Foreclosure and distressed property topics

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<blockquote>The $380,000 they paid seemed like a bargain for the two-story, five-bedroom house. However, since that time, she?s seen more houses empty out, including the house next door. And the bids on that one ? with the exact same floor plan ? are coming in at about $250,000. ?That?s just devastating to me,? she says. ?We should have waited.?</blockquote>




I hope all the knife catchers are reading this





I"m certain that the banks are hoping that they don't
 
[quote author="skek" date=1224897591][quote author="WestparkRenter" date=1224893655][quote author="skek" date=1224893145][quote author="Roo" date=1224885961][quote author="skek" date=1224733933][quote author="tenmagnet" date=1224733708]Pelican Hill looks to be immune</blockquote>


So does Crystal Cove.</blockquote>


These are supposed to fall last. In fact, I'm surprised there's even a NOD in Crystal Cove.



I'll have to get access to Foreclosure radar once it's time to buy.</blockquote>


sell4u can confirm, but one of the Seascape condos in Crystal Cove went back to the bank over the summer. Foreclosure Radar shows 16 Cape Frio (an odd semi-attached product) as being bank owned, but I don't know if that's legit, because I never saw it show up as a NTS/NOD. I think there was a NOD of Coral Cay at the top of the hill, but it looks to have been cured? It's hard to follow, sometimes.



I think the price pressure in Crystal Cove will come from high inventory/low sales, combined with the fact that you still have builders up there trying to move new homes -- Tides, SeaPoint. On the other hand, I have the same impression as others, which is that there are a lot of people in CC with very deep pockets who can afford to wait this thing out. So far, no one has blinked.</blockquote>


Thanks for the info. I did not know Crystal Cove has condo/semi-detached. That would explains the default. I've thought they are around $4 Million price tag. The person that I know is trying to sell her house but having problem selling, however, she has no pressure to sell because she has zero mortgage.</blockquote>


<a href="http://www.redfin.com/CA/Newport-Coast/118-Sidney-Bay-Dr-92657/unit-19/home/5811941">Here's</a> an example of the condo product in Crystal Cove. I think these were called Seascape. As you can see, not your ordinary condos. There is a shared driveway and the shared wall consists of about 10 feet of exterior wallspace. They are for all intents and purposes, SFRs.



<a href="http://www.redfin.com/CA/Newport-Coast/16-Cape-Frio-92657/home/5887610">This</a> is the unit that Foreclosure Radar reports as being banked owned -- it makes sense, as the $2.3 million "last sale" is absurdly low for these units. They typically ask in the low $4 millions or high $3 millions (although none is listed at the moment). They have separate driveways and are classified as SFRs, except that they share an exterior wall, as well. I could never understand why they'd include that element in the design... Oh well. Google maps can't find the street, so if you start with the Google overhead view, you will need to scroll to the right and slightly down to find Cape Frio. Number 16 is the second house from the end on the right, with a slightly oversized lot.



In the last three months, I see 1 condo and 2 SFRs sold in Crystal Cove (not counting the bank owned ones). There are about 50 properties currently for sale, not including the builder products and custom lots. There is also shadow inventory as a number of homes have been taken off the market without selling.



Your friend could sell her home if she lowered the price. Otherwise, she's competing for the 1 buyer per month who is willing to pay current asking prices.</blockquote>


The first link you provided is showing a nice price decline of $100k in 1 full year or 3%. No wonder it's not selling.



The second unit shows a sale of $500k in 2003. Is that correct? It seems extremely low...
 
Through 10/28, NODS for Irvine total 20, or around 20-25% of the pace of previous months. 11 of those have been filed since 10/20 though so the pace appears to be picking up some. Early October has very little Irvine NOD activity. Auction calendar has quite a few Irvine properties scheduled over the next couple of weeks...
 
Got 48 Irvine NODs in 16 business days so far in December. That run rate of 3 per day is up a good bit over the totals in November and October...
 
I'm thinking that the floodgates will really open in January. After the state law requiring more notice plugged the toilet drain in the early fall, and the latest move by many banks and the feds to delay FCs through the xmas season, it can only be big.



Seems like OC ramped up to ~2k FCs in the early summer, then got shut down. I'm expecting 3k FCs in January. Maybe 4k in February? I also think that they are going to start to move more aggressively up the food chain, hitting the above $500k market with much more authority, with the convergence of the recasting of the optionARMS and the job losses early 2008 in the RE industry.



What do you predict for the coming months in Irvine? 200 FCs?
 
