Foreclosures in Woodbury
- Thread starter PANDA_IHB
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NEW -> Contingent Buyer Assistance Program
ipoplaya_IHB
New member
What do you want to know jpx?
biscuitninja_IHB
New member
<p>I'd like to see come good deals. Ha ha! Really I'll take a peek at it and see what type of deals there are.</p>
<p>-bix</p>
<p>-bix</p>
PANDA_IHB
New member
ipoplaya,
I am looking for preforeclosure opportunties within some of the newer developments like Woodbury, Quail Hills, and Northwood. I know that Woodbury was built during the peak of the bubble 2005-2006, I am wondering why there is not that many notice of defaults in that area as where I am seeing a lot more in Quail Hills? I would think that residents of Woodbury would be the most vulnerable to this housing downturn as they bought at the peak of the bubble?
Question #1: Where would be the best place i can information on notice of defaults in the Village of Woodbury and Quail Hills?
Question #2: Assuming the market corrects another 20%, what are my chances of such an opportunity?
Question #3: I am also trying to guess how low $/square foot a highly desired neighborhood like Woodbury can get when Irvine Real Estate hits the bottom in 2009, 2010, or 2011?
JPX
I am looking for preforeclosure opportunties within some of the newer developments like Woodbury, Quail Hills, and Northwood. I know that Woodbury was built during the peak of the bubble 2005-2006, I am wondering why there is not that many notice of defaults in that area as where I am seeing a lot more in Quail Hills? I would think that residents of Woodbury would be the most vulnerable to this housing downturn as they bought at the peak of the bubble?
Question #1: Where would be the best place i can information on notice of defaults in the Village of Woodbury and Quail Hills?
Question #2: Assuming the market corrects another 20%, what are my chances of such an opportunity?
Question #3: I am also trying to guess how low $/square foot a highly desired neighborhood like Woodbury can get when Irvine Real Estate hits the bottom in 2009, 2010, or 2011?
JPX
ipoplaya_IHB
New member
<p>jpx - here is snapshot I did last week of what Woodbury looks like from a distress perspective. The P's are NODs filed on units in the area. A's are scheduled for auction, B's are bank owned that may or may not have already been sold:</p>
<p><a href="http://www.ipoplaya.com/woodbury0326.jpg">http://www.ipoplaya.com/woodbury0326.jpg</a></p>
<p>1. I use realtytrac.com to look at pre-foreclosure activity. Cost is $50 per month. That is where the .jpg came from...</p>
<p>2. In newer Northwood, i.e. Northwood Pointe, the foreclosure activity has been minimal. It was built out before the bubble really took off, so there is more equity there. QH, Woodbury, and Northwood II are getting smacked around by foreclosures and that is going to continue/accelerate for quite some time. Lots of option ARM holders in those areas.</p>
<p>3. In my estimation, Woodbury will probably bottom out at around $275 or so per sf on larger SFR. 2800-2900sf houses going for $1-1.1M there now will probably get down into the low $800K range at bottom. </p>
<p><a href="http://www.ipoplaya.com/woodbury0326.jpg">http://www.ipoplaya.com/woodbury0326.jpg</a></p>
<p>1. I use realtytrac.com to look at pre-foreclosure activity. Cost is $50 per month. That is where the .jpg came from...</p>
<p>2. In newer Northwood, i.e. Northwood Pointe, the foreclosure activity has been minimal. It was built out before the bubble really took off, so there is more equity there. QH, Woodbury, and Northwood II are getting smacked around by foreclosures and that is going to continue/accelerate for quite some time. Lots of option ARM holders in those areas.</p>
<p>3. In my estimation, Woodbury will probably bottom out at around $275 or so per sf on larger SFR. 2800-2900sf houses going for $1-1.1M there now will probably get down into the low $800K range at bottom. </p>
ipoplaya_IHB
New member
<p>To get you started jpx, here's the last 50-75 NODS in 92620:</p>
<p><a href="http://www.ipoplaya.com/woodbury1.pdf">http://www.ipoplaya.com/woodbury1.pdf</a></p>
<p><a href="http://www.ipoplaya.com/woodbury2.pdf">http://www.ipoplaya.com/woodbury2.pdf</a></p>
<p><a href="http://www.ipoplaya.com/woodbury1.pdf">http://www.ipoplaya.com/woodbury1.pdf</a></p>
<p><a href="http://www.ipoplaya.com/woodbury2.pdf">http://www.ipoplaya.com/woodbury2.pdf</a></p>
monekoko_IHB
New member
<p>ipoplaya,</p>
<p>Thanks for the link. I have two questions for you....</p>
