Bloodbath in Coto de Caza

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<a href="http://www.redfin.com/CA/Coto-De-Caza/72-Downfield-Way-92679/home/5020572">72 Downfield Way</a> is scheduled for auction today. I'll update with whatever happens
 
In the "Our House is Special" department:


12 Elliot Lane, Coto de Caza, 92679 has lowered their listing price from 1,459,000 to 1,448,000. This $11,000 is a discount of 0.7% off the original price.


I wanna say this is an example of chasing the market from the wrong side, but it appears the owners are using a walker in their chase.
 
Homes in OC are still too expensive, they are not being sold either.... I am just puzzled..... why are homes in Coto so expensive? it is way out there, takes forever to get to the freeway, all very close to each other with stamp size lots.... to me these homes are worth about $500K but they are listed at $900K with no buyers nor offers in sight? the sellers are still unrealistic, they need to know the longer they hang on, they are only hurting themselves. I can only conclude that these sellers never been through the last downturn, prices actually took a 30% hair-cut in Irvine and elsewhere about 50% in OC.

, it took about 5 years for it to happen, it might take less than 5 years this time due to the information age we are in, however, the correction will be more sever. Yet, people don't want to accept it and still hoping.....



People have only gone through the good times and don't know how to react to bad news.... they keep hoping things will get better, yet don't want to accept that things will get bad before they can get good again. Just like the stock market crash, you need to get the excess off the market, before it can all be built back up again.
 
56 Bogey Lane is scheduled for auction today. NTS amount is $641k. Don't see an opening bid amount. This is the original auction date so it could get postponed...I'll update if anything happens.



Here's a visualization of Coto foreclosures right now:
<fieldset class="gc-fieldset">
<legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/76_CjgqzDLcOe1kDmqk4Aoy.JPG"><img src="http://www.talkirvine.com/converted_files/images/forum_attachments/76_CjgqzDLcOe1kDmqk4Aoy.JPG" class="gc-images" title="coto.JPG" style="max-width:300px" /></a> </fieldset>
 
[quote author="caliguy2699" date=1213919114]56 Bogey Lane is scheduled for auction today. NTS amount is $641k. Don't see an opening bid amount. This is the original auction date so it could get postponed...I'll update if anything happens.



Here's a visualization of Coto foreclosures right now:</blockquote>
Depending on the model, $641k is probably close to FMV.
 
[quote author="caliguy2699" date=1214004994]Postponments...



56 Bogey postponed until 8/19, mutual agreement

1 Sawgrass postponed until 7/21, also mutual agreement</blockquote>


I thought 1 Sawgrass is in escrow.
 
[quote author="awgee" date=1214005224][quote author="caliguy2699" date=1214004994]Postponments...



56 Bogey postponed until 8/19, mutual agreement

1 Sawgrass postponed until 7/21, also mutual agreement</blockquote>


I thought 1 Sawgrass is in escrow.</blockquote>


I just checked Redfin and it's showing up as active. Maybe it fell out? If so it would be one for Steve Thomas' pending numbers that didn't result in a sale.
 
That is interesting about 1 Sawgrass. I will drive by and see if there is a sign.


It seems 2 Bordeaux dropped it's listing price by $284,000 or -11%. It would be a nice drop, except that you can get 4700 sq ft for less that $2,195,000 in a nicer neighborhood that Oak Summit.


caliguy - Do you know any of the scoop on 31136 Via Colinas? It is gorgeous ... and empty, except for some staging furniture.
 
I couldn't find 31136 Via Colinas in foreclosureradar, so it may not be in the foreclosure process...yet (or that site just doesn't have it). It looks like the owner paid $1.3 million in 2000, with $350,000 down. That was the original loan and by no means doesn't mean there weren't HELOCs/seconds/re-fies later on.



I'll keep my eyes out for it in case it does pop up.
 
1 Sawgrass is back on the market.






Calgal - Check out 3 Hartford. It is a REO listed at $739,000 and the listing agent is suggesting offers of $700,000. That is $266 per square foot. The lot is over 10,000 square feet. Things are getting better every month.
 
Someone needs to clue in the owner of 7 August in Coto (MLS S528523). They bought in 2006 for 2M and and are looking to sell now for 2.3M!
 
CalGal - CHECK THIS OUT!


2 Sharon Lane in Rosewood


4076 sq. ft. @ $279 per


listing price $1,099,000 - 8 years old


The folks in Rosewood are going to be ticked off.


And it seems another Coto property went back to the bank yesterday.


33 Candaleria with no bids at $547,400. Que Lastima!
 
Break! Break!


We interupt this normally scheduled blog for breaking news. This just in.


Coto de Caza single family residence listed for less than $200 per square foot.


23302 Via Pardal, previously listed for $640,000, lowered to $$627,396 with 3,150 square feet.


There goes the neighborhood.
 
Caliguy - You seem to have access to NODs in Coto. Can you please check something out?


31731 Capuchina Way


It is presently on the market with a listing price of $9,999,836, and it appears there is a property onCapuchina Way with an NOD. Considering there are only two homes, (adressses) on Capuchina Way and 31731 is for sale, I am guessing 31731 has received the NOD.


Thanks in advance.
 
[quote author="awgee" date=1214519688]Caliguy - You seem to have access to NODs in Coto. Can you please check something out?


31731 Capuchina Way


It is presently on the market with a listing price of $9,999,836, and it appears there is a property onCapuchina Way with an NOD. Considering there are only two homes, (adressses) on Capuchina Way and 31731 is for sale, I am guessing 31731 has received the NOD.


Thanks in advance.</blockquote>


31731 indeed received its NOD June 13. Amount was $104,067. The loan in default was for $6.5 million made in 2005. ForeclosureRadar shows another $6.5 million loan on the property made later the same month, and an additional $1.04 million from C'Wide in 2006.
 
[quote author="caliguy2699" date=1214523242][quote author="awgee" date=1214519688]Caliguy - You seem to have access to NODs in Coto. Can you please check something out?


31731 Capuchina Way


It is presently on the market with a listing price of $9,999,836, and it appears there is a property onCapuchina Way with an NOD. Considering there are only two homes, (adressses) on Capuchina Way and 31731 is for sale, I am guessing 31731 has received the NOD.


Thanks in advance.</blockquote>


31731 indeed received its NOD June 13. Amount was $104,067. The loan in default was for $6.5 million made in 2005. ForeclosureRadar shows another $6.5 million loan on the property made later the same month, and an additional $1.04 million from C'Wide in 2006.</blockquote>
Wow, I was thinking it was just another property in probate for which the executor just did not think it was necessary to pay costs until the property sold. But loans for $7.6 M ? Yikes!
 
Another property in Coto back to the bank today...<a href="http://www.zillow.com/HomeDetails.htm?zprop=25601605">20 Dartmouth Lane</a>. Last sold for $960k in 2005, $0-down financing. Additional $209k against the property later on as well.



NTS amount was <strong>$810,506</strong> but opening bid was discounted to <strong>$693,750</strong>. No takers.
 
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