Bloodbath in Coto de Caza

NEW -> Contingent Buyer Assistance Program
The bank is serious about unloading this lead weight. The listing price on 23302 Via Pardal is lowered again to $614,850 from $627,396. That is $195 per sq. ft. in Coto.




And I Fee-e-e-el good.
 
[quote author="awgee" date=1215927109]The bank is serious about unloading this lead weight. The listing price on 23302 Via Pardal is lowered again to $614,850 from $627,396. That is $195 per sq. ft. in Coto.




And I Fee-e-e-el good.</blockquote>
<em>Calgal picturing Awgee dancing while singing the James Brown song "I Feel Good."</em>
 
[quote author="awgee" date=1215927109]The bank is serious about unloading this lead weight. The listing price on 23302 Via Pardal is lowered again to $614,850 from $627,396. That is $195 per sq. ft. in Coto.




And I Fee-e-e-el good.</blockquote>


Inasmuch as 23302 Via Pardal is loaded with mold, water damage (downstairs flooded after last rain), wood rot and potential structural issues, not to mention infested with ants, spiders, termites, bats and bees (live beehive inside...enter at own risk!), what's the cost to bulldoze? What's the lot worth?
 
I dunno, but it sure is gonna screw up comps in the area.


Ya sound a little miffed, Checkinitout. You been inside Via Pardal? Welcome to the neighborhood.
 
[quote author="awgee" date=1215721036]The newest in marketing strategies: If the property does not sell in 250 days, raise the price.


http://www.redfin.com/CA/Coto-De-Caza/6-Water-Lily-Way-92679/home/5013023


Afew days ago this property was listed at $1,075,000. Today it is listed at $1,150,000. Maybe they are confused because they bought the home for $1,625,000 on 8/18/05 and their realtor told them real estate always goes up.</blockquote>


And if you can't get any offers at $1,150,000, raise the listing price by another $185,000? Any of our resident agents want to weigh in on this? The new listing price is $1,335,000, an <strong>INCREASE</strong> of $185,000. The last raise in listing price was nine days ago. What gives? All I can do is guess that they have given up on selling it for more than they owe and will now just let it go back to the bank.


Caliguy - What do you see?
 
[quote author="awgee" date=1216507053][quote author="awgee" date=1215721036]The newest in marketing strategies: If the property does not sell in 250 days, raise the price.


http://www.redfin.com/CA/Coto-De-Caza/6-Water-Lily-Way-92679/home/5013023


Afew days ago this property was listed at $1,075,000. Today it is listed at $1,150,000. Maybe they are confused because they bought the home for $1,625,000 on 8/18/05 and their realtor told them real estate always goes up.</blockquote>


And if you can't get any offers at $1,150,000, raise the listing price by another $185,000? Any of our resident agents want to weigh in on this? The new listing price is $1,335,000, an <strong>INCREASE</strong> of $185,000. The last raise in listing price was nine days ago. What gives? All I can do is guess that they have given up on selling it for more than they owe and will now just let it go back to the bank.


Caliguy - What do you see?</blockquote>


As is typical for short sales, the listing price is not what it seems.

1. The initial list price of $1.45M probably would have gotten them out of the property where they wouldn't need help from the bank. After no bids, and probably no showings, they recognized their situation to be a short pay.

2. The next step is a drastic drop to get the bids started, and more importantly, get the bank working on an "acceptable" payoff.

3. Once bids come in, if the bank is taking time to bring in their counter-offer, some agents will adjust the list price up to the current "top bid" which still may be topped by another bidder. It is a foolish move, however, since the length of time involved often deters that top bidder. This agent hasn't closed a transaction since 2005, and I would wager that this one will go back to the bank instead of being sold short.



I suspect that the sellers got offers at each list price and they are trying to ride the bids up, the bank may have come back at $1.335M to get their bottom line $$$, but the current offer top offer is at $1.15M.



<strong><em>Priv Rmks - We have the confirmation from lender. Lender are waiting for any offer around 1335000 or less, make your offer. If your client interested and they have problem with price, give me a call. The property is a short-sale or short-pay. Price & Commission subject to lender approval. If total commission reduced by lender both parties commission will be adjust accordingly. Buyer and seller broker firm will split the commission P/P. </em></strong>



Now it's your turn, awgee... see if you can guess what is going on in the Amusing/Interesting thread. I have faith in you.
 
