Newport Coast

NEW -> Contingent Buyer Assistance Program
[quote author="JCie" date=1251467712]

It went for all cash at substantially ABOVE asking with multiple backup offers ABOVE that offer. So the final price is going to be somewhere around 2.6 to 2.7. The property needs a good $250k to finish up (deck out the backyard, fix the interior).



I've missed out on the short term bottom here in NC. I was close on a few properties, but no cigar. Now, things in that area are starting to move and the selling prices are inching up. This sucks for someone like me who is a strong buyer and has been waiting patiently (sold in late 2005, renting ever since)-- people with 100% cash (stronger buyers) who are impatient are jumping in.



I could have moved more aggressively to try and secure the last home I was going after but the deal involved what I considered to be mortgage fraud. The new rule is: honesty loses.



I hope that at some point, banks have to unleash all the shadow inventory that they have and I get a true market deal. :S</blockquote>


Meh...give it time. :)
 
[quote author="JCie" date=1251467712][quote author="usctrojanman29" date=1251452598][quote author="Strom" date=1251429149]Did the 10 Night Sky property sell?</blockquote>
It went off the market on 8/18/09 and currently shows as "pending" on MLS.</blockquote>


It went for all cash at substantially ABOVE asking with multiple backup offers ABOVE that offer. So the final price is going to be somewhere around 2.6 to 2.7. The property needs a good $250k to finish up (deck out the backyard, fix the interior).



I've missed out on the short term bottom here in NC. I was close on a few properties, but no cigar. Now, things in that area are starting to move and the selling prices are inching up. This sucks for someone like me who is a strong buyer and has been waiting patiently (sold in late 2005, renting ever since)-- people with 100% cash (stronger buyers) who are impatient are jumping in.



I could have moved more aggressively to try and secure the last home I was going after but the deal involved what I considered to be mortgage fraud. The new rule is: honesty loses.



I hope that at some point, banks have to unleash all the shadow inventory that they have and I get a true market deal. :S</blockquote>


I could be misunderstanding the tools you guys use to find the true REO number in a specific city but foreclosure radar says there are 7 REOs in Newport Coast and when I search the MLS, it shows 7 REOs. Does this mean that there is no shadow inventory?
 
[quote author="RobertLarsen" date=1251543611]I could be misunderstanding the tools you guys use to find the true REO number in a specific city but foreclosure radar says there are 7 REOs in Newport Coast and when I search the MLS, it shows 7 REOs. Does this mean that there is no shadow inventory?</blockquote>


You gotta pay to play, Robert. FR ain't free, and they ain't gonna give you the true stats for free. Either that or you need to try the 92657 zip, and add in historical records, because I pull up 38 REOs there. 17 of which have not transferred to a new buyer/owner. You see 7 REOs on the MLS, then that means there are 10 REOs in shadow inventory.



http://i30.tinypic.com/2i231ie.jpg



Stick around, I promise... you will learn a lot.
 
[quote author="graphrix" date=1251550729][quote author="RobertLarsen" date=1251543611]I could be misunderstanding the tools you guys use to find the true REO number in a specific city but foreclosure radar says there are 7 REOs in Newport Coast and when I search the MLS, it shows 7 REOs. Does this mean that there is no shadow inventory?</blockquote>


You gotta pay to play, Robert. FR ain't free, and they ain't gonna give you the true stats for free. Either that or you need to try the 92657 zip, and add in historical records, because I pull up 38 REOs there. 17 of which have not transferred to a new buyer/owner. You see 7 REOs on the MLS, then that means there are 10 REOs in shadow inventory.



http://i30.tinypic.com/2i231ie.jpg



Stick around, I promise... you will learn a lot.</blockquote>


I'm still trying to get the list. I bet half of the 7 listed on the MLS, are not even on FB...
 
[quote author="RobertLarsen" date=1251551089]I'm still trying to get the list. I bet half of the 7 listed on the MLS, are not even on FB...</blockquote>


Post the 7 REOs and I will cross reference them.
 
Using a city on FR does not bring up as many properties as using a zip code. I have heard the reason why and it makes sense, but it is long winded to explain. Use the zip code with FR.



Not all REOs, NTSes, and NODs appear on FR, even when using a zip code. And practically speaking, all that means is that there are more foreclosures than FR shows, not many, but a few.
 
[quote author="CapitalismWorks" date=1253771029]I am really liking the direction this one is heading. I know I know its just a short sale, but it is still very encouraging.



http://www.redfin.com/CA/Newport-Coast/5-Stargazer-92657/home/5928609</blockquote>


It says LOOKING FOR BACKUP / LENDER APPROVED SHORT SALE at $1,650,000. This is a nice 35% drop from 04/2006.
 
[quote author="Dr.Endo" date=1254312010]http://www.redfin.com/CA/Newport-Coast/1-Hidden-Pass-92657/home/5928451



Does anyone have any idea what is going on with this property? It looks like it was originally purchased for a little over 2.1M in 2006, then foreclosed in 2008 with a transfer value of 1.98M. Now it's being listed for 2.997M. Is this really a bank owned property? And if it is why would they list it so high?</blockquote>


It doesn't appear to be a foreclosure. I also don't see the 2008 transaction on Redfin. So just a guess without checking title, that is when they transferred it to a trust. Someone would have to check the title to be sure though.