[quote author="freedomCM" date=1230088870]I'm thinking that the floodgates will really open in January. </blockquote>


The NOD floodgates have indeed opened, at least in Irvine. RealtyTrac shows 84 NODS filed for Irvine through 1/23/09, which is over 5 per business day, rivaling the pace Irvine had during this past summer. What is more amazing is that last week alone, there were 38 NODs filed on Irvine properties, an astonishing 7+ NOD per day rate...
 
[quote author="ipoplaya" date=1233128686][quote author="freedomCM" date=1230088870]I'm thinking that the floodgates will really open in January. </blockquote>


The NOD floodgates have indeed opened, at least in Irvine. RealtyTrac shows 84 NODS filed for Irvine through 1/23/09, which is over 5 per business day, rivaling the pace Irvine had during this past summer. What is more amazing is that last week alone, there were 38 NODs filed on Irvine properties, an astonishing 7+ NOD per day rate...</blockquote>


Damn IPO..that's a 100% rate of increase since ur last post in mid Dec.
 
[quote author="freedomCM" date=1233136659]what does it show for costa mesa (92626, 7)?</blockquote>


48 NODs filed on CM properties so far in January through the 23rd. CM had 20 filed last week alone.



55 in CM for all of December. Only 12 in November...
 
[quote author="ipoplaya" date=1233138795][quote author="freedomCM" date=1233136659]what does it show for costa mesa (92626, 7)?</blockquote>


48 NODs filed on CM properties so far in January through the 23rd. CM had 20 filed last week alone.



55 in CM for all of December. Only 12 in November...</blockquote>
How about over in 92648, especially in the Sea Cliff community off PCH?
 
[quote author="usctrojanman29" date=1233140996][quote author="ipoplaya" date=1233138795][quote author="freedomCM" date=1233136659]what does it show for costa mesa (92626, 7)?</blockquote>


48 NODs filed on CM properties so far in January through the 23rd. CM had 20 filed last week alone.



55 in CM for all of December. Only 12 in November...</blockquote>
How about over in 92648, especially in the Sea Cliff community off PCH?</blockquote>


Not sure where Sea Cliff is exactly. I attached a map of the area around the club, which I assume you are talking about. New foreclosure activity is minimal there. Few places going to auction though.
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<legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/235_flak0srh79BE1FvYeS0e.jpg"><img src="http://www.talkirvine.com/converted_files/images/forum_attachments/235_flak0srh79BE1FvYeS0e.jpg" class="gc-images" title="92648.jpg" style="max-width:300px" /></a> </fieldset>
 
Man... I have been a total slacker about this thread. Thanks Ipo for keeping it from dieing off.



To try to make it up to the IHBers, a few Irvine props got foreclosed on today.



<a href="http://www.zillow.com/homedetails/38-Leucadia-67-Irvine-CA-92602/61646678_zpid/">38 Leucadia went back to the bank for $384,555 today</a>.



<a href="http://www.zillow.com/homedetails/20-Alevera-St-Irvine-CA-92618/59730799_zpid/">20 Alevera St. went back to the bank for $425k today</a>. Oak Creek is starting to crack, little by little, it is cracking.



I wondered why Skek wasn't posting much this afternoon. Now I know why... <a href="http://www.zillow.com/homedetails/25-Blue-Heron-Irvine-CA-92603/59725902_zpid/">25 Blue Heron was picked up for a penny over $3.237mil</a>. That is some serious cash to pick that up. I think the wealth spreading will be an IHB party with catered food from Black Sheep and endless bottles of Chiroc all over the house. 44% off the 2004 price in Shady, now that is a motherfreakin discount. w00t party a skekker's house! That can't be good for Shady comps.



And FWIW, foreclosure activity has picked up big time.
 
[quote author="graphrix" date=1233158793]Man... I have been a total slacker about this thread. Thanks Ipo for keeping it from dieing off.



To try to make it up to the IHBers, a few Irvine props got foreclosed on today.



<a href="http://www.zillow.com/homedetails/38-Leucadia-67-Irvine-CA-92602/61646678_zpid/">38 Leucadia went back to the bank for $384,555 today</a>.



<a href="http://www.zillow.com/homedetails/20-Alevera-St-Irvine-CA-92618/59730799_zpid/">20 Alevera St. went back to the bank for $425k today</a>. Oak Creek is starting to crack, little by little, it is cracking.