[quote author="IrvineRealtor" date=1216511089][quote author="awgee" date=1216507053][quote author="awgee" date=1215721036]The newest in marketing strategies: If the property does not sell in 250 days, raise the price.


http://www.redfin.com/CA/Coto-De-Caza/6-Water-Lily-Way-92679/home/5013023


Afew days ago this property was listed at $1,075,000. Today it is listed at $1,150,000. Maybe they are confused because they bought the home for $1,625,000 on 8/18/05 and their realtor told them real estate always goes up.</blockquote>


And if you can't get any offers at $1,150,000, raise the listing price by another $185,000? Any of our resident agents want to weigh in on this? The new listing price is $1,335,000, an <strong>INCREASE</strong> of $185,000. The last raise in listing price was nine days ago. What gives? All I can do is guess that they have given up on selling it for more than they owe and will now just let it go back to the bank.


Caliguy - What do you see?</blockquote>


As is typical for short sales, the listing price is not what it seems.

1. The initial list price of $1.45M probably would have gotten them out of the property where they wouldn't need help from the bank. After no bids, and probably no showings, they recognized their situation to be a short pay.

2. The next step is a drastic drop to get the bids started, and more importantly, get the bank working on an "acceptable" payoff.

3. Once bids come in, if the bank is taking time to bring in their counter-offer, some agents will adjust the list price up to the current "top bid" which still may be topped by another bidder. It is a foolish move, however, since the length of time involved often deters that top bidder. This agent hasn't closed a transaction since 2005, and I would wager that this one will go back to the bank instead of being sold short.



I suspect that the sellers got offers at each list price and they are trying to ride the bids up, the bank may have come back at $1.335M to get their bottom line $$$, but the current offer top offer is at $1.15M.



<strong><em>Priv Rmks - We have the confirmation from lender. Lender are waiting for any offer around 1335000 or less, make your offer. If your client interested and they have problem with price, give me a call. The property is a short-sale or short-pay. Price & Commission subject to lender approval. If total commission reduced by lender both parties commission will be adjust accordingly. Buyer and seller broker firm will split the commission P/P. </em></strong>



Now it's your turn, awgee... see if you can guess what is going on in the Amusing/Interesting thread. I have faith in you.</blockquote>


Sorry to dissapoint you IR2, but I could not have figured that out in a bunch of years. The whole lower the price to get an acceptable short sale thang is mind boggling to me. Now I know how folks feel when I answer a qustion about options spreads trading.








CalGal - It seems 30 Oakbrook is lowering their price by $25,000 to get ready for their open house this weekend. It is a single story, which is highly valued right now, but I can't see a $25,000 decrease getting anybody too excited.


And 24091 Country View lowered their asking from $649,000 to $599,000 after one month on market.
 
2 Coto properties scheduled for auction today...<strong>6 Water Lily Way</strong> and <strong>5 Green Briar Circle #59</strong>. Original auction date for the Green Briar property so wouldn't be surprising it if was postponed. C'Wide is going to take a bath on the Water Lily Way property - owner bought for $1.625 mill in 2005 with 90% financing and it looks like they pulled a bunch more "equity" out later in the year.
 
[quote author="checkinitout" date=1216250562][quote author="awgee" date=1215927109]The bank is serious about unloading this lead weight. The listing price on 23302 Via Pardal is lowered again to $614,850 from $627,396. That is $195 per sq. ft. in Coto.




And I Fee-e-e-el good.</blockquote>


Inasmuch as 23302 Via Pardal is loaded with mold, water damage (downstairs flooded after last rain), wood rot and potential structural issues, not to mention infested with ants, spiders, termites, bats and bees (live beehive inside...enter at own risk!), what's the cost to bulldoze? What's the lot worth?</blockquote>






3 bedroom, 2 bath SFR listed at $549,000 in Coto! Does this one have mold, Checkinitout?


http://www.redfin.com/search#v=3&lat=33.57855105765741&long;=-117.58621931076053&zoomLevel=15&market=socal




Here is another for less than $200 per sq. ft. in Coto:


http://www.redfin.com/CA/Coto-De-Caza/32081-Via-Buho-92679/home/12528914
 
Both of the Coto properties scheduled for auction were postponed. Water Lily way until 8/25.



