Bloodbath in Coto de Caza

NEW -> Contingent Buyer Assistance Program
Redfin shows the listing agent on this home for sale as Gary Watts.



I am guessing Mr. Watts does not own this property because it is not a short sale nor does it have an NOD on it. :lol:





<a href="http://www.redfin.com/CA/Coto-De-Caza/16-Wellesley-Ct-92679/home/5059068">16 Wellesley</a> sold for $999,000 on 6/1/04 and is now listed at $789,900.
 
[quote author="awgee" date=1241645714]Redfin shows the listing agent on this home for sale as Gary Watts.



I am guessing Mr. Watts does not own this property because it is not a short sale nor does it have an NOD on it. :lol: </blockquote>


<img src="http://www.forumspile.com/Misc-OhSnap.jpg" alt="" />
 
Do you remember when a $1.5MM foreclosure was wierd?

<a href="http://www.redfin.com/CA/Coto-De-Caza/7-Running-Brook-Dr-92679/home/5822889">7 Running Brook</a>

Now it is just another new listing.
 
And speaking of San Marino ...

An <a href="http://www.redfin.com/CA/Coto-De-Caza/27-Corn-Flower-St-92679/home/5822722">ounce of pretention</a> is worth a pound of manure.
 
[quote author="awgee" date=1241679592]And speaking of San Marino ...

An <a href="http://www.redfin.com/CA/Coto-De-Caza/27-Corn-Flower-St-92679/home/5822722">ounce of pretention</a> is worth a pound of manure.</blockquote>


Do people there really believe their tract homes are worth almost $3,000,000?
 
[quote author="IrvineRenter" date=1241680239][quote author="awgee" date=1241679592]And speaking of San Marino ...

An <a href="http://www.redfin.com/CA/Coto-De-Caza/27-Corn-Flower-St-92679/home/5822722">ounce of pretention</a> is worth a pound of manure.</blockquote>


Do people there really believe their tract homes are worth almost $3,000,000?</blockquote>


They listed it there didn't they? Duh. Haven't you been paying attention to that market maven Steve Thomas? Pent up demand?



No?
 
[quote author="awgee" date=1241679592]And speaking of San Marino ...

An <a href="http://www.redfin.com/CA/Coto-De-Caza/27-Corn-Flower-St-92679/home/5822722">ounce of pretention</a> is worth a pound of manure.</blockquote>
How many sales over $1MM have there been in Coto in 2009?
 
[quote author="usctrojanman29" date=1241694591][quote author="awgee" date=1241679592]And speaking of San Marino ...

An <a href="http://www.redfin.com/CA/Coto-De-Caza/27-Corn-Flower-St-92679/home/5822722">ounce of pretention</a> is worth a pound of manure.</blockquote>
How many sales over $1MM have there been in Coto in 2009?</blockquote>


5 in March. I will check on Jan., Feb., and April.
 
[quote author="IrvineRenter" date=1241680239][quote author="awgee" date=1241679592]And speaking of San Marino ...

An <a href="http://www.redfin.com/CA/Coto-De-Caza/27-Corn-Flower-St-92679/home/5822722">ounce of pretention</a> is worth a pound of manure.</blockquote>


Do people there really believe their tract homes are worth almost $3,000,000?</blockquote>


Another question is why would anybody build a housing tract full of 6,100 square foot houses? Not the lot size, the size of the freaking house.
 
[quote author="Geotpf" date=1241702710][quote author="IrvineRenter" date=1241680239][quote author="awgee" date=1241679592]And speaking of San Marino ...

An <a href="http://www.redfin.com/CA/Coto-De-Caza/27-Corn-Flower-St-92679/home/5822722">ounce of pretention</a> is worth a pound of manure.</blockquote>


Do people there really believe their tract homes are worth almost $3,000,000?</blockquote>


Another question is why would anybody build a housing tract full of 6,100 square foot houses? Not the lot size, the size of the freaking house.</blockquote>


At the time they were built, they sold well and I guess builders are in the biz to make money.

Personally, I do not care for them; McMansions on steroids.
 
Another Gary Watts listing:



<a href="http://www.redfin.com/CA/Coto-De-Caza/1-Thornton-Pl-92679/home/5021704">1 Thornton</a> was purchased for $1,350,000 according to Redfin. It may be interesting to know what is currently owed on this property. Any of you hounddogs up to it?
 
