The Kool Aid Is Still Flowing in Laguna Niguel

C

Cameray_IHB

New member
16 Siena

Laguna Niguel, CA 92677

Price: $859,000

Beds: 3

Baths: 3

Sq. Ft.: 2,000

<strong>$/Sq. Ft.: $430 </strong>

Lot Size: 0.3 Acres

Property Type: Single Family Residence

Style: Mediterranean

Stories: 1

View: Canyon, City Lights, City, Coastline, Greenbelt, Hills, Ocean, Panoramic, Park or Green Belt, Pool, Valley, Has View

Year Built: 1989

Community: Laguna Niguel South, South of Crown Valley, West of Niguel

County: Orange

MLS#: S582627

Source: SoCalMLS

Status: Backup Offers Accepted

On Redfin: 93 days



<img src="http://media.cdn-redfin.com/photo/46/bigphoto/627/S582627_1.jpg" alt="" />





<a href="http://www.redfin.com/CA/Laguna-Niguel/16-Siena-92677/home/4921292">http://www.redfin.com/CA/Laguna-Niguel/16-Siena-92677/home/4921292</a>
 
Well, it at least looks like it is on a big lot for the area (.3 acres), and it has a view. Mabe that's the reason for the premium.
 
[quote author="Geotpf" date=1256245839]Well, it at least looks like it is on a big lot for the area (.3 acres), and it has a view. Mabe that's the reason for the premium.</blockquote>
Plus it's single-story...all these reasons explain why there's a premium in pricing but there shouldn't be that much of a premium.
 
[quote author="USCTrojanCPA" date=1256246380][quote author="Geotpf" date=1256245839]Well, it at least looks like it is on a big lot for the area (.3 acres), and it has a view. Mabe that's the reason for the premium.</blockquote>
Plus it's single-story...all these reasons explain why there's a premium in pricing but there shouldn't be that much of a premium.</blockquote>


PLUS THE ENTIRE MLS ENTRY IS WRITTEN WITH THE CAPS LOCK ON, THAT IS WORTH AT LEAST AN ADDITIONAL 10% TO THE ASKING PRICE.
 
[quote author="C Delroy Spuckler" date=1256246762][quote author="USCTrojanCPA" date=1256246380][quote author="Geotpf" date=1256245839]Well, it at least looks like it is on a big lot for the area (.3 acres), and it has a view. Mabe that's the reason for the premium.</blockquote>
Plus it's single-story...all these reasons explain why there's a premium in pricing but there shouldn't be that much of a premium.</blockquote>


PLUS THE ENTIRE MLS ENTRY IS WRITTEN WITH THE CAPS LOCK ON, THAT IS WORTH AT LEAST AN ADDITIONAL 10% TO THE ASKING PRICE.</blockquote>
You don't have to yell. haha
 
[quote author="USCTrojanCPA" date=1256246380][quote author="Geotpf" date=1256245839]Well, it at least looks like it is on a big lot for the area (.3 acres), and it has a view. Mabe that's the reason for the premium.</blockquote>
Plus it's single-story...all these reasons explain why there's a premium in pricing but there shouldn't be that much of a premium.</blockquote>


I used to live very near here. These are attached residences, paired up two-by-two. Probably explains the ".3 acre" lot size, since you're sharing that with the other unit. I'd think that would detract from -- not add to -- any 'premium' for this place. Great family neighborhood, though.
 
Inside Tract shows that it is a condo --



<a href="http://insidetract.biz/it_tract_details.cfm?TractID=2065">http://insidetract.biz/it_tract_details.cfm?TractID=2065</a>
 
[quote author="NoThereThere" date=1256258845][quote author="USCTrojanCPA" date=1256246380][quote author="Geotpf" date=1256245839]Well, it at least looks like it is on a big lot for the area (.3 acres), and it has a view. Mabe that's the reason for the premium.</blockquote>
Plus it's single-story...all these reasons explain why there's a premium in pricing but there shouldn't be that much of a premium.</blockquote>


I used to live very near here. These are attached residences, paired up two-by-two. Probably explains the ".3 acre" lot size, since you're sharing that with the other unit. I'd think that would detract from -- not add to -- any 'premium' for this place. Great family neighborhood, though.</blockquote>


Redfin screwed up. They have a property highlighted as this one on the Google map, which appears to be a large single family detached house. Looking at it again, it seems to have a parking lot-Redfin highlighted the community clubhouse! Oops.
 
