Bloodbath in Coto de Caza

NEW -> Contingent Buyer Assistance Program
[quote author="awgee" date=1221461672][quote author="CalGal" date=1221455626][quote author="awgee" date=1221429149]Calgal - I know that you and Mr. Calgal want to live on the golf course. Here is 3000 sq ft on the course for $879,000 or $293 per sq ft.

<a href="http://www.redfin.com/CA/Coto-De-Caza/17-Charleston-Ln-92679/home/5020816">17 Charleston</a>

Fairway Lane lowered their price today, but is still asking more than 17 Charleston with less square footage.

And for an interesting study on what subprime mortgage money built, 22931 Sonriente is open today.

<a href="http://www.redfin.com/search#v=3&lat=33.63152220078954&long;=-117.58250713348392&zoomLevel=15&market=socal">22931 Sonriente</a>

I would not care to live there, but it is magnificent.

<a href="http://www.redfin.com/search#v=3&lat=33.60060844975641&long;=-117.58491039276124&zoomLevel=15&market=socal">Mrs. Awgee's dream home</a></blockquote>


Awgee, the Via Barcaza house is nice. I wish the HOA wasn't so high in that neighborhood (Los Verdes) - and they don't even have a community pool! I believe the HOA is over $500 per month. Yikes! It's too bad because we really like the floor plans in that neighborhood, and they have great golf course views.</blockquote>


You know why I will not let you buy in Via Barcaza? And why the HOA is $500 per month?</blockquote>
I heard they had a terrible problem with mold. I think the HOA sued the builder, so their HOA reserve is low.
 
[quote author="awgee" date=1221461803][quote author="Trooper" date=1221460090]Coto with common TILE ?! The horror !

</blockquote>


I actually prefer the white appliances to the stainless. I think the white is easier to keep clean and looking nice. And I can not stand any "commercial grade" appliances in a residence. Not only is it a total waste, but it is much harder to clean. I actually prefer synthetic stone to granite, and I do not care for anything with grout; again too hard to keep looking nice.</blockquote>
I actually like the stainless steel appliances now that I found a cleaner that works good and doesn't streak.

I agree with you on the grout - hate cleaning it!
 
<a href="http://www.redfin.com/CA/Coto-De-Caza/3-Pine-Vly-92679/home/5059363">3 Pine Valley, Coto</a>



Here is a house that just came on the market yesterday (9/18/08) for $804,900.

It's now bank owned.

The owners bought it for $1,200,000 on 8/2/07.

That's a quick loss of $400k (-33%) in a year!
 
[quote author="CalGal" date=1221889930]<a href="http://www.redfin.com/CA/Coto-De-Caza/3-Pine-Vly-92679/home/5059363">3 Pine Valley, Coto</a>



Here is a house that just came on the market yesterday (9/18/08) for $804,900.

It's now bank owned.

The owners bought it for $1,200,000 on 8/2/07.

That's a quick loss of $400k (-33%) in a year!</blockquote>


Yea, I saw that. The $1,200,000 looked suspicious to me. And wasn't this property on the market for about one month a couple of months ago?
 
[quote author="awgee" date=1221892447][quote author="CalGal" date=1221889930]<a href="http://www.redfin.com/CA/Coto-De-Caza/3-Pine-Vly-92679/home/5059363">3 Pine Valley, Coto</a>



Here is a house that just came on the market yesterday (9/18/08) for $804,900.

It's now bank owned.

The owners bought it for $1,200,000 on 8/2/07.

That's a quick loss of $400k (-33%) in a year!</blockquote>


Yea, I saw that. The $1,200,000 looked suspicious to me. And wasn't this property on the market for about one month a couple of months ago?</blockquote>
Yeah, the agent just called me. He said the owner tried to sell it as a short sale. Now the bank owns it.

I told the agent that I was surprised that it sold for $1.2 last year. He said the owner got caught up in an investment with a real estate agent that went bad.

Open House is Sunday from 1-5 if you want to take a look.

Michael Krieg is having the open house.
 
Me and my wife did a drive-by of the 23302 Pardal property about 3 weeks ago. When we arrived there was a tree trimming crew doing some work and the door to the home was open so we went it.



