Bloodbath in Coto de Caza

NEW -> Contingent Buyer Assistance Program
[quote author="NewToOC" date=1232517294]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.</blockquote>


The village is charming, and there are a few beautiful homes in the village. But there are a lot of 70s hot tub havens. And many of the floor plans are just plain bizzare.



Here is a village NTS. My guess is that this one will make it to auction because of the difference between the total mortgages and the present value. And it looks like the owner has negative equity.



According to Zillow, 23672 Via Ortega sold on 8-20-1999 for $395,000.

Fast forward 10 years. According to LDS, 23672 Via Ortega is scheduled for auction on 2-19-09 with a notice of sale amount of $976,528.55. IIRC, the notice of sale amount is usually the amount owed the lien holder who is foreclosing.

Unless Zillow has missed a previous sale, the mortgage amount is a bit more than the last sale amount.
 
Is the bank in for a surprise on a home in a nice little tract called Courante?

<a href="http://www.zillow.com/homedetails/7-Lyra-Way-Trabuco-Canyon-CA-92679/25602127_zpid/">7 Lyra Way</a>

LPS/FIS shows an NTS on 7 Lyra scheduled for auction on 2-25-09 with an opening bid amount of $1,323,892.56.

My two cents here. The <strong>maximum</strong> amount of mortgage interest including HELOC that could be deducted would be the interest attributable to loan amounts of $1,000,000 on the first and $100,000 on a HELOC. I can not help but wonder how desperate folks must be when they pay interest which is not even deductible. Back to our story.

Zillow shows the last sale as being on 12-28-2005 for $1,275,000. Nice Christmas present, eh?

Will this actually make it to auction? And if so, can the lender expect any bids? Or, if it goes REO, how much can the bank expect to get for 7 Lyra Way?

Comps anyone?

23 Lyra Way is currently listed, not a short sale, for $847,900 which is close to it's 2003 selling price of $790,000.



<a href="http://www.redfin.com/CA/Coto-De-Caza/23-Lyra-Way-92679/home/5014515">23 Lyra Way</a>



And 18 Lyra Way sold for $850,000 on 9-23-08 according to Zillow.
 
Foreclosed in March and listed in January?



<a href="http://www.redfin.com/CA/Coto-De-Caza/3-Palomino-92679/home/5054658">3 Palomino</a>

Sold for $1,800,000 in 2005 and listed for $1,200,000 in 2009.
 
A $586,000 loss in 5 months, or an annualized loss of 79%.

I do not think the 2008 sale was a foreclosure.

Nor do I think the listing price is a short sale price fishing expedition.



Listing Price Information



* Original List Price: $1,459,000

* Previous Price: $1,278,000

* Search Price (High): $1,199,000

* Search Price (Low): $1,199,000









<a href="http://www.redfin.com/CA/Coto-De-Caza/12-Elliot-Ln-92679/home/5778901">12 Elliot</a>



If you check out the other 4000 sq ft homes for sale in Coto, you will realize just what a comp killer this is.

If only I had a dollar for all the times I heard an agent at an open house say, "This is a buyers market and if you don't jump now, you may lose your chance."
 
Given your view of the future of the dollar, I wouldn't think that having a dollar for every time you heard an agent say that would be much of a motivator. Now a nugget of gold is another story...
 
Many potential sellers are still in the denial stage of the real estate price downturn. I say "potential" seller, because at this price they are not a real seller.



<a href="http://www.redfin.com/CA/Coto-De-Caza/24141-Fairway-Ln-92679/home/5057614">24141 Fairway</a> was listed for a year or more and taken off the market for a month or so. It is being brought back for the greatly anticipated spring buying season for the same delusional asking price it had last year.

A property three doors away, <a href="http://www.redfin.com/CA/Coto-De-Caza/24121-Fairway-Ln-92679/home/5057605">24121 Fairway</a>, is listed at $590,000 or $304 per sq ft and is scheduled for auction today as it does not appear to have any offers at that price. Our featured property at 24141 is listed at $1,025,000 or $449 per sq ft.

I guess a seller can ask whatever they want, but what exactly is the point. It sure isn't to sell the property.



This isn't a case of just one nutter. The kool-aid is affecting a few folks. Check out this new listing and it's sales history.

<a href="http://www.redfin.com/CA/Coto-De-Caza/17-Long-View-Rd-92679/home/5822780">17 Longview</a>





Jan 28, 2009 Listed $2,595,000

Jan 10, 2008 Sold $2,600,000

Jun 28, 2005 Sold $2,600,000

Feb 07, 2003 Sold $1,545,000

Sep 13, 2002 Sold $1,224,000
 
Yes, but don't forget the 15 flat screen TV's. I assume they're all included with the furniture package on the Longview listing. (where do you put 15 TV's in a 6 bedroom house anyway?) Apparently they're watching something other than economic reports on them.