[quote author="awgee" date=1241826241]Another Gary Watts listing:



<a href="http://www.redfin.com/CA/Coto-De-Caza/1-Thornton-Pl-92679/home/5021704">1 Thornton</a> was purchased for $1,350,000 according to Redfin. It may be interesting to know what is currently owed on this property. Any of you hounddogs up to it?</blockquote>


"Hounddogs?" To whom might you be referring?



Purchased in 2000 for $1.35M with $945K financed (70%).

Refinanced in 2004, and again in 2006.

I would guess that the amount owed is very near the sum of the last refinance and the $250K possible HELOC.

Maybe $1.7M?



<img src="http://irvinerealtorsite.com/1Thornton.JPG" alt="" />



Thank you,

IR2
 
Thanks.







Houndogs is not a perjorative in this circumstance, but rather a reference to the keen ability of the folks here to "sniff out" and "track down" information which is not so available or obvious to us pikers, all puns intended.









A week or so ago I was googling and researching some tidbits on this property and the owners, without even realizing that Gary, "The Big Call", Watts was the listing agent. It led to REMICs and after enough time and confusion trying to figure out exactly what a REMIC is, not the condensed wikipedia definition, I gave up.

It may be time to pick up the scent again.
 
[quote author="awgee" date=1241834509]Thanks.







Houndogs is not a perjorative in this circumstance, but rather a reference to the keen ability of the folks here to "sniff out" and "track down" information which is not so available or obvious to us pikers, all puns intended.









A week or so ago I was googling and researching some tidbits on this property and the owners, without even realizing that Gary, "The Big Call", Watts was the listing agent. It led to REMICs and after enough time and confusion trying to figure out exactly what a REMIC is, not the condensed wikipedia definition, I gave up.

It may be time to pick up the scent again.</blockquote>


A CMO (collateralized mortgage obligation) is also often called a REMIC (Real Estate Mortgage Investment Conduit). <a href="http://www.calculatedriskblog.com/2007/04/mbs-for-ubernerds-ii-remics-dogs-tails.html">See part II of Tanta's posts on MBS for further explanation</a>.



BTW, how much do you wanna bet that WAMU loan is a pay option ARM? It's cool if you don't wanna take that bet, I understand.
 
[quote author="graphrix" date=1241835567][quote author="awgee" date=1241834509]Thanks.







Houndogs is not a perjorative in this circumstance, but rather a reference to the keen ability of the folks here to "sniff out" and "track down" information which is not so available or obvious to us pikers, all puns intended.









A week or so ago I was googling and researching some tidbits on this property and the owners, without even realizing that Gary, "The Big Call", Watts was the listing agent. It led to REMICs and after enough time and confusion trying to figure out exactly what a REMIC is, not the condensed wikipedia definition, I gave up.

It may be time to pick up the scent again.</blockquote>


A CMO (collateralized mortgage obligation) is also often called a REMIC (Real Estate Mortgage Investment Conduit). <a href="http://www.calculatedriskblog.com/2007/04/mbs-for-ubernerds-ii-remics-dogs-tails.html">See part II of Tanta's posts on MBS for further explanation</a>.



BTW, how much do you wanna bet that WAMU loan is a pay option ARM? It's cool if you don't wanna take that bet, I understand.</blockquote>


Thanks for the offer, but even though I love to bet, I hate to gamble, and I have no idea what the loan is.

From the info that IR2 posted, here is what seems odd to me.

Was the loan for $800,000 a refinance of the first? Or was it a second?

If it was a first, then the home debtor was feeling quite flush for a short while and paid down some of the principal at the time of refinancing. And then two years later, the same home debtor refinances and pulls out huge bucks and then HELOCS for more.

Possible, but maybe not so likely.

Or, was the $800,000 a second or HELOC, and then the home debtor refinanced the whole nut with a new first and HELOC?
 
[quote author="graphrix" date=1241835567][quote author="awgee" date=1241834509]Thanks.







Houndogs is not a perjorative in this circumstance, but rather a reference to the keen ability of the folks here to "sniff out" and "track down" information which is not so available or obvious to us pikers, all puns intended.









