Turtle Ridge: Another Crimson Rose Foreclosure

Thursday

7/24/2008 2:00:00 PM

Address: 47 CRIMSON ROSE

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City: IRVINE

State: CA

Zip: 92603

County: Orange

APN: 478-381-54



Sale Status: Sale Date 07/24/2008

TS Number: 200845784964

Notice of Sale Amt: $1,715,134.97

Opening Bid Amt: 0

Sold Amt: 0

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

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Trustee: Golden West Savings Association

Trustee Phone#: (210)543-4998
 
Correct me if I'm wrong, but that Crimson & Clover post states that the other property SOLD at auction for $1.4M. Knife catcher? I bet these will go under a million at the end.
 
37 Crimson Rose goes to auction tomorrow:







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Filing Date:

Fri, Jun 13, 2008

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Trustee:

RESS FINANCIAL CORP

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Trustee Phone:

714-573-1965

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Trustee Sale #:

72465

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Foreclosure Doc #:

000000284265

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Foreclosing Mortgage:

000000658168

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Original Auction Date:

2008-07-09

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Auction Location:

401 E CHAPMAN AVE, PLACENTIA
 
[quote author="Trooper" date=1215604399]Why would one auction be in Placentia and one in Santa Ana? Just curious.</blockquote>


There is no one reason as to why. Santa Ana handles the majority of them, but Placentia handles the second most, and Orange also has an auction. If Santa Ana did all of the foreclosures, you would just now would be getting into your car to go home after being there since 2pm. I think it depends on the company processing the trustee sale. For example; Priority Posting is only Placentia, and Fidelity is only Santa Ana. Sorry if that doesn't really clear things up, but this is Cali, and we do things differently here.
 
As best I can tell, the trustee handling the auction simply picks a public place ("the flagpole at Placentia City Hall;" "the north entrance to the County Courthouse") and has their guy/gal show up there. LandAmerica, whose office is in Irvine, does Placentia, and Fidelity, whose office is also in Irvine, does them at the courthouse. I don't recall where First American does theirs.
 
Nobody will bid on this. This property is worth maybe around 1M maybe and the owner owes 1.7M . There will be no bids and this property will become bank owned.
 
I could have sworn 37 Crimson Rose had already been foreclosed on. Anyway, the auction was for the second lien of $283k, and it went back the [strike]lien[/strike] bagholder.
 
<a href="http://www.redfin.com/CA/Irvine/37-Crimson-Rose-92603/home/5901198?src=blg_irvine&utm_source=irvinehousingblog&utm_medium=blog&utm_nooverride=1">37 Crimson Rose just came back on the market.</a> Yet according to the all caps listing that is screaming at us by yet another realtor that just doesn't understand how to write an effective description (or spell) - This house is not bank owned, nor a short sale. How can this be? I thought it went bank to the bank at the last Trustee sale?



FORMER MODEL HOME, ONE OF THE BEST VIEW LOTS WITHIN THIS PRICE RANGE, $ 500K WORTH OF UPGRADES, PROVENCIAL STLYE WITH CASITA WBATH. CUSTOM HARDWOOD FLOORING, WAINSCOATED WALL, STONE FLOORING, PANORAMIC OCEAN AND CITY LIGHTS VIEW, COVERED LOGGIA WITH FIREPLACE. NOT A SHORT SALE, NOT BANK OWNED.
 
[quote author="EquityMind" date=1216611560]<a href="http://www.redfin.com/CA/Irvine/37-Crimson-Rose-92603/home/5901198?src=blg_irvine&utm_source=irvinehousingblog&utm_medium=blog&utm_nooverride=1">37 Crimson Rose just came back on the market.</a> Yet according to the all caps listing that is screaming at us by yet another realtor that just doesn't understand how to write an effective description (or spell) - This house is not bank owned, nor a short sale. How can this be? I thought it went bank to the bank at the last Trustee sale?

</blockquote>


Interesting.



37 is not coming up active in the MLS and I can't understand why since it is supposively active on Redfin. Plenty of cancelled and expired's though for this home.



According to title (as of today) the home is still under the original owner's name (who was the broker) which shows the home being purchased on Dec 12th 2005 from Richmond American Homes for $1,860,500. Auction date accordint to title says 7/9/2008. Maybe the auction was post-poned??
 
<blockquote>

FORMER MODEL HOME, ONE OF THE BEST VIEW LOTS WITHIN THIS PRICE RANGE, $ 500K WORTH OF UPGRADES, PROVENCIAL STLYE WITH CASITA WBATH. CUSTOM HARDWOOD FLOORING, WAINSCOATED WALL, STONE FLOORING, PANORAMIC OCEAN AND CITY LIGHTS VIEW, COVERED LOGGIA WITH FIREPLACE. NOT A SHORT SALE, NOT BANK OWNED.</blockquote>


Just where do you put $500k worth of upgrades into a 2850 sq ft house? This is such BS.
 
