-Cuesta-92672/home/3268831">http://www.redfin.com/CA/San-Clemente/184-Avenida-La-Cuesta-92672/home/3268831</a>



[If that link works, you have taught an old dog a new trick!]</blockquote>
<img src="http://media.cdn-redfin.com/photo/46/bigphoto/964/S502964_1_1.jpg" alt="" />



Mansard roof is the ugliest of all roofs.



Inspired by this perhaps:



<img src="http://www.franchisegecko.com/images/mcdonalds-byAdamL212.jpg" alt="" />
 
Bravo, bkshopr! Very funny.



BTW, the house looks a lot worse than that now. The yard hasn't been maintained in at least a year. The redfin notes indicate that the house a short sale, and it doesn't show up as bank owned, but nobody has lived there for a long time. I don't know why it hasn't gone to auction yet. I suspect it still has a long way to drop from $925,000.
 
[quote author="GavriloPrincip" date=1249984603]Bravo, bkshopr! Very funny.



BTW, the house looks a lot worse than that now. The yard hasn't been maintained in at least a year. The redfin notes indicate that the house a short sale, and it doesn't show up as bank owned, but nobody has lived there for a long time. I don't know why it hasn't gone to auction yet. I suspect it still has a long way to drop from $925,000.</blockquote>


It already says "backups offers accepted"...so I guess they have already accepted an offer and are opening escrow.
 
[quote author="GavriloPrincip" date=1249984603]Bravo, bkshopr! Very funny</blockquote>


+1, that was awesome! Way to start my day!
 
[quote author="frank69m" date=1250023858][quote author="GavriloPrincip" date=1249984603]Bravo, bkshopr! Very funny.



BTW, the house looks a lot worse than that now. The yard hasn't been maintained in at least a year. The redfin notes indicate that the house a short sale, and it doesn't show up as bank owned, but nobody has lived there for a long time. I don't know why it hasn't gone to auction yet. I suspect it still has a long way to drop from $925,000.</blockquote>


It already says "backups offers accepted"...so I guess they have already accepted an offer and are opening escrow.</blockquote>


I'm not sure why it says this. The listing was pulled at the July, and then it was re-listed August 4. Cant tell if it has an accepted offer, or if this is just another stupid realtor(TM) trick.
 
[quote author="GavriloPrincip" date=1250037944][quote author="frank69m" date=1250023858][quote author="GavriloPrincip" date=1249984603]Bravo, bkshopr! Very funny.



BTW, the house looks a lot worse than that now. The yard hasn't been maintained in at least a year. The redfin notes indicate that the house a short sale, and it doesn't show up as bank owned, but nobody has lived there for a long time. I don't know why it hasn't gone to auction yet. I suspect it still has a long way to drop from $925,000.</blockquote>


It already says "backups offers accepted"...so I guess they have already accepted an offer and are opening escrow.</blockquote>


I'm not sure why it says this. The listing was pulled at the July, and then it was re-listed August 4. Cant tell if it has an accepted offer, or if this is just another stupid realtor(TM) trick.</blockquote>
No realtard tricks here on his one...the listing expired on 7/31/09 per my MLS records and the same agent re-listed it.
 
<a href="http://www.zillow.com/homedetails/508-Luminous-Irvine-CA-92603/63113766_zpid/">508 Luminous</a> went back to the bank today for $1,221,875.
 
I know it isn't high-end, but <a href="http://www.zillow.com/homedetails/55-Stepping-Stone-Irvine-CA-92603/63119609_zpid/">55 Stepping Stone</a> was picked up by an investor today for a penny over the $417,259 minimum bid. I don't think it will make the neighbor at <a href="http://www.redfin.com/CA/Irvine/53-Stepping-Stone-92603/home/5947862">53 Stepping Stone</a> happy if the investor lists 55 at $529k or less. Even at $499k that would be a nice profit.
 