<p>1. I noticed that '52 Eclipse' was NOD property on 2/14/08 but I found that this property was sold on 2/19/08 at around $1.42mil. What does this mean?</p>
<p>2. When I look at the link, I could see the 'amount' next to each property.... what does this number stand for? </p>
<p>Thanks in advance.</p>
<p>Thanks for the link. I have two questions for you....</p>
<p>1. I noticed that '52 Eclipse' was NOD property on 2/14/08 but I found that this property was sold on 2/19/08 at around $1.42mil. What does this mean?</p>
<p>2. When I look at the link, I could see the 'amount' next to each property.... what does this number stand for? </p>
<p>Thanks in advance.</p>
PANDA_IHB
New member
ipoplaya,
Thanks for letting me know about realtytrac.com. I also have two questions.
1) same question from monekoko 2. When I look at the link, I could see the 'amount' next to each property.... what does this number stand for?
2) Is there a way that I can find out "how many" and "how big" of a mortgage was taken out for the homes listed in NOD? This information would give me an idea of how much in trouble they are.
3) Are the first name and last name (current property owners) of NOD publicly listed on realytrac, if not, what are some methods of getting them?
Thanks in advance
Thanks for letting me know about realtytrac.com. I also have two questions.
1) same question from monekoko 2. When I look at the link, I could see the 'amount' next to each property.... what does this number stand for?
2) Is there a way that I can find out "how many" and "how big" of a mortgage was taken out for the homes listed in NOD? This information would give me an idea of how much in trouble they are.
3) Are the first name and last name (current property owners) of NOD publicly listed on realytrac, if not, what are some methods of getting them?
Thanks in advance
ipoplaya_IHB
New member
<p>"When I look at the link, I could see the 'amount' next to each property.... what does this number stand for?"</p>
<p>Sometimes it's the amount of the past due payments to the particular lender, sometimes its the mortgage balance, sometimes it appears to be a number approximating the particular mortgage balance.</p>
<p>"Is there a way that I can find out "how many" and "how big" of a mortgage was taken out for the homes listed in NOD?"</p>
<p>Yes, the lien and loan history on the property is usually available in realtytrac. You open up the NOD data and the lien/loan info is on another tab.</p>
<p>"Are the first name and last name (current property owners) of NOD publicly listed on realytrac, if not, what are some methods of getting them?</p>
<p>Yes, they usually have name and address listed of the owner on realtytrac.</p>
<p>Sometimes it's the amount of the past due payments to the particular lender, sometimes its the mortgage balance, sometimes it appears to be a number approximating the particular mortgage balance.</p>
<p>"Is there a way that I can find out "how many" and "how big" of a mortgage was taken out for the homes listed in NOD?"</p>
<p>Yes, the lien and loan history on the property is usually available in realtytrac. You open up the NOD data and the lien/loan info is on another tab.</p>
<p>"Are the first name and last name (current property owners) of NOD publicly listed on realytrac, if not, what are some methods of getting them?</p>
<p>Yes, they usually have name and address listed of the owner on realtytrac.</p>
ipoplaya_IHB
New member
<p>"I noticed that '52 Eclipse' was NOD property on 2/14/08 but I found that this property was sold on 2/19/08 at around $1.42mil. What does this mean?"</p>
<p>Looks like Eclipse was sold via a regular market transaction a few days after they got their NOD. That would be my guess although I didn't follow that property. Was it listed on MLS back then? NODs don't preclude anyone from selling, nor do Notice of Trustee Sales (NTS). As long as the bank gets satisfied financially one way or another, they'll bless a transaction.</p>
<p>Looks like Eclipse was sold via a regular market transaction a few days after they got their NOD. That would be my guess although I didn't follow that property. Was it listed on MLS back then? NODs don't preclude anyone from selling, nor do Notice of Trustee Sales (NTS). As long as the bank gets satisfied financially one way or another, they'll bless a transaction.</p>
irvine123_IHB
New member
It is my understanding that the first deed recovered their loan, while the second deed lost most if not all @ 52 Eclipse...I think the buyer overpaid for that house.
PANDA_IHB
New member
3. In my estimation, Woodbury will probably bottom out at around $275 or so per sf on larger SFR. 2800-2900sf houses going for $1-1.1M there now will probably get down into the low $800K range at bottom.
ipoplaya, what are you predictions on the bottom out prices for Portola Springs and Quail Hills? Same as Woodbury at $275 or more or less? I am hoping that I can buy my first home in Portola Springs (2500 square feet detached) for $250 per sf between $625,000 - $675,000. Do you think this is a possiblility at the end of 2009 early 2010, or would it take a lot longer to hit thoses prices.
ipoplaya, what are you predictions on the bottom out prices for Portola Springs and Quail Hills? Same as Woodbury at $275 or more or less? I am hoping that I can buy my first home in Portola Springs (2500 square feet detached) for $250 per sf between $625,000 - $675,000. Do you think this is a possiblility at the end of 2009 early 2010, or would it take a lot longer to hit thoses prices.
monekoko_IHB
New member
I agree with you 'Irvine123' The buyer sevrely overpaid for 52 Eclipse. Thanks to that transaction history, the seller I am negociating with now wants to stick to low 400/sf. The seller doesn't want to consider any other transaction history, but only this particular one. so what...? it is so hard for me to get the deal I want now.... maybe another few month to wait.... hope no one takes this house down at ridicuosly high price though....
ipoplaya_IHB
New member
<p>I unfortunately don't have any information to form a very good opinion on PS or QH jpx. I don't watch those areas closely since neither is preferred destination for me. </p>
<p>My gut says QH will hold up a bit better than Woodbury, and Woodbury will hold up better than PS. Don't know if recent numbers would support that though...</p>
<p>I used to feel pretty confident that prices would fall 15+% during 2008 but I'm getting worried that might not be the case. Inventory is not at a level right now in Irvine to support huge price decreases. If significant REO inventory comes online, which would appear has to be the case before too long, maybe the pace of declines will pick-up. I think they are slowing now, i.e. March prices are similar to February prices, and will continue to slow until there is more inventory overhang. We have perhaps six months worth of housing supply in Irvine right now. That is not exactly a value crushing number...</p>
<p>My gut says QH will hold up a bit better than Woodbury, and Woodbury will hold up better than PS. Don't know if recent numbers would support that though...</p>
<p>I used to feel pretty confident that prices would fall 15+% during 2008 but I'm getting worried that might not be the case. Inventory is not at a level right now in Irvine to support huge price decreases. If significant REO inventory comes online, which would appear has to be the case before too long, maybe the pace of declines will pick-up. I think they are slowing now, i.e. March prices are similar to February prices, and will continue to slow until there is more inventory overhang. We have perhaps six months worth of housing supply in Irvine right now. That is not exactly a value crushing number...</p>
NewToOC_IHB
New member
Does anyone know what happened at 99 Sarabande in Woodbury? I know it was in some state of default and suddenly someone is living there again (different person) without me ever seeing a lockbox or sign out front. It makes me wonder how much other phantom inventory is out there right now.