Bloodbath in Coto de Caza

NEW -> Contingent Buyer Assistance Program
[quote author="CalGal" date=1210494072]

Both realtors told us that Coto hasn't been affected by the market as the rest of the county.

However, <u>both</u> realtors also told us that the houses will be a short sale soon.

Two out of two houses we looked at will be in foreclosure - yet Coto is immune ? ?

</blockquote>


I got the same story recently from a realtor at an open house in Dove Canyon.

"This community won't be hurt like less desirable areas have been."

He said we had probably already missed the bottom by a couple of weeks.



Hmm....



His own records showed less than 20 sales in the past 6 months and almost 40 currently active listings. Yep, better jump on that $400 per sq ft bargain now, it'll never last or come down in price. (never mind that a couple of recent closings came in at $225 per sq ft)
 
According to Redfin, 72 Downfield Way was purchased on 9-30-2005 for $1,235,000. It has been for sale for awhile and was recently relisted with lower price of $880,000 in "range pricing". If it sells for $880,000, that is a loss of $335,000 or 29% in less than three years. Ouch!<p>

MLS # S532381
 
I wish I could do more with Coto, because there are plenty of interesting things going on there. But to be honest, many times the financing is so complicated with so much debt in so many places that it is such a pain to unravel it all.
 
We just went ot the Wood Ranch grill in RSM a few days agao and I couldn't believe how many bimmers, and benz-os I saw there. I thought I was in Newport Beach. Everyone must be rich in that area, huh?
 
[quote author="lendingmaestro" date=1210893285]We just went ot the Wood Ranch grill in RSM a few days agao and I couldn't believe how many bimmers, and benz-os I saw there. I thought I was in Newport Beach. Everyone must be rich in that area, huh?</blockquote>


LOL. Well let's see...RSM's average AGI in 2005 as reported to the IRS was $77,063...when adjusted for inflation it was virtually stagnant when compared to 2000. For Trabuco Canyon/Coto it was $166,723 in 2005...again when adjusted for inflation virtually stagnant from 2000. There is certainly some money out there (Coto, Dove Canyon, etc), but plenty of pretenders with a lot of debt too.
 
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.
 
Here it is, a REO in Coto. Thanks So OC real estate tracker



http://www.redfin.com/CA/Coto-De-Caza/23302-Via-Pardal-92679/home/5055613



23302 Via Pardal, 92679

Asking price: $640,200

Asking price/ sq ft: $203

Income requirement: $160,050

Bank purchase price: $658,429

Purchase date: 3/25/08

Size: 3 beds, 5 baths, 3,150 sq ft (built in 1976)

MLS: P633857 (21 days on Redfin)

Zillow Zestimate: $654,000

2007 property tax: $4,184

HOA dues: $60

Type: Single Family Residence

Style: Contemporary

Stories: 3+ Levels

Lot size: 6,000 sq ft
 
[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.
 
From today LA times article...



Foreclosures, which had been almost unheard of in high-end markets a year ago, now account for a substantial share of listings. In <span style="color: red;"><span style="font-size: 14px;"><strong>Coto de Caza, where the average listing price is $2 million, 17% of the 167 homes for sale are either foreclosures or "short sales," in which the listing price is below the amount owed </strong></span></span>on the property, Thomas said.



http://www.latimes.com/business/la-fi-homes20-2008may20,0,4081478.story
 
The scoop is that 31951 Violeta Lane sold, but I am unsure for how much. Does anybody know how to find out what the sales price was?
 
[quote author="awgee" date=1211428455]The scoop is that 31951 Violeta Lane sold, but I am unsure for how much. Does anybody know how to find out what the sales price was?</blockquote>


SFR Detached RES Closed Sale 31951 Violeta Ln

--------------------------------------------------------------------------------

Pending/Sold Information

--------------------------------------------------------------------------------



List Price$19,500,000 Financing Conventional Selling Terms

Cont Price $19500000 Begin Escrow 5/1/2008 COE 5/14/2008

Sold Price $19,500,000 SP/SqFt $1300.00 Sold/List 100% DOM 57



not a bad return on the previous sale:



Last Market Sale:

Recording Date: 09/17/1992 Deed Type: Grant Deed

Sale Price: $400,000
 
Thanks IR2. I am a bit suspicious on the actual sales price or if this is even a real sale. And the last sale was for a bit under $4,000,000, which was just the land. The land purchaser then built the prsent spec monster and listed initially for $22,500,000 and it sat for over 500 days before they relisted at the $19,500,000 price.
 
[quote author="ABC123" date=1211524491]How are the Housewives doing? Did Vickki's house ever sell?</blockquote>


Didn't sell. She listed both for awhile, and neither sold. Can you imagine the negative she must be taking on Altimira?
 
ABC123 - Talk about timing? Who are you? Are you Vicki? Are you one of The Housewives?


2 Altimira, (Vicki's property), just got listed for sale again. And here is the kicker; asking is $1,795,000. Can you imagine? I doubt if another property on Altimira has sold for more than $900,000 in the last year. What are they drinking in Coto?
 
Here's <a href="http://www.bravotv.com/blog/vickigunvalson/2007/01/smelling_the_roses.php">Vicki's </a> house: <a href="http://www.redfin.com/CA/Coto-De-Caza/2-Altimira-92679/home/11913320">2 Altimira.</a> The description states it's on the golf course. However, the realtor failed to mention that it's on the <strong>GOLF RANGE</strong>. I would never live on a golf range - do you know how loud that can be! They have those trucks that go around and pick up the golf balls - very loud! Plus you have to look at that big net in your backyard. Very ugly - and for that price! Come on.



I wonder if <a href="http://www.jeanakeough.com/Default.aspx?page=0">Jeana</a> is the realtor? Her website still has the house listed as a rental property.



I've been in this house before during an open house, and it's not worth that price. It will be interesting to track this house.
 
Here's the <a href="http://www.zillow.com/HomeDetails.htm?zprop=25604075">Zillow</a> link. Vicki bought it for $1,650,00 on 4/6/07. Now she's asking $1,795,000 (8% increase). I guess she's trying to cover the realtor fees plus 2% for buyer negotiations. I really don't think she'll get that price.
 
You must log in or register to reply here.
Back
Top