The initial impression was pretty dismal. You walk about a stairs that is in disrepair to the entrance on the 2nd level. There were a million dead bugs at the doorstep and a scraweled paper message that said the place was infested with bees, enter at your own risk. But it appeared that the bees were already exterminated. The place looked old and dilapdated. The carpet was pulled up in a couple places to reveal rot. Even though the pics on the MLS looked ok, those must have been the only good pics possible for the home. The kitchen was on this level and was very tiny for such a huge home.



Stairs led down to 2 master bedroom with huge old sunked tubs in their bath...I am guessing by the look of the place that this area might have been rented out seperatel because it looked like it also had a private entrance and another room that may have been an improvised kitchen. If you go to the third floor there was another master bedroom. By this point I was just glossed over by the big influx of cash this place would need to fix and update everything, including moving walls for updating the kitchen area. Unless you have an extra 200k minimum to update a place, or have lots of good connections, then this place is not for you.





[quote author="awgee" date=1220476677][quote author="fchanes" date=1220440976]What's the story on 23302 Via Pardal ? We are interested but are now scared by the mold issue. Can ANYONE give us some quality information? Thanks.</blockquote>


I dunno. Why don't you call the listing agent and ask? Have a look and report back.




IIRC, there is a lot for sale on Via Coyote to get an idea of a comp.</blockquote>
 
[quote author="awgee" date=1220736537][quote author="awgee" date=1219537882][quote author="awgee" date=1218319139][quote author="awgee" date=1215116735]Sometimes you read something and you figure, naw, I must be misunderstanding something.


But, then you realize, no, some people are just ...


26 Sawgrass, zip code 92679, lowered their asking price by $1. Yup, $1.


I think the realtor is also the owner. What is it they say about folks who represent themselves in court?


If someone knows how to set up a poll, it would be fun to speculate how long this one will languish on the market.


http://www.redfin.com/CA/Coto-De-Caza/26-Sawgrass-92679/home/5019816</blockquote>


This time the owner/realtor of 26 Sawgrass is getting bold. They are lowering the listing price by $100. I wonder if the owner/realtor will ever figure out that real estate is decreasing in price and if they listed their property at a competitive price, it might sell? Naw, the comparatives may have decreased in price, but not theirs.</blockquote>


OMG! Only a realtor! The realtor/owner of 26 Swagrass lowered the listing price by about $10,000 last week and lowered it by another $100 this week. Those amounts aren't even enough to give them credit for chasing the market down. I can just see them explaining to their wife, "The market's going to turn around any day now. Gary Watts says the OC economy is going to take off."</blockquote>


Just lowered another $400. Must have taken the Ringling Bros. school of marketing.</blockquote>Another superfluous pretend price lowering, this time $4,500 or 0.4% to $1,095,000
 
[quote author="trabucodom" date=1222041383]Me and my wife did a drive-by of the 23302 Pardal property about 3 weeks ago. When we arrived there was a tree trimming crew doing some work and the door to the home was open so we went it.



The initial impression was pretty dismal. You walk about a stairs that is in disrepair to the entrance on the 2nd level. There were a million dead bugs at the doorstep and a scraweled paper message that said the place was infested with bees, enter at your own risk. But it appeared that the bees were already exterminated. The place looked old and dilapdated. The carpet was pulled up in a couple places to reveal rot. Even though the pics on the MLS looked ok, those must have been the only good pics possible for the home. The kitchen was on this level and was very tiny for such a huge home.



Stairs led down to 2 master bedroom with huge old sunked tubs in their bath...I am guessing by the look of the place that this area might have been rented out seperatel because it looked like it also had a private entrance and another room that may have been an improvised kitchen. If you go to the third floor there was another master bedroom. By this point I was just glossed over by the big influx of cash this place would need to fix and update everything, including moving walls for updating the kitchen area. Unless you have an extra 200k minimum to update a place, or have lots of good connections, then this place is not for you.





[quote author="awgee" date=1220476677][quote author="fchanes" date=1220440976]What's the story on 23302 Via Pardal ? We are interested but are now scared by the mold issue. Can ANYONE give us some quality information? Thanks.</blockquote>


I dunno. Why don't you call the listing agent and ask? Have a look and report back.




