Costa Mesa foreclosures

NEW -> Contingent Buyer Assistance Program
M

Market Driven_IHB

New member
Hi, long time reader first time poster, does anybody have access to foreclosure information (ipoplaya maybe)?



I'm interested in what stage of foreclosure (if at all) these Costa Mesa addresses are in:



583 Traverse Drive

578 Traverse Drive

599 Traverse Drive

558 Sturgeon Drive



I live near this neighborhood and these streets are getting hammered with dropping prices. It's a pretty good location (close to Irvine, South Coast Plaza, 55 73 405 freeways), but not worth the $700k+ people paid during '04-'06, and still not worth $500k they're on the market for today. Thanks. Go Lakers!
 
[quote author="Market Driven" date=1211520942]Hi, long time reader first time poster, does anybody have access to foreclosure information (ipoplaya maybe)?



I'm interested in what stage of foreclosure (if at all) these Costa Mesa addresses are in:



I live near this neighborhood and these streets are getting hammered with dropping prices. It's a pretty good location (close to Irvine, South Coast Plaza, 55 73 405 freeways), but not worth the $700k+ people paid during '04-'06, and still not worth $500k they're on the market for today. Thanks. Go Lakers!</blockquote>


583 Traverse Drive - first NOD filed in Feb 2008. Serial refi since purchase in 2000. Looks like 1st TD is $480K with 2nd + HELOC too.

578 Traverse Drive - went back to the bank on 5/13 for $552K. 2nd mortgage holder got wiped out for $140K on that one.

599 Traverse Drive - Scheduled for auction on 5/30. Min bid looks like its $642K.

558 Sturgeon Drive - Looks like its scheduled for auction but I get no data returned.



Also, NODs filed on 484 Traverse, 561 Sturgeon, and 553 Sturgeon. 507 Traverse is scheduled for auction on 5/27. 571 Traverse went back to US Bank in March for $565K.



Wow, that is one ugly area in terms of foreclosures... Here's the map view:



<img src="http://www.ipoplaya.com/traverse.jpg" alt="" />



IPO
 
Wow, it's worse than I thought. I'm hoping for mid $300's by the time the dust settles over here, which is not too unreasonable since 583 Traverse sold for $300k back in 2000.



Thanks IPO!
 
Market, hang tough. There's better neighborhoods that will be just as cheap. IPO or IR, any chance you could show us the coming carnage in Eastside Costa Mesa, the area from the 55 to the Backbay between the 73 and 17th streets?



I see places that are on the MLS that give no indication they are REOs yet they are empty and then have a prior sale listed in the last 2,3, or 4 months. And there's several shadow inventory that I see a sign up, but not on the MLS anywhere (cause the people moved out in a hurry and the realtor hasn't come back). Or the homes are just plain empty. Or the apparent failed flip now looking for $3700 rent on <a href="http://orangecounty.craigslist.org/apa/690847211.html">Craigslist</a>.



I'd signed up for one of the tools, but it'll just increase my urge to buy.



Actually, does it increase your urge to buy or does seeing the tsunami forming kill the urge to buy? Maybe $50/month for the tool would be a good investment to suppress the buying urge and making a $100,000 mistake
 
[quote author="No_Such_Reality" date=1211524999]Market, hang tough. There's better neighborhoods that will be just as cheap. IPO or IR, any chance you could show us the coming carnage in Eastside Costa Mesa, the area from the 55 to the Backbay between the 73 and 17th streets?



I see places that are on the MLS that give no indication they are REOs yet they are empty and then have a prior sale listed in the last 2,3, or 4 months. And there's several shadow inventory that I see a sign up, but not on the MLS anywhere (cause the people moved out in a hurry and the realtor hasn't come back). Or the homes are just plain empty. Or the apparent failed flip now looking for $3700 rent on <a href="http://orangecounty.craigslist.org/apa/690847211.html">Craigslist</a>.



I'd signed up for one of the tools, but it'll just increase my urge to buy.



Actually, does it increase your urge to buy or does seeing the tsunami forming kill the urge to buy? Maybe $50/month for the tool would be a good investment to suppress the buying urge and making a $100,000 mistake</blockquote>


RealtyTrac helps me resist the urge to buy...