I wondered why Skek wasn't posting much this afternoon. Now I know why... <a href="http://www.zillow.com/homedetails/25-Blue-Heron-Irvine-CA-92603/59725902_zpid/">25 Blue Heron was picked up for a penny over $3.237mil</a>. That is some serious cash to pick that up. I think the wealth spreading will be an IHB party with catered food from Black Sheep and endless bottles of Chiroc all over the house. 44% off the 2004 price in Shady, now that is a motherfreakin discount. w00t party a skekker's house! That can't be good for Shady comps.



And FWIW, foreclosure activity has picked up big time.</blockquote>


Graph - Was that you who picked up 25 Blue Heron at auction so you can flip it?
 
[quote author="awgee" date=1233181366][quote author="graphrix" date=1233158793]Man... I have been a total slacker about this thread. Thanks Ipo for keeping it from dieing off.



To try to make it up to the IHBers, a few Irvine props got foreclosed on today.



<a href="http://www.zillow.com/homedetails/38-Leucadia-67-Irvine-CA-92602/61646678_zpid/">38 Leucadia went back to the bank for $384,555 today</a>.



<a href="http://www.zillow.com/homedetails/20-Alevera-St-Irvine-CA-92618/59730799_zpid/">20 Alevera St. went back to the bank for $425k today</a>. Oak Creek is starting to crack, little by little, it is cracking.



I wondered why Skek wasn't posting much this afternoon. Now I know why... <a href="http://www.zillow.com/homedetails/25-Blue-Heron-Irvine-CA-92603/59725902_zpid/">25 Blue Heron was picked up for a penny over $3.237mil</a>. That is some serious cash to pick that up. I think the wealth spreading will be an IHB party with catered food from Black Sheep and endless bottles of Chiroc all over the house. 44% off the 2004 price in Shady, now that is a motherfreakin discount. w00t party a skekker's house! That can't be good for Shady comps.



And FWIW, foreclosure activity has picked up big time.</blockquote>


Graph - Was that you who picked up 25 Blue Heron at auction so you can flip it?</blockquote>
You know, I remember seeing Graph carrying a couple of heavy duffle bags heading to the SA courthouse....hmmm
 
Hey, 3671 Claremont, in the Culverdale neighborhood, that was a featured post on the blog a couple of weeks ago, went back to the bank today. No takers at $535,000. The market price was what, $599,000.
 
Here ya go. A $7000.00 house. Who said real estate cannot go to 0? This is about as close as one can get



<a href="http://www.ireport.com/docs/DOC-207392">$7000</a>
 
[quote author="awgee" date=1233181366][quote author="graphrix" date=1233158793]Man... I have been a total slacker about this thread. Thanks Ipo for keeping it from dieing off.



To try to make it up to the IHBers, a few Irvine props got foreclosed on today.



<a href="http://www.zillow.com/homedetails/38-Leucadia-67-Irvine-CA-92602/61646678_zpid/">38 Leucadia went back to the bank for $384,555 today</a>.



<a href="http://www.zillow.com/homedetails/20-Alevera-St-Irvine-CA-92618/59730799_zpid/">20 Alevera St. went back to the bank for $425k today</a>. Oak Creek is starting to crack, little by little, it is cracking.



I wondered why Skek wasn't posting much this afternoon. Now I know why... <a href="http://www.zillow.com/homedetails/25-Blue-Heron-Irvine-CA-92603/59725902_zpid/">25 Blue Heron was picked up for a penny over $3.237mil</a>. That is some serious cash to pick that up. I think the wealth spreading will be an IHB party with catered food from Black Sheep and endless bottles of Chiroc all over the house. 44% off the 2004 price in Shady, now that is a motherfreakin discount. w00t party a skekker's house! That can't be good for Shady comps.



And FWIW, foreclosure activity has picked up big time.</blockquote>


Graph - Was that you who picked up 25 Blue Heron at auction so you can flip it?</blockquote>


Graph, Good flip on 25 Blue Heron.



<img src="http://blog.redfin.com/sfbay/files/2008/07/upside-down-house21.jpg" alt="" />
 
I had a good post about foreclosures in Irvine, but it got eaten by the cyberspace devil. Maybe I will post it again later, but I am going to bed now. Ipo and Ten, there is some serious hope coming your way. And people who hope for Woodbury, it is about to get really hopeful for you.
 
Anybody familiar with 4882 Flagstar Circle in Irvine? Went to a 3rd party on the courthouse steps today for $380,300. Says on FR that it's a 4/2 but only 1200 square feet.
 
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