2+ million is out of my price range so I don't have a lot of experience with those listings. Do you see furnishings included often?

Maybe that's the wave of the future as folks downsize from multi-million dollar homes to something they can actually afford?

*not saying that's the case in this specific instance btw
 
[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.



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


We were just this close -><- to buying in Coto a couple years back. I still love the area despite the Housewives shenanigans. So I vote keep them coming! It's amazing how much more 1M buys you in Coto these days.
 
[quote author="NewToOC" date=1233364401][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.



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


We were just this close -><- to buying in Coto a couple years back. I still love the area despite the Housewives shenanigans. So I vote keep them coming! It's amazing how much more 1M buys you in Coto these days.</blockquote>


You may be surprised how seldom one runs into any of the "housewives" living in Coto. But, my wife and daughter were in Starbucks a couple of days ago when Vicki walked in. My wife bent down to my daughter and whispered, "I wish I had a football right now." My daughter did not get it, but when my daughter told be of the incident I just about busted a gut.





Anyways, hat tip to Graphcakes on this next one.

The property I thought was going back to the bank, 24141 Fairway, was actually 24106 Fairway.



<a href="http://www.zillow.com/homedetails/24106-Fairway-Ln-Trabuco-Canyon-CA-92679/25618226_zpid/">24106 Fairway</a> sold at auction yesterday for $646,800. The last sale of this property was for $1,000,000 on 3/28/2006, which makes for depreciation of 35% in less than three years.

24106 Fairway is a 2400 sq st home on the golf course that just went for $265 per sq ft! This will be a major comp killer.



Some back of the napkin calcs:

20% or $129,360 down

$517,440 loan amount

5 5/8 % interest rate

30 yr. fixed

gets you a payment of $2978.62

IMO, this property would rent for $3,200 per month.

It looks like the "lower end" properties in Coto are getting closer to rental parity.
 
<blockquote>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>
I'm still there in spirit! :)

I still read your posts. I'm not as active, as I am trying to limit my web time and focus more on gym time. ;-P



The 24106 Fairway property as mentioned in your above post was one of Jeana's properties. We looked at it a year or two ago with our realtor when they wanted 1.1 for it. The owners bought it for 1 million back in 3/06 (top of market).
 
Hey CalGal, congrats on the gym time. How is Boston? It is about 80 degrees here today? There? :-P



Here is an example of some innovative Coto marketing strategy that I see from time to time. Usually it is a owner/realtor.



Today's feature was listed at $1,050,000 a few days ago.

Maybe <a href="http://www.redfin.com/CA/Coto-De-Caza/31782-Via-Patito-92679/home/5055995">31782 Via Patito</a> was getting too many over asking price bids, because the listing price has been increased by $150,000.

Or maybe they figure the property will be worth more if they raise the price.

Or maybe they are foreseeing a "hot" spring real estate market coming up.

Or maybe they are just plain delusional.
 
[quote author="CalGal" date=1233380383]<blockquote>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>
I'm still there in spirit! :)

I still read your posts. I'm not as active, as I am trying to limit my web time and focus more on gym time. ;-P



The 24106 Fairway property as mentioned in your above post was one of Jeana's properties. We looked at it a year or two ago with our realtor when they wanted 1.1 for it. The owners bought it for 1 million back in 3/06 (top of market).</blockquote>


We saw this house about 2 yrs ago too. The golf course view was great but the house itself looked a bit dated. Jeana never bothered to call our agent back when we wanted to see it but the MLS had some realtor notes that the owners never left a certain door locked. Our realtor was appalled. I'm not surprised it didn't sell but <650k is jaw dropping to me. Definitely a major comp killer.
 
[quote author="awgee" date=1232235380][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></blockquote>


My mistake. The price at the time of this last post was $999,990, not $999,900. The price was lowered today by $90 to $999,000. If they keep lowering by $90 at a time, at some point in the future when home prices appreciate, they will catch the market and this home will sell. Maybe 2015?
 
There were 12 new listings in Coto this week. And I doubt there were 12 sales. By my estimation, the inventory in Coto has grown a bit in the last two weeks.

It appears some folks took their properties off the market in December and were waiting for the spring rush to relist. But it also looks like someone forgot to tell a few of them the market has not improved and 2006 has past.



This home listed a few days ago at the bargain price of $370 per sq. ft.

<a href="http://www.redfin.com/CA/Coto-De-Caza/Undisclosed-address-92679/home/18834854">new Tiara listing</a>



It has a notice of default according to Redfin.



In the same neighborhood, another home listed on the same day for $290 per sq ft.

<a href="http://www.redfin.com/CA/Coto-De-Caza/2-Skylark-Way-92679/home/5057415">2 Skylark Way</a>

2 Skylark, the less expensive of the two, has a pool and a larger lot by 3,485 ft.

My favorite aspect though is the name of the broker: Leveraged Home Equity Inc. Wow, if ever there was a name for success ...



