Bloodbath in Coto de Caza

NEW -> Contingent Buyer Assistance Program
It is too bad the Deuce does not work Coto, because these sellers could use his help, (a dose of reality).



<a href="http://www.redfin.com/search#status=1&v=4&lat=33.61969408673339&long;=-117.58452415466311&zoomLevel=15&region_id=38448&region_type=2&market=socal">23492 Via Alondra</a>
 
[quote author="awgee" date=1227396600][quote author="awgee" date=1227219589][quote author="awgee" date=1226455961][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?</blockquote>


Another $15,000 to $1,050,000.</blockquote>
Decreased by $100 to $1,049,900 today.</blockquote>


HUGE news! HUGE!

Another $900 decrease to $1,049,000!
 
Sometime within the last two weeks, there was a real price drop of $24,000 to $1,025,000.

And now, another drop of $25,100 to $999,900 which takes it under $300 per sq ft.

Did I mention that this property is also for lease at $4,600 per month?



26 Sawgrass
 
Annualized return of -25% in Coto?

Check it out.

<a href="http://www.redfin.com/CA/Coto-De-Caza/31715-Via-Pato-92679/home/5055893">31715 Via Pato</a>

I dunno if it was a foreclosure sale or nut, but the last sale, according to Redfin, was on April 7, 2008 for $947,000 and the present listing price is v9,900.

And the annualized return from 2005 to 2008 was 0.5%.
 
[quote author="awgee" date=1227738824]Wow. The information that some of you peeps have is astounding.

Last night's season opener of "The Housewives" portrayed that particular property as selling to the fiance of the newest addition to the show, and the <em>for Sale</em> sign has been removed.



The agent showing the property on the show said the listing price was $3.2 but it was "worth" $4.</blockquote>
It seems this property got a new listing agent and a lower price.



<a href="http://www.redfin.com/CA/Coto-De-Caza/7-Devonwood-Dr-92679/home/5014594">7 Devonwood</a>



I guess notoriety does not sell homes.
 
[quote author="caliguy2699" date=1210932289][quote author="awgee" date=1210903849]caliguy - The financing behind 1 Sawgrass is odd.<p>

Or check out 31951 Violeta; it is a spec home that started with a listing price of $22,500,000. The last listing price was $19,500,000 and it is now off the market. Did it sell? I dunno, but I haven't heard any scoop on any big sales. It was on the market for over a year and maybe close to two years. What do you think the monthly payment was on the construction loan(s)? And who is the lender(s)?<p>

Or how about 3 Palomino?<p>

Lots of juicy stuff happening in Coto right now.</blockquote>


There is a lot of juicy stuff going on in Coto, and it would take days to unravel it all. I wish I had any info on Violeta, but unfortunatlely I don't. I do have stuff on 3 Palomino - it looks like they paid $1.8 million in 2005 and put $450k down (the financing was in two loans, one for 65% and the other for 10% of the purchase price). Then it looks like there was immediately cash taken out for $268,800 less than a week after closing. NODs were filed on both the $1.17 million loan and that $268,800 loan in March 2006. Supposedly REO now.



The financing behind 1 Sawgrass is indeed incredibly odd..that's all there is to say about it.</blockquote>


3 Palomino now shows as a foreclosure for sale with an unknown price on Zillow. Is that wierd?

It doesn't come up on FIS/LPS or Redfin, but it does come up on foreclosure.com. Bueller? Bueller?
 
[quote author="awgee" date=1231194638]Sometime within the last two weeks, there was a real price drop of $24,000 to $1,025,000.

And now, another drop of $25,100 to $999,900 which takes it under $300 per sq ft.

Did I mention that this property is also for lease at $4,600 per month?



26 Sawgrass</blockquote>
Maybe relist it?

<a href="http://www.redfin.com/CA/Coto-De-Caza/26-Sawgrass-92679/home/5019816">26 Sawgrass</a>
 
Now that CalGal moved, it seems I am the only one left to play on this thread. Just talking to myself; not so unusual.

But, at least I am not the only one who does not want to live less than 50 ft from 50 mph Coto de Caza Blvd. This property has been on the market for over a year. I think the first listing price was $5,250,000; now $4,209,000.



It is a spec home, never been lived in. It has had a few different listing agents. The master bedroom is on the CDC Blvd side and you can hear the traffic. Can you imagine paying millions to hear traffic all night?

The lot sold for $925,000 and the builder put up 10,000 sq ft. Whaddya think the cost per sq ft to build was? What must the monthly nut on this sucker be? If I ever talk about building a spec home, would someone be kind enough to shoot me?



<a href="http://www.redfin.com/CA/Coto-De-Caza/31232-Via-Colinas-92679/home/5054824">via colinas</a>
 
[quote author="awgee" date=1232236197]Now that CalGal moved, it seems I am the only one left to play on this thread. Just talking to myself; not so unusual. </blockquote>


Naw, I love looking at the carnage. I just don't have a whole lot to contribute because the neighborhood rules in Coto aren't real conducive to a guy like me if you know what I mean......
 
[quote author="awgee" date=1232236197]Now that CalGal moved, it seems I am the only one left to play on this thread. Just talking to myself; not so unusual.

But, at least I am not the only one who does not want to live less than 50 ft from 50 mph Coto de Caza Blvd. This property has been on the market for over a year. I think the first listing price was $5,250,000; now $4,209,000.