Interesting but true - 10 Water Lily Way got its NOD in May. What do you know - same last name as the owner of 6 Water Lily Way, and the same lender (C'Wide). Fishy.
 
Que Lastima!


A loss of more than 20% in one year. And that is if it sells at the listing price.


<a href="http://www.redfin.com/CA/Coto-De-Caza/3-Coastal-Oak-Ln-92679/home/5020672">3 Coastal Oak</a>


Ok, Sarge, see if that works.
 
[quote author="Trooper" date=1217495938]awgee, that link just brings up a map of SoCal....can you update it?</blockquote>


Sorry, if I can remember what the heck it was I was linking, I will.
 
<a href="http://www.zillow.com/HomeDetails.htm?zprop=25601566">3 Kennedy Ct</a> back to the bank today for $1,021,963. Another loan made in 2007 goes bad...



And, another property in Laguna Beach back to the bank today (<a href="http://www.zillow.com/HomeDetails.htm?zprop=25142041">32146 Coast Highway</a>). Seems to me that city is having a bad foreclosure month.
 
[quote author="caliguy2699" date=1217503129]<a href="http://www.zillow.com/HomeDetails.htm?zprop=25601566">3 Kennedy Ct</a> back to the bank today for $1,021,963. Another loan made in 2007 goes bad...



And, another property in Laguna Beach back to the bank today (<a href="http://www.zillow.com/HomeDetails.htm?zprop=25142041">32146 Coast Highway</a>). Seems to me that city is having a bad foreclosure month.</blockquote>


But 1 foreclosure in 92651 equates to about 0.000005% of the total housing inventory and the median household income there is well over $100k. So... I think they will be just fine. I mean, in Santa Ana it is 99.9999999% of the inventory and the median household income there is $14k. See you can't compare the two and the high end is immune.



[/snark]
 
[quote author="Trooper" date=1217495938]awgee, that link just brings up a map of SoCal....can you update it?</blockquote>
I just used that cool linky thang that Nude showed us and I think it works now.
 
[quote author="graphrix" date=1217508759][quote author="caliguy2699" date=1217503129]<a href="http://www.zillow.com/HomeDetails.htm?zprop=25601566">3 Kennedy Ct</a> back to the bank today for $1,021,963. Another loan made in 2007 goes bad...



And, another property in Laguna Beach back to the bank today (<a href="http://www.zillow.com/HomeDetails.htm?zprop=25142041">32146 Coast Highway</a>). Seems to me that city is having a bad foreclosure month.</blockquote>


But 1 foreclosure in 92651 equates to about 0.000005% of the total housing inventory and the median household income there is well over $100k. So... I think they will be just fine. I mean, in Santa Ana it is 99.9999999% of the inventory and the median household income there is $14k. See you can't compare the two and the high end is immune.



[/snark]</blockquote>


LOL yeah the NIMBYness of that line of thinking is entertaining.
 
Calgal and Caliguy - The REO at 23301 Via Dorado in Rancho Colinas has lowered their listing price again; this time by -$46,200 to

$878,700. Talk about a comp killer. There is no mold in it, Checkinitout. I have been inside, and no catastrophes to date.




More great news on comp killers. The REO at 22 Pamela Way just went on the MLS. 4000 square ft. for $1,022,000. That is $256 per sq ft in <strong>Rosewood</strong>, not The village or Los Verdes, but Rosewood.


Ain't life grand?
 
[quote author="awgee" date=1217715621]Calgal and Caliguy - The REO at 23301 Via Dorado in Rancho Colinas has lowered their listing price again; this time by -$46,200 to

$878,700. Talk about a comp killer. There is no mold in it, Checkinitout. I have been inside, and no catastrophes to date.




More great news on comp killers. The REO at 22 Pamela Way just went on the MLS. 4000 square ft. for $1,022,000. That is $256 per sq ft in <strong>Rosewood</strong>, not The village or Los Verdes, but Rosewood.


Ain't life grand?</blockquote>
Funny you just mentioned 23301 Via Dorado. I was just checking it out before I logged on to IHB. It looks like a nice place.
 
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