A couple of other homes for sale in the same neighborhood are:

<a href="http://www.redfin.com/CA/Coto-De-Caza/4-Skylark-Way-92679/home/5057419">4 Skylark Way</a> at $272 per sq ft. and

<a href="http://www.redfin.com/CA/Coto-De-Caza/7-Skylark-Way-92679/home/5057449">7 Skylark Way</a> at $350 per sq ft.



/




<p>

/

The kool aid is also flowing at

<a href="http://www.redfin.com/CA/Coto-De-Caza/9-Elliot-Ln-92679/home/5778825">9 Elliott Lane</a> at $378 per sq ft.



Other homes for sale on the same street are a new listing,



<a href="http://www.redfin.com/CA/Coto-De-Caza/6-Elliot-Ln-92679/home/5778909">6 Elliott Lane</a> at $291 per sq ft.,



<a href="http://www.redfin.com/CA/Coto-De-Caza/12-Elliot-Ln-92679/home/5778901">12 Elliott Lane</a> at $273 per sq ft.,



and another new listing, <a href="http://www.redfin.com/CA/Coto-De-Caza/31-Elliot-Ln-92679/home/5778862">31 Elliott Lane</a> at $324 per sq ft.



Maybe the owners of the more expensive homes know that their <strong>cookie cutter TRACT</strong> home is special. Maybe they have been watching too much Mr. Rogers.
 
According to Redfin, the 2004 sales price for 118 Vela Ct. was $1,890,000.



<a href="http://www.redfin.com/CA/Coto-De-Caza/118-Vela-Ct-92679/home/5822254">118 Vela Ct.</a> just listed at $1,695,000. That is 10% less than the 2004 sales price. How many times have I heard some Coto realtor say, "Prices in Coto will not be affected"? Well, at least I haven't heard it in the last few months.



Here are some comps that sold this summer in this neighborhood:

<a href="http://www.zillow.com/homedetails/11-Knotty-Oak-Cir-Coto-De-Caza-CA-92679/54975049_zpid/">11 Knotty Oak Circle</a>

<a href="http://www.zillow.com/homedetails/6-Knotty-Oak-Cir-Coto-De-Caza-CA-92679/54975032_zpid/">6 Knotty Oak Circle</a>

<a href="http://www.zillow.com/homedetails/6-Dark-Horse-Coto-De-Caza-CA-92679/54974988_zpid/">6 Dark Horse</a>



A couple of current listings for $1,399,000 at <a href="http://www.redfin.com/CA/Coto-De-Caza/6-Slate-Spgs-92679/home/5822395">6 Slate Springs</a> and $1,395,000 at



<a href="http://www.redfin.com/CA/Coto-De-Caza/10-Bent-Oak-92679/home/5822131">10 Bent Oak</a>



Here is a short sale listed at $1,499,000 at <a href="http://www.redfin.com/CA/Coto-De-Caza/18-Knotty-Oak-Cir-92679/home/5822356">18 Knotty Oak Circle</a>



Granted, 118 Vela has a nice view, but I am going to go out on a limb and say it doesn't look hopeful that a list price of $1,695,000 will start a bidding war.



In real vs. nominal dollars, these Oak Knoll homes will eventually be selling for less than a mil.
 
[quote author="awgee" date=1234103451]Maybe they have been watching too much Mr. Rogers.</blockquote>


You know, it is a beautiful day in the neighborhood.



<img src="http://i227.photobucket.com/albums/dd120/oaktownr8r/Funny Motivational/mr_rogers.jpg" alt="" />
 
[quote author="awgee" date=1234478439]According to Redfin, the 2004 sales price for 118 Vela Ct. was $1,890,000.



<a href="http://www.redfin.com/CA/Coto-De-Caza/118-Vela-Ct-92679/home/5822254">118 Vela Ct.</a> just listed at $1,695,000. That is 10% less than the 2004 sales price. How many times have I heard some Coto realtor say, "Prices in Coto will not be affected"? Well, at least I haven't heard it in the last few months.



Here are some comps that sold this summer in this neighborhood:

<a href="http://www.zillow.com/homedetails/11-Knotty-Oak-Cir-Coto-De-Caza-CA-92679/54975049_zpid/">11 Knotty Oak Circle</a>

<a href="http://www.zillow.com/homedetails/6-Knotty-Oak-Cir-Coto-De-Caza-CA-92679/54975032_zpid/">6 Knotty Oak Circle</a>

<a href="http://www.zillow.com/homedetails/6-Dark-Horse-Coto-De-Caza-CA-92679/54974988_zpid/">6 Dark Horse</a>



A couple of current listings for $1,399,000 at <a href="http://www.redfin.com/CA/Coto-De-Caza/6-Slate-Spgs-92679/home/5822395">6 Slate Springs</a> and $1,395,000 at



<a href="http://www.redfin.com/CA/Coto-De-Caza/10-Bent-Oak-92679/home/5822131">10 Bent Oak</a>



Here is a short sale listed at $1,499,000 at <a href="http://www.redfin.com/CA/Coto-De-Caza/18-Knotty-Oak-Cir-92679/home/5822356">18 Knotty Oak Circle</a>



Granted, 118 Vela has a nice view, but I am going to go out on a limb and say it doesn't look hopeful that a list price of $1,695,000 will start a bidding war.