It is a spec home, never been lived in. It has had a few different listing agents. The master bedroom is on the CDC Blvd side and you can hear the traffic. Can you imagine paying millions to hear traffic all night?

The lot sold for $925,000 and the builder put up 10,000 sq ft. Whaddya think the cost per sq ft to build was? What must the monthly nut on this sucker be? If I ever talk about building a spec home, would someone be kind enough to shoot me?



<a href="http://www.redfin.com/CA/Coto-De-Caza/31232-Via-Colinas-92679/home/5054824">via colinas</a></blockquote>


Blah, I love seeing Coto go through another round of a bubble. So... you have me, who will check in on this thread periodically to see how they have not learned from the 90s.



I think the cost per square foot on this home, judging by the materials (FYI: the materials are pretty standard, and would cost more for a schmo contractor, but less if they piggybacked on a national builder's order), would be about $325 a sqft. Making the price a break even point if they are lucky enough to have a deal with their current agent. Since the location sucks, and the numb nuts architect/contractor built the master on the traffic side of the location, then I expect to update this thread with the auction date of this home.



Awgee, I love morons like this. Please, no seriously, keep posting these great finds, morons like this need to be exposed.



BTW, if you ever talk about building a spec home, then market will have changed and I will help you make sure it is a winner even with a huge downside risk. Oh... wait... you actually understand that home prices do go down. It's gonna be a long time before you or I ever think about spec homes. Well... unless we can get some TARP funds to buy the land at the negative land value it is worth and not have to pay the TARP back. That actually might make it worth it, but sorry taxpayers.
 
OK, then. I will keep on keepin' on.

Check this out. 3300 sq ft REO for less than $200 per sq ft.

<a href="http://www.redfin.com/CA/Trabuco-Canyon/31841-Via-Perdiz-92679/home/5056159">31841 Via Perdiz</a>

bkshpr - Any ideas for the outside to make it look a bit less hideous?
 
Yes keep updating awgee



I don't post much but I do try to keep up with this thread.



BTW I'm pretty sure we looked at 26 Sawgrass way back in April 2007. We weren't interested in buying but would have considered leasing it, except for the crazy high cost of course. I'll have to see if I still have the flyer in my files.
 
[quote author="awgee" date=1232365573] Any ideas for the outside to make it look a bit less hideous?</blockquote>


Short of gouging out your eyes?
 
[quote author="Axiom" date=1232374117]Yes keep updating awgee



I don't post much but I do try to keep up with this thread.



BTW I'm pretty sure we looked at 26 Sawgrass way back in April 2007. We weren't interested in buying but would have considered leasing it, except for the crazy high cost of course. I'll have to see if I still have the flyer in my files.</blockquote>


We looked at it as a possible lease in Sept of 2006, but they were asking too much for rent. IIRC, they were a bit on the arrogant side, as were so many agents/property owners back then. The agents seem to be so much friendlier now, even to a family driving a mini van.
 
[quote author="centralcoastobserver" date=1232286890]The Via Colinas house has a split personality... the front view is unattractive with too many "design elements" and the back looks almost unfinished.</blockquote>


Maybe the lesson is that doctors should stick with medicine and sons of doctors should start building spec homes with an inexpensive remodel flip. I can not help but wonder if they have seen Steve Thomas' data saying that there is a ten year inventory of over $4mil homes in OC.



Price wise, Via Colinas is in direct competition with 7 Sawgrass. If I was buying, Via Colinas would have to be priced $2mil less than Sawgrass to get me to even think about it.
 
[quote author="awgee" date=1232365573]OK, then. I will keep on keepin' on.

Check this out. 3300 sq ft REO for less than $200 per sq ft.

<a href="http://www.redfin.com/CA/Trabuco-Canyon/31841-Via-Perdiz-92679/home/5056159">31841 Via Perdiz</a>

bkshpr - Any ideas for the outside to make it look a bit less hideous?</blockquote>


Not enough stucco and wrought iron for you?
 
[quote author="awgee" date=1232365573]OK, then. I will keep on keepin' on.

Check this out. 3300 sq ft REO for less than $200 per sq ft.

<a href="http://www.redfin.com/CA/Trabuco-Canyon/31841-Via-Perdiz-92679/home/5056159">31841 Via Perdiz</a>

bkshpr - Any ideas for the outside to make it look a bit less hideous?</blockquote>


Is that really in Coto or the 909? Seriously, I thought I saw a similar listing in Big Bear. I still think it is 909, because it looks like a meth lab explosion happened inside. Is the Realturd on meth and got the listing mixed up or what?
 
That is the "charm" of the village of Coto... no two houses alike including this place. Actually I am partial to the idea of the village (no mello roos, lower HOA, close to the Italian restaurant and general store) but I have yet to see a workable floor plan for us there.
 
49% off in Coto?

Check it out.

According to zillow, 6 Willow Bend was purchased on 12-28-06 for 1,285,000.

According to LPS, 6 Willow Bend went to auction on the Santa Ana Courthouse steps on 1-16-09, just a little over three years after the last sale.

Notice of Sale Amt: $1,131,942.21

Opening Bid Amt: $653,976.42

Sold Amt: $653,976.43

Fascinating to me is the Sold Amount of one penny more than the Opening Bid Amount. Is that a typo or an error of some sort, or was the winning bid actually one penny more than the opening bid? And if so, then it was the only bid.

Was it Pacific Legacy? Another flipper? A potential resident?

And most important, how long will it take before the Coto sellers realize that the distressed market is the market and the foreclosure sales are the comps?
 
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