IIRC, there is a lot for sale on Via Coyote to get an idea of a comp.</blockquote></blockquote>


I took a peek...the dead bugs at the entrance are actually bat feces (look up over the door in the evening). The bees are inside the wall of the master closet on the third floor. Talked to a neighbor...apparently the property was vacant for quite some time because a previous owner had died inside (fell down some stairs). I'd say that 200k is a conservative estimate of the repairs needed.
 
[quote author="awgee" date=1222114967][quote author="awgee" date=1220736537][quote author="awgee" date=1219537882][quote author="awgee" date=1218319139][quote author="awgee" date=1215116735]Sometimes you read something and you figure, naw, I must be misunderstanding something.


But, then you realize, no, some people are just ...


26 Sawgrass, zip code 92679, lowered their asking price by $1. Yup, $1.


I think the realtor is also the owner. What is it they say about folks who represent themselves in court?


If someone knows how to set up a poll, it would be fun to speculate how long this one will languish on the market.


http://www.redfin.com/CA/Coto-De-Caza/26-Sawgrass-92679/home/5019816</blockquote>


This time the owner/realtor of 26 Sawgrass is getting bold. They are lowering the listing price by $100. I wonder if the owner/realtor will ever figure out that real estate is decreasing in price and if they listed their property at a competitive price, it might sell? Naw, the comparatives may have decreased in price, but not theirs.</blockquote>


OMG! Only a realtor! The realtor/owner of 26 Sawgrass lowered the listing price by about $10,000 last week and lowered it by another $100 this week. Those amounts aren't even enough to give them credit for chasing the market down. I can just see them explaining to their wife, "The market's going to turn around any day now. Gary Watts says the OC economy is going to take off."</blockquote>


Just lowered another $400. Must have taken the Ringling Bros. school of marketing.</blockquote>Another superfluous pretend price lowering, this time $4,500 or 0.4% to $1,095,000</blockquote>


It looks like I missed a price drop. But we caught the $4,900 drop yesterday. Now $1,075,000.
 
[quote author="CalGal" date=1221893177][quote author="awgee" date=1221892447][quote author="CalGal" date=1221889930]<a href="http://www.redfin.com/CA/Coto-De-Caza/3-Pine-Vly-92679/home/5059363">3 Pine Valley, Coto</a>



Here is a house that just came on the market yesterday (9/18/08) for $804,900.

It's now bank owned.

The owners bought it for $1,200,000 on 8/2/07.

That's a quick loss of $400k (-33%) in a year!</blockquote>


Yea, I saw that. The $1,200,000 looked suspicious to me. And wasn't this property on the market for about one month a couple of months ago?</blockquote>
Yeah, the agent just called me. He said the owner tried to sell it as a short sale. Now the bank owns it.

I told the agent that I was surprised that it sold for $1.2 last year. He said the owner got caught up in an investment with a real estate agent that went bad.

Open House is Sunday from 1-5 if you want to take a look.

Michael Krieg is having the open house.</blockquote>


Now listed for $789,000.
 
[quote author="awgee" date=1215927109]The bank is serious about unloading this lead weight. The listing price on 23302 Via Pardal is lowered again to $614,850 from $627,396. That is $195 per sq. ft. in Coto.




And I Fee-e-e-el good.</blockquote>


Now $590,502.
 
[quote author="awgee" date=1223940885][quote author="awgee" date=1215927109]The bank is serious about unloading this lead weight. The listing price on 23302 Via Pardal is lowered again to $614,850 from $627,396. That is $195 per sq. ft. in Coto.




And I Fee-e-e-el good.</blockquote>


Now $590,502.</blockquote>
. . . and still sitting.
 
Hmm-m-m-m, I need a bit of help to figure this out.

Original sale of $935,000 on Oct. 18, 2002

Listed at $1,459,000 on May 19, 2008

Reduced to $1,448.000 on June 17, 2008

Reduced to $1,428,000 on July 15, 2008

<strong>SOLD</strong> on Aug. 21, 2008 for $1,785,000 ? To whom? The second holder?