In real vs. nominal dollars, these Oak Knoll homes will eventually be selling for less than a mil.</blockquote>


We know someone who lived on Vela Court and sold for 1.7million a couple years ago at the peak. They proceeded to move out of state. Their timing was impeccable.
 
[quote author="SoOCOwner" date=1234484194][quote author="awgee" date=1234478439]According to Redfin, the 2004 sales price for 118 Vela Ct. was $1,890,000.



<a href="http://www.redfin.com/CA/Coto-De-Caza/118-Vela-Ct-92679/home/5822254">118 Vela Ct.</a> just listed at $1,695,000. That is 10% less than the 2004 sales price. How many times have I heard some Coto realtor say, "Prices in Coto will not be affected"? Well, at least I haven't heard it in the last few months.



Here are some comps that sold this summer in this neighborhood:

<a href="http://www.zillow.com/homedetails/11-Knotty-Oak-Cir-Coto-De-Caza-CA-92679/54975049_zpid/">11 Knotty Oak Circle</a>

<a href="http://www.zillow.com/homedetails/6-Knotty-Oak-Cir-Coto-De-Caza-CA-92679/54975032_zpid/">6 Knotty Oak Circle</a>

<a href="http://www.zillow.com/homedetails/6-Dark-Horse-Coto-De-Caza-CA-92679/54974988_zpid/">6 Dark Horse</a>



A couple of current listings for $1,399,000 at <a href="http://www.redfin.com/CA/Coto-De-Caza/6-Slate-Spgs-92679/home/5822395">6 Slate Springs</a> and $1,395,000 at



<a href="http://www.redfin.com/CA/Coto-De-Caza/10-Bent-Oak-92679/home/5822131">10 Bent Oak</a>



Here is a short sale listed at $1,499,000 at <a href="http://www.redfin.com/CA/Coto-De-Caza/18-Knotty-Oak-Cir-92679/home/5822356">18 Knotty Oak Circle</a>



Granted, 118 Vela has a nice view, but I am going to go out on a limb and say it doesn't look hopeful that a list price of $1,695,000 will start a bidding war.



In real vs. nominal dollars, these Oak Knoll homes will eventually be selling for less than a mil.</blockquote>


We know someone who lived on Vela Court and sold for 1.7million a couple years ago at the peak. They proceeded to move out of state. Their timing was impeccable.</blockquote>


Yep, had a friend do that. They lived in Balboa with two small homes and sold in 2005ish. They moved back east and paid for a house in cash, paid for the children's education, paid for their partial retirement..... I think they were onto something.

-bix
 
It appears there may be a Notice of Default on a property on Violeta Lane? I do not have an address. Anybody?

Violeta Lane is way upscale with no property of less than $4mil probably. Last name of the owner may be Shah?
 
[quote author="awgee" date=1235098362]It appears there may be a Notice of Default on a property on Violeta Lane? I do not have an address. Anybody?

Violeta Lane is way upscale with no property of less than $4mil probably. Last name of the owner may be Shah?</blockquote>


Name(s): *****



Property Address:

32002 VIOLETA LN

COTO DE CAZA, CA 92679



Date of Default: 01/05/2009



Amount of Default: $860,634.30



Lender: (private lender name)

SAN JUAN CAPISTRANO, CA 92675-1449



Lender Phone: (***)



Trustee: FIRST AMERICAN TITLE INS CO

3 FIRST AMERICAN WAY

SANTA ANA, CA 92707-5913



Trustee Phone: 714-250-3572



Trustee Sale Number: 09-24982





PROPERTY & IMPROVEMENT INFORMATION



County: ORANGE



Assessor's Parcel Number: 804-191-05



Property Type: SINGLE FAMILY RESIDENCE / TOWNHOUSE



Land Use: SINGLE FAMILY RESIDENCE



Lot Size: 74052



Assessed Land Value: $1,591,812.00



Lot Number: 7



Map Book/Page: 432/21



Expanded Legal Description: N TR 9507 LOT 7





LAST FULL SALE INFORMATION



Last Full Sale Date: 09/26/2003





ORIGINAL LOAN INFORMATION



Original Loan Recording Date: 09/26/2003



Original Loan Amount: $840,000.00



Original Document Number: 1181202
 
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