Here is what east CM looks like:



<img src="http://www.ipoplaya.com/ecm.jpg" alt="" />



Way more in preforeclosure than have gone back to the bank.
 
and it is worse than that in mesa verde and in the SW section of CM.



i've been tracking sales, and the CS index for the past few months has dropped down into the 150-200 range, averaging around 180, which is mid2004.



its going to go down much, much farther, i predict.





BTW, Market, you live in that section now? is it noisy and polluted from the 405? I've looked at those houses, and they are all nice, but they seem very close to the freeways there.
 
Yeah I rent in that neighborhood right now. Our house does not back into either freeway, so it's not noisy where we are. As far as pollution, to be honest, I don't know what a polluted neighborhood feels like. What I mean is, it seems normal to me. I've never really noticed the difference in air quality whether I'm here, in LA, in a Vegas casino (jk), etc.



Not that it's that inconvenient, but I do hear the planes taking off at John Wayne in the morning as I'm waking up, but it's not that loud, just loud enough to be heard I guess.
 
[quote author="freedomCM" date=1211526711]and it is worse than that in mesa verde and in the SW section of CM.</blockquote>


<img src="http://irvinerealtorsite.com/CostaMesa.JPG" alt="" />
 
[quote author="IrvineRealtor" date=1211534910][quote author="freedomCM" date=1211526711]and it is worse than that in mesa verde and in the SW section of CM.</blockquote></blockquote>


Are those dot thingys bad?
 
[quote author="graphrix" date=1211537984][quote author="IrvineRealtor" date=1211534910][quote author="freedomCM" date=1211526711]and it is worse than that in mesa verde and in the SW section of CM.</blockquote></blockquote>


Are those dot thingys bad?</blockquote>


Sure are some pretty colors... IR Dos needs his own web so he can publish images that look pretty like mine.
 
[quote author="Newport Trojan" date=1211535892]I'm just waiting for it to cross PCH and go West of Superior...patience.</blockquote>


You mean <strong>this </strong>Superior? Oh, it crosses. It crosses big time.



<img src="http://irvinerealtorsite.com/newport.JPG" alt="" />
 
[quote author="freedomCM" date=1211542265]I think he wants to buy Dennis Rodman's house</blockquote>


Does Rodman still have his place on Seashore? I used to spend a good bit of time down there on holidays. Our friends own a place on Seashore near 45th (and still elect to live in Irvine) and I've seen some seriously wild parties up at Rodman's place...



That area will probably never be affected by foreclosures. Many of those houses are owned outright, especially those right on the sand. They were purchased long ago and kept in the family. The annual property tax bill on our friend's place is less than $2K and its probably worth $3.5M.
 
"That area will probably never be affected by foreclosures."



We'll see about that! Actually, the "heirloom" homes have nothing to worry about. However, I now question <em></em>every<em></em> transaction that occurred during the bubble, regardless of geography. Anybody who is banking on home appreciation for refinancing is toast. Time will tell.
 
nope.



or at least not that i've tracked. there are a couple of true tear-downs and one partial renov. that are in the 550-650 range right now that haven't attracted offers, though.
 
[quote author="Major Schadenfreude" date=1211549688] However, I now question <em></em>every<em></em> transaction that occurred during the bubble, regardless of geography. </blockquote>


Which begs the question, when did the bubble start?
 
[quote author="no_vaseline" date=1211593579][quote author="Major Schadenfreude" date=1211549688] However, I now question <em></em>every<em></em> transaction that occurred during the bubble, regardless of geography. </blockquote>


Which begs the question, when did the bubble start?</blockquote>


2003, when nominal home price increases seriously out-paced inflation:



<img src="http://www.ipoplaya.com/casegraph.jpg" alt="" />



For this graph, I projected a 1% decline in the CS index through the end of the year and a .37% increase in inflation monthly.



Assuming 1% per month price declines and this same rate of inflation going forward into 2009, we'd hit inflation-adjusted parity (based off 1990 start) in the middle of 2009 once the CS index got to around 179 or so.
 
You must log in or register to reply here.
Back
Top