A week or so ago I was googling and researching some tidbits on this property and the owners, without even realizing that Gary, "The Big Call", Watts was the listing agent. It led to REMICs and after enough time and confusion trying to figure out exactly what a REMIC is, not the condensed wikipedia definition, I gave up.

It may be time to pick up the scent again.</blockquote>


A CMO (collateralized mortgage obligation) is also often called a REMIC (Real Estate Mortgage Investment Conduit). <a href="http://www.calculatedriskblog.com/2007/04/mbs-for-ubernerds-ii-remics-dogs-tails.html">See part II of Tanta's posts on MBS for further explanation</a>.



BTW, how much do you wanna bet that WAMU loan is a pay option ARM? It's cool if you don't wanna take that bet, I understand.</blockquote>
How big of a mortgage could you have gotten that was an option ARM in the good old days? $3MM? $5MM? $10MM+?
 
[quote author="awgee" date=1241835999][quote author="graphrix" date=1241835567][quote author="awgee" date=1241834509]Thanks.







Houndogs is not a perjorative in this circumstance, but rather a reference to the keen ability of the folks here to "sniff out" and "track down" information which is not so available or obvious to us pikers, all puns intended.









A week or so ago I was googling and researching some tidbits on this property and the owners, without even realizing that Gary, "The Big Call", Watts was the listing agent. It led to REMICs and after enough time and confusion trying to figure out exactly what a REMIC is, not the condensed wikipedia definition, I gave up.

It may be time to pick up the scent again.</blockquote>


A CMO (collateralized mortgage obligation) is also often called a REMIC (Real Estate Mortgage Investment Conduit). <a href="http://www.calculatedriskblog.com/2007/04/mbs-for-ubernerds-ii-remics-dogs-tails.html">See part II of Tanta's posts on MBS for further explanation</a>.



BTW, how much do you wanna bet that WAMU loan is a pay option ARM? It's cool if you don't wanna take that bet, I understand.</blockquote>


Thanks for the offer, but even though I love to bet, I hate to gamble, and I have no idea what the loan is.

From the info that IR2 posted, here is what seems odd to me.

Was the loan for $800,000 a refinance of the first? Or was it a second?

If it was a first, then the home debtor was feeling quite flush for a short while and paid down some of the principal at the time of refinancing. And then two years later, the same home debtor refinances and pulls out huge bucks and then HELOCS for more.

Possible, but maybe not so likely.

Or, was the $800,000 a second or HELOC, and then the home debtor refinanced the whole nut with a new first and HELOC?</blockquote>
I would guess that the $800k was a refi of the original first that was paid down close to that level. I could be wrong, but I don't think you could have gotten a HELOC of over $500k even in the good old days. The kool-aid was flowing like wine back in 2004 with this owner. Hope he still has some of that cash.
 
Graphrix - 13 Seacliff is scheduled for the county courthouse today. Are you going? If so, let us in on the results.



Also, it appears to me the post directly above this post is spam or some ____.
 
[quote author="awgee" date=1242341718]Graphrix - 13 Seacliff is scheduled for the county courthouse today. Are you going? If so, let us in on the results.



Also, it appears to me the post directly above this post is spam or some ____.</blockquote>


Seacliff went back to the bank. The bank wanted it so bad it out bid itself!



Opening Bid Amt: $637,500.00

Sold Amt: $712,500.00



<a href="http://www.cotohousingblog.com/">BTW, did you see that some nutter is blogging about Coto now a days?</a>
 
So, the husband and I have been underwhelmed with the security provided by the Coto gate in the past. On any random weekend we could drive up to the gate with a printed MLS listing and gotten right through. So we planned to do this a couple weekends back when my brother and SIL were in town to show them Coto. They are fans of the Real Housewives show (its their trash tv of choice). Anywho...



This time the guard not only lets the four of us in but provides a handy map of all of Coto with all the open houses in Coto that weekend highlighted. The open houses included one on Shire (which is the street Vicki of the show lives in). He knew we weren't realtors. And it was after all the Saturday open houses had closed - around 5:15pm.



Does anybody know if the Coto HOA has issued a directive to their security staff to make it easier for home shoppers to look around?
 
You must log in or register to reply here.
Back
Top