[quote author="Anonymous" date=1249351128]BTW - if you haven't seen it yet - Google has a new free tool that lets you see what's on MLS, foreclosures, etc. for free



<A href="http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode;=&q=foreclosure&mrt=realestate&sll=33.65721,-117.785797&sspn=0.101449,0.185051&ie=UTF8&radius=5.32&rq=1&ev=p&ll=33.65721,-117.785797&spn=0.101449,0.185051&z=12">http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode;=&q=foreclosure&mrt=realestate&sll=33.65721,-117.785797&sspn=0.101449,0.185051&ie=UTF8&radius=5.32&rq=1&ev=p&ll=33.65721,-117.785797&spn=0.101449,0.185051&z=12</A></blockquote>


Found out you can also jump to the city your looking for by typing in the zip after the word foreclosure.
 
Did a driveby on 148 Tapestry today. Another victim of the foreclosure market. I could see newspapers outside and some grass starting to die. I bet those people have bailed. And it's at: $1,240,000. Holy cow. They must have gotten 100% financing cause no way it can go to auction at this price.





I also noticed a lot of white pieces of paper on peoples door knobs. I think it has been there a couple of days. Anyone know what that is. Another foreclosure coming soon! :)



Hey Graphix, sent you a PM.
 
I'm still wondering why that comp killer at 39 Balcony hasn't opened the eyes of sellers in QH.



When Gav told me it went for $1.325m last month... I was shocked. How can ANY house that's not a Vicara model expect to sell close to $1.3m?
 
[quote author="irvine_home_owner" date=1250224910]I'm still wondering why that comp killer at 39 Balcony hasn't opened the eyes of sellers in QH.



When Gav told me it went for $1.325m last month... I was shocked. How can ANY house that's not a Vicara model expect to sell close to $1.3m?</blockquote>


The interesting thing is that 39 Balcony is not necessarily an outlier among Vicara models. Other Vicara models have sold in the $1.5m range. Even last year, they were selling in the $1.6-1.9m range. With the new foreclosures like 508 Luminous, and pre-foreclosures like Momento, these numbers aren't going up anytime soon.
 
This should go in Delroy's "WTH are you thinking with your WTH pricing" thread but 39 Balcony is ~3600sf, so that's approximately $369/sf.



Olivos:

113 Weathervane 4/3 2300sf $1.235m $537/sf



Tapestry:

136 Tapestry 4/3.5 2500sf $1.250m (finally lowered from the WTH Certified Habitat Pricing of $1.399m) $490/sf

141? Tapestry 4/4? 3000sf $1.2m $400/sf (just went off the market so might be sold)



Chantilly:

105 Bottlebrush 4/4.5 3120sf $1.650m (this is REO now so their listing was just looking for a last minute bailout) $529/sf

116 Capeberry 4/4.5 3100sf $1.299m $419/sf

104 Capeberry 4/4.5 3050sf $1.399m $459/sf

(the above are all the same model)

104 Tearose 3/3.5 2612sf $1.199m $459/sf



Sienna:

114 Retreat 6/4.5 3800sf $1.580m $416/sf

1xx Ambiance 6/5 3800sf $1.450m (just got re-listed, not sure what the original list price was) $382/sf



Vicara

39 Fresco 4/4 3250sf $1.649m $507/sf

525 Luminious 3/4 3200sf $1.997m $624/sf (top of Quail Hill premium)



Even if these houses get offers, how will any appraiser get good comps when you have something like 39 Balcony hanging around?



I really hope $300-$350/sf is where QH ends up... but it's doubtful.
 
[quote author="frank69m" date=1250223963]Did a driveby on 148 Tapestry today. Another victim of the foreclosure market. I could see newspapers outside and some grass starting to die. I bet those people have bailed. And it's at: $1,240,000. Holy cow. They must have gotten 100% financing cause no way it can go to auction at this price.





I also noticed a lot of white pieces of paper on peoples door knobs. I think it has been there a couple of days. Anyone know what that is. Another foreclosure coming soon! :)



Hey Graphix, sent you a PM.</blockquote>
The home was purchased for $1,002,500 with a first mortgage of $750,000. The owner then got a second mortgage of $172,500 about a year later and then refinanced both the 1st and 2nd with a first mortgage of $1,240,000 from good old Countrywide. So in summary, the owner not only got all of their equity back but another $200k+ on top of that.
 
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