The owner just lost this house. My wife and I actually went to see this house. The upgrade choices were awful. The previous owner changed the price on this listing about 30 times in a 3 month period. As is with anytime you spend alot on upgrades if the potential buyer doesn't like your style they wont pay for the upgrades. This house when the market gets back to a normal level is worth arount 900K to 1m
 
DOH! 47 Crimson Rose went back to the back today, er yesterday. This bad boy had a NTS of $1,715,134.97, and the bank couldn't find any bidders at $1,264,500.00. What? 23% off the purchase price isn't good enough for you? Come on... investors should be scooping up these deals. That sucks for 37 Crimson Rose, looks like another $200k price drop still won't get any offers.



Welcome to reality everyone, the high end is <strong>NOT</strong> immune.
 
[quote author="ConsiderAgain" date=1217156126]Just where do you put $500k worth of upgrades into a 2850 sq ft house? This is such BS.</blockquote>


Actually, it's quite simple. The dollars would just add up when the builder puts a new doe-eyed buyer into the design center. The center rep hands over a bottle of water or a office-brewed latte to the buyer and let's them have at it with all the tile, cabinet, carpet, and what-have-you upgrade samples. Keep in mind, the mark-up for when a builder puts in the upgrades can be as high as 300% (and more). It's amazing what people will justify to themselves when they are just going to spend "a little more" to make the house a home.



I ended up doing the upgrades after the home was purchased and when I gathered a bit of equity to pay for the upgrades. For example, I put in hardwood floors (dark cherry) at $5/ft where as the builder would do the same upgrade at $20/ft.



Ah yeah, it was great sipping on the latte, and just having a $4000 cost to place a solid granite countertop and backsplash. The design center rep <em>thought</em> we would have spent on up to $100K and that was on 1800sf townhome. ;)
 
Wow. Graph--what was the amount the bank was owed on the first trust deed? Was it the Notice of Sale Amount of $1.7m, and not the Opening Bid Amt of $1.2m. If that's the case, and the bank was willing to take $1.26m at the sale, the bank must think the market value of the property is way under $1.7m.



Remember 30 Crimson Rose, that went back to the bank earlier this year for $1.42m? It is apparently for sale as a "bank owned" property for $1.499m:



http://realestate.yahoo.com/California/Irvine/Homes_for_sale/6f2db756e8c7ba158268792c9e41ee?cc=realestate&p=Irvine, CA&priceHigh;=&priceLow;=&nodeId=750007014&sortBy=price 2&radius;=&bedrooms;=&bathrooms;=&type=classified&b=131&ltype=0



I wonder if we will see 47 Crimson Rose come back on the market for $1.299m? This must be how prices start to nose dive.



Friday

8/8/2008 2:00:00 PM

Address: 47 CRIMSON ROSE

Get Yahoo! Map

City: IRVINE

State: CA

Zip: 92603

County: Orange

APN: 478-381-54



Sale Status: Back to Bene 08/08/2008

TS Number: 200845784964

Notice of Sale Amt: $1,715,134.97

Opening Bid Amt: $1,264,500.00

Sold Amt: $1,264,500.00

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

Get Yahoo! Map

Trustee: Golden West Savings Association

Trustee Phone#: (210)543-4998
 
[quote author="redline" date=1218628728][quote author="ConsiderAgain" date=1217156126]Just where do you put $500k worth of upgrades into a 2850 sq ft house? This is such BS.</blockquote>


Actually, it's quite simple. The dollars would just add up when the builder puts a new doe-eyed buyer into the design center. The center rep hands over a bottle of water or a office-brewed latte to the buyer and let's them have at it with all the tile, cabinet, carpet, and what-have-you upgrade samples. Keep in mind, the mark-up for when a builder puts in the upgrades can be as high as 300% (and more). It's amazing what people will justify to themselves when they are just going to spend "a little more" to make the house a home.



I ended up doing the upgrades after the home was purchased and when I gathered a bit of equity to pay for the upgrades. For example, I put in hardwood floors (dark cherry) at $5/ft where as the builder would do the same upgrade at $20/ft.



Ah yeah, it was great sipping on the latte, and just having a $4000 cost to place a solid granite countertop and backsplash. The design center rep <em>thought</em> we would have spent on up to $100K and that was on 1800sf townhome. ;)</blockquote>


I think that is not a bad idea to spend "a little more" if you can be sure than to have great interior design! I had friends they spent ages on finding the <a href="http://www.societies.cam.ac.uk/cugac/articles/UK_Carpets_and_Carpet_Tiles.html">wool twist carpet</a> they where looking for ... If you really want a nice home you should invest a bit instead of regreting it everyday afterwards!
 
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