Per request:



floorplan - (beware the toilet over the kitchen)

<strong><a href="http://floorplans.irvinerealtorsite.com/OtherCities/LagunaNiguel/Siena/SienaC2131.JPG">http://floorplans.irvinerealtorsite.com/OtherCities/LagunaNiguel/Siena/SienaC2131.JPG</a></strong>



search area for comps (last 6 months)

<strong><a href="http://irvinerealtorsite.com/images/PienzaSearchArea.JPG">http://irvinerealtorsite.com/images/PienzaSearchArea.JPG</a></strong>



MLS results for comps (1900-2400sqft, 3-4 bedroom homes)

http://irvinerealtorsite.com/images/PienzaSearchAreaMLS.JPG



CMA results for comps

http://irvinerealtorsite.com/images/PienzaSearchAreaCMA.JPG



<span style="color: blue;"><strong>One recourse loan on the property through Countrywide (not fun dealing with them or BofA)

Priced initially at $849K. No offers.

Reduced to $650K. Two offers.

Submitted to bank and rejected.

BPO generated was for $730K when the offers were submitted.

Pricing increased to minimum acceptable offer by the bank, currently. (Subject to change.)

No current offers.</strong></span>



<span style="color: red;"><strong>Remember that the only issue is, "What is the property worth to me</strong>?"

Not the bank, not the seller, not the appraiser. Don't let their opinions obfuscate the matter.</span>



Best wishes and it's been fun! "Thank you"s and referrals happily accepted.

-IR2
 
Considering the number of days that it's been on Redfin, I wouldn't even bother touching it.



Right now the market is very very competitive for investors. Good cash flow SFR properties receive many many bids within days, some are all cash offers. The best time to buy this year was probably around April to July, the people who bought homes for $150k back then spent a few months to fix them up and are now selling for 200k.



I was always taught to wait until winter season, when the selection is fewer but you could strike better deals. But right now that isn't happening. Both prices and interest rate are going up.



I did find some acceptable deals along the I-15, but held off. Common sense tells me that global consumption of oil will only continue to rise. Sooner or later it'd be too expensive to live far away from work and commute long distances daily. It's possible that we may return to "Main Street USA" (I'm mentally picturing Downtown Fullerton on larger scale). So, no matter how hard or competitive it may be, I will still force my way into buying investment properties closer to the coast and not inland.





p.s. for those investing in certain areas, don't forget riot and civil commotion insurance. Make sure your insurance company has it in writing.
 
[quote author="momopi" date=1256726557]Considering the number of days that it's been on Redfin, I wouldn't even bother touching it.



Right now the market is very very competitive for investors. Good cash flow SFR properties receive many many bids within days, some are all cash offers. The best time to buy this year was probably around April to July, the people who bought homes for $150k back then spent a few months to fix them up and are now selling for 200k.



I was always taught to wait until winter season, when the selection is fewer but you could strike better deals. But right now that isn't happening. Both prices and interest rate are going up.



I did find some acceptable deals along the I-15, but held off. Common sense tells me that global consumption of oil will only continue to rise. Sooner or later it'd be too expensive to live far away from work and commute long distances daily. It's possible that we may return to "Main Street USA" (I'm mentally picturing Downtown Fullerton on larger scale). So, no matter how hard or competitive it may be, I will still force my way into buying investment properties closer to the coast and not inland.





p.s. for those investing in certain areas, don't forget riot and civil commotion insurance. Make sure your insurance company has it in writing.</blockquote>


Today's investors are tomorrow's defaulters.
 
We were watching this property to see what it would end up selling for. Looks like it went for $693k on 9/17/2009. Why is it assessed for $791k?



<a href="http://www.redfin.com/CA/Laguna-Niguel/6-Pienza-92677/home/4921400">http://www.redfin.com/CA/Laguna-Niguel/6-Pienza-92677/home/4921400</a>



We found property auction information on the site listed below. It seems like every one of the properties listed sold for over the minimum bid.



<a href="http://egov.ocgov.com/ocgov/">http://egov.ocgov.com/ocgov/</a>



Thomas Guide Location: 951 H7

Estate of: Ursula Maria Pezzolla

Case No: A-243011

6 Pienza

Laguna Niguel, CA 92677

Minimum Bid: $649,000.00

Deposit: $15,000.00



We noticed after this property sold another property in the same track (50 Pienza) jacked up its asking price.



<a href="http://www.redfin.com/CA/Laguna-Niguel/50-Pienza-92677/home/4921448 ">http://www.redfin.com/CA/Laguna-Niguel/50-Pienza-92677/home/4921448 </a>



This listing now reads (Bank just finished BPO at $735,000 (this must be the minimum price).
 
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