BTW, that dumba$$ is screwed now that 7 Sundial was taken back by the bank for $440 a sqft. yesterday.
 
[quote author="Dr.Endo" date=1254312010]http://www.redfin.com/CA/Newport-Coast/1-Hidden-Pass-92657/home/5928451



Does anyone have any idea what is going on with this property? It looks like it was originally purchased for a little over 2.1M in 2006, then foreclosed in 2008 with a transfer value of 1.98M. Now it's being listed for 2.997M. Is this really a bank owned property? And if it is why would they list it so high?</blockquote>
Based upon my property detail, the property was never foreclosed on. The owner purchased the home from Lennar on $2.127m in 2006 with a first mortgage of $1,701,250 from WAMU. He then refinanced the first mortgage with a loan from Wells in the amount of $1,850,000 on 5/8/08. The owner is looking for a sucker to take him out and give him a big payday.
 
[quote author="USCTrojanCPA" date=1254313199][quote author="Dr.Endo" date=1254312010]http://www.redfin.com/CA/Newport-Coast/1-Hidden-Pass-92657/home/5928451



Does anyone have any idea what is going on with this property? It looks like it was originally purchased for a little over 2.1M in 2006, then foreclosed in 2008 with a transfer value of 1.98M. Now it's being listed for 2.997M. Is this really a bank owned property? And if it is why would they list it so high?</blockquote>
Based upon my property detail, the property was never foreclosed on. The owner purchased the home from Lennar on $2.127m in 2006 with a first mortgage of $1,701,250 from WAMU. He then refinanced the first mortgage with a loan from Wells in the amount of $1,850,000 on 5/8/08. The owner is looking for a sucker to take him out and give him a big payday.</blockquote>


I'm getting the foreclosure information from realtytrac. I've seen it there as an REO for awhile now. It says the owner is Bank Of Ny Trust 2006-Oa2. Could realtytrac have incorrect info?
 
[quote author="Dr.Endo" date=1254313966][quote author="USCTrojanCPA" date=1254313199][quote author="Dr.Endo" date=1254312010]http://www.redfin.com/CA/Newport-Coast/1-Hidden-Pass-92657/home/5928451



Does anyone have any idea what is going on with this property? It looks like it was originally purchased for a little over 2.1M in 2006, then foreclosed in 2008 with a transfer value of 1.98M. Now it's being listed for 2.997M. Is this really a bank owned property? And if it is why would they list it so high?</blockquote>
Based upon my property detail, the property was never foreclosed on. The owner purchased the home from Lennar on $2.127m in 2006 with a first mortgage of $1,701,250 from WAMU. He then refinanced the first mortgage with a loan from Wells in the amount of $1,850,000 on 5/8/08. The owner is looking for a sucker to take him out and give him a big payday.</blockquote>


I'm getting the foreclosure information from realtytrac. I've seen it there as an REO for awhile now. It says the owner is Bank Of Ny Trust 2006-Oa2. Could realtytrac have incorrect info?</blockquote>
Could be, I just checked foreclosure radar and the only thing going on over there is an NOD filed on 6 Hidden Pass. I see nothing on 1 Hidden Pass. foreclosure radar > realtytrac. PM me if you want to find out what else is going on over in Newport Coast.
 
[quote author="USCTrojanCPA" date=1254314748][quote author="Dr.Endo" date=1254313966][quote author="USCTrojanCPA" date=1254313199][quote author="Dr.Endo" date=1254312010]http://www.redfin.com/CA/Newport-Coast/1-Hidden-Pass-92657/home/5928451



Does anyone have any idea what is going on with this property? It looks like it was originally purchased for a little over 2.1M in 2006, then foreclosed in 2008 with a transfer value of 1.98M. Now it's being listed for 2.997M. Is this really a bank owned property? And if it is why would they list it so high?</blockquote>
Based upon my property detail, the property was never foreclosed on. The owner purchased the home from Lennar on $2.127m in 2006 with a first mortgage of $1,701,250 from WAMU. He then refinanced the first mortgage with a loan from Wells in the amount of $1,850,000 on 5/8/08. The owner is looking for a sucker to take him out and give him a big payday.</blockquote>


I'm getting the foreclosure information from realtytrac. I've seen it there as an REO for awhile now. It says the owner is Bank Of Ny Trust 2006-Oa2. Could realtytrac have incorrect info?</blockquote>
Could be, I just checked foreclosure radar and the only thing going on over there is an NOD filed on 6 Hidden Pass. I see nothing on 1 Hidden Pass. foreclosure radar > realtytrac. PM me if you want to find out what else is going on over in Newport Coast.</blockquote>


Get me the owner's name and I can dig up some other info. I believe there is a mix up with RealtyCrap.
 
Here's a pretty nice house at a very reasonable price. I bet it will sell quickly:



<a href="http://www.redfin.com/CA/Newport-Coast/8-Castellina-Dr-92657/home/5768078">8 Castellina Dr</a>
 
[quote author="Roo" date=1258501636]Here's a pretty nice house at a very reasonable price. I bet it will sell quickly:



<a href="http://www.redfin.com/CA/Newport-Coast/8-Castellina-Dