Losses Outside of Irvine

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CalGal_IHB

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48 Vela Court, Coto de Caza, CA 92679

MLS#: S486502

5 Bedrooms, 4 Baths, 3,600 sq. ft, 9,000 sq. ft. lot



Purchased 03/24/06 $1,375,000

Sold 09/07 $1,099,000



Assuming 5% commission, <strong>loss of $330,950 or 24%</strong>



<strong>O</strong><strong> U C H !</strong>
 
<p>I'm thinking that anybody who buys in Coto can afford a little bit of skin. But obviously if they needed to sell, they coulden't afford it.</p>

<p>-bix</p>
 
I saw that one on Redfin. If you notice, that buy in 2006 was the third time that house had been bought for above 1.3 (2004, 2005, 2006). I called my wife and asked how she would feel if we lost 300k in equity (or cash depending on the structure of the loan). I do not revel in their misfortune. That will be a very expensive lesson.





Similar losses will take place in Talega and San Juan Capistrano. People are starting to realize how far away those places are and how difficult it is to get back to where the jobs, entertainment, airports, etc. are. This is similar to the bay area in that the areas furthest away from San Francisco got hit first, Hollister, Discovery Bay, Northern Marin County etc.
 
<p>I thought that distancing yourself from an Airport would be a good thing? But I guess my career is not one that requires me often flying.</p>

<p> </p>
 
As long as you are not in the direct take-off path, you should be okay. Of course, SNA has the full-throttle to no-throttle zero-gravity noise abatement take-offs :). I travel a lot for work and it's convenient to live so close to the airport. Nothing like landing at 8pm and being home in 10 minutes to be able to kiss the kids goodnight.
 
Vela Court is in a nice neighborhood and that is a very nice home. Did it close escrow? A little bit of patience is gonna pay off.
 
<p>CalGal - Indian Princess surf camp with middle daughter. As we were driving back in, I couldn't help but notice how many open house signs there were on the west side of Coto de Caza Dr., (big buck). It is getting interesting when a property like 48 Vela Ct. goes for 1.1 .</p>

<p>Check out MLS S492150. <strong>Asking</strong> is at 2004 selling price. Net will be below 2004 and a loss. OUCH.</p>
 
Here's another house that just closed for a <strong>BIG LOSS</strong>:



<strong>29 Salinger Ct, Coto de Caza</strong>

Tract: Chatham

MLS # S495648



Purchased 08/14/06: $1,775,000

Sold 09/20/07 $1,400,000

<p>Loss assuming 5 % Commission $445,000 or 25%</p>
 
calgal - That ought to have some effect on the end of the month stats. The agents like to point out how prices aren't coming down in Coto. I wonder if a negative 25% will be discussed at the monthly Remax sales meetings.
 
South OC is getting MURDERED right now. Many, many clients I speak/meet with are over 85% CLTV with a jumbo loan as a first. They can't afford to refi even if they can qualify. Values are dropping like rocks in MV, LN,SC and SJC
 
You know I like to use the 90s bust as a reference and many will write me off because it was about the jobs then. Well when I see that Coto is suffering as is much of south county I can't help but be reminded of the 90s. I can't believe how many foreclosures I am seeing in Mission Viejo and Ladera REO Ranch is a nightmare.
 
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