Stll listed and reduced to $1,388,000 on Sep. 15, 2008

Reduced to $1,299,000 on Sep. 25, 2008



Any thoughts?



<a href="http://www.redfin.com/CA/Coto-De-Caza/12-Elliot-Ln-92679/home/5778901">Huh?</a>
 
Check out the realtor on this one.



<a href="http://www.redfin.com/CA/Rancho-Santa-Margarita/19-Apache-Dr-92679/home/5022043">Could it be?</a>
 
According to Redfin, there are 13 homes for sale in Coto with a listed price of $5,000,000 or more. And 3 homes for sale with a price of $4,999,000.

I have been told that in the whole history of homes being sold in Coto, about 25 years, 8 homes have sold for $5,000,000 or more. I do not have the resources to verify this, but does anybody else? If true, it would seem to indicate that the $5,000,000 and above listings may be on the market for awhile.
 
Is something fishy going on here?



Date Price Appreciation

Apr 01, 1991 $385,000

--

Sep 28, 1994 $385,000

0.0%/yr

Sep 12, 1997 $355,500

-2.7%/yr

Jun 19, 1998 $390,000

12.8%/yr

Aug 26, 1999 $549,000

33.4%/yr

Apr 30, 2004 $1,035,000

14.5%/yr

Jan 26, 2007 $975,000

-2.2%/yr

Feb 02, 2007 $1,000,000

274.7%/yr





<a href="http://www.redfin.com/CA/Coto-De-Caza/15-Seacliff-92679/home/5059305">15 Seacliff</a>



Calgal, do you remember when this home was for sale not to long ago. I never looked at it. $700,000 still seems like too much considering it backs up to Vista del Verde.
 
Calgal,



Check it out: The Greens for $257 per square foot! Wow!



<a href="http://www.redfin.com/CA/Coto-De-Caza/30-Oakbrook-92679/home/5059897"> Oakbrook</a>
 
[quote author="awgee" date=1223848528][quote author="awgee" date=1222114967][quote author="awgee" date=1220736537][quote author="awgee" date=1219537882][quote author="awgee" date=1218319139][quote author="awgee" date=1215116735]Sometimes you read something and you figure, naw, I must be misunderstanding something.


But, then you realize, no, some people are just ...


26 Sawgrass, zip code 92679, lowered their asking price by $1. Yup, $1.


I think the realtor is also the owner. What is it they say about folks who represent themselves in court?


If someone knows how to set up a poll, it would be fun to speculate how long this one will languish on the market.


http://www.redfin.com/CA/Coto-De-Caza/26-Sawgrass-92679/home/5019816</blockquote>


This time the owner/realtor of 26 Sawgrass is getting bold. They are lowering the listing price by $100. I wonder if the owner/realtor will ever figure out that real estate is decreasing in price and if they listed their property at a competitive price, it might sell? Naw, the comparatives may have decreased in price, but not theirs.</blockquote>


OMG! Only a realtor! The realtor/owner of 26 Sawgrass lowered the listing price by about $10,000 last week and lowered it by another $100 this week. Those amounts aren't even enough to give them credit for chasing the market down. I can just see them explaining to their wife, "The market's going to turn around any day now. Gary Watts says the OC economy is going to take off."</blockquote>


Just lowered another $400. Must have taken the Ringling Bros. school of marketing.</blockquote>Another superfluous pretend price lowering, this time $4,500 or 0.4% to $1,095,000</blockquote>


It looks like I missed a price drop. But we caught the $4,900 drop yesterday. Now $1,075,000.</blockquote>


Talk about chasing the market down. I wonder if they realize that if they really lowered the price, they might actually sell it and get much more than if they keep lowering it by token amounts. Probably not, cuz isn't that what denial is all about?



Lowered by another $10,000 to $1,065,000. That is less than 1%.



Do you think maybe they will chase it all the way to the bottom? Or until the bank takes it?
 
[quote author="awgee" date=1225665054]Calgal,



Check it out: The Greens for $257 per square foot! Wow!



<a href="http://www.redfin.com/CA/Coto-De-Caza/30-Oakbrook-92679/home/5059897"> Oakbrook</a></blockquote>
A 10,000 sqft lot, nice. But the house is probably worth less than $700k.
 
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