Race to the bottom in Quail Hill

M

momtothree_IHB

New member
The race is between 120 & 122 Retreat. Both descriptions say former model and the pictures on both are gorgeous.





120 Retreat has been listed for some time now. The original price was listed for 1,675,000. Then a few months later I noticed it had been reduced to 1,499,000. I believe they did this when their neighbor listed his/hers for 1,425,000. This morning there was another reduction to 1,399,000.





http://www.catalisthomes.com/searchDetail.aspx?PropertyId=8753422








122 Retreat is 300 sq feet smaller but the size of the lot is 2600 sq ft bigger





http://www.catalisthomes.com/searchDetail.aspx?PropertyId=9592202








It's ON!
 
I love that the street is named "Retreat," how appropriate. Taxes and HOAs are high up in tha QH, and I'm sure that will make inventory lag even worse than surrounding areas.
 
Have any homes in Quail Hills hit $300 a square feet yet? Which type of homes are correcting the most? Larger Single Family Homes or Smaller Condos?
 
i think 122 retreat is close to foreclosure. They had a listing in the paper last week saying "make an offer -- 60 days to foreclosure..."



The problem with these two homes is they were the model homes -- and the buyers would have paid probably $200k - $300k more than their neighbors for the "right" to get the furniture and upgraded trim, etc.. I seriously doubt those upgrades are holding their value now..



According to the tax records, 122 retreat paid $1.57 in Dec 2004. 120 retreat paid $1.67mil in jan 2005.
 
I actually went to Quail Hill today and saw the $1.399 million Retreat home. We heard the lady showing the house telling someone that the bank wants "a 2-week turnaround" and that they have 2 all-cash offers, both at $1.2 million, so if they are serious, they need to move now.
 
Okay, if you want proof that we've already passed the bottom, check out these price INCREASES...



122 Retreat went from $1.29mil up to $1.39mil

http://www.redfin.com/CA/Irvine/122-Retreat-92603/home/5902887



120 Retreat went from $1.39mil up to $1.5mil

http://www.redfin.com/CA/Irvine/120-Retreat-92603/home/5902883



They are seriously drowning in the kool-aid at this point. So if you can't sell your house for many months, just raise the price and it will create the impression of demand???? what i suspect is that the bank is rejecting the short sale offers and waiting for the next sucker to come along...
 
[quote author="irvine_home_owner" date=1231230057]Heh... I actually do have something to say.



Redfin shows it at 1.188 too... maybe Zillow has it wrong.</blockquote>


Don't know why Redfin shows 12/12/08 as a last sale date.



122 Retreat:



Transaction Date: 08/22/2008



Seller Name: *******



Sale Price: $1,188,000.00



Consideration: SALE PRICE (FULL)



Deed Type: GRANT DEED



Document Type: GRANT DEED



Type of Transaction: RESALE



Mortgage Amount: $710,000.00



Mortgage Type: CONVENTIONAL



Mortgage Term: 15 YEARS



Mortgage Deed Type: DEED OF TRUST



Mortgage Date: 12/09/2008



Mortgage Due Date: 01/01/2024



Lender Name: AMTRUST BK



Lender Address: CLEVELAND, OH 44114



Recording Date: 12/12/2008



Document Number: 573486



Title Company: CALIFORNIA COUNTIES TITLE CO.



Construction Type: SALE IS A RE-SALE



Purchase Payment: MORTGAGE



That's what, 40% down?
 
[quote author="NoThereThere" date=1231289085][quote author="irvine_home_owner" date=1231254031]Hmm... FCB?</blockquote>


Nope, looks like he's a local anesthesiologist.</blockquote>


dumb question, but how do you know he is an anesthesiologist.



Also, are you in the mortgage business because the information you provided about the loan is private isn't it?
 
<a href="http://www.redfin.com/CA/Irvine/73-Reunion-92603/home/5982181">73 Reunion Irvine, CA 92603</a>



Price: $409,900

Beds: 2

Baths: 2

Sq. Ft.: 1,112

$/Sq. Ft.: $369



Profiled <a href="http://www.irvinehousingblog.com/blog/comments/another-flopper/">May 8</a> asking $474,000 sold for $574,000 according to redfin.





<a href="http://www.redfin.com/CA/Irvine/76-Reunion-92603/home/5953508">76 Reunion Irvine, CA 92603</a>

Price: $465,000 (short sale)

Beds: 2

Baths: 3

Sq. Ft.: 1,145

$/Sq. Ft.: $406



sold Oct 28, 2004 $542,500
 
[quote author="frank69m" date=1231539520][quote author="NoThereThere" date=1231289085][quote author="irvine_home_owner" date=1231254031]Hmm... FCB?</blockquote>


Nope, looks like he's a local anesthesiologist.</blockquote>


dumb question, but how do you know he is an anesthesiologist.



Also, are you in the mortgage business because the information you provided about the loan is private isn't it?</blockquote>


I don't know for certain whether he's an anesthesiologist. But there's a DEA licensing registration at that address, matching the name of the new owner. If valid, supports the notion that not all large-downpayment transactions are foreign cash. The two anesthesiologists I know do very well, even in this economy.



I'm not in the mortgage business. This is public-records info, straight from the county clerk/recorder's office. Mortgage info gets recorded along with the trust deed for the property. Same sources that IrvineRenter uses on the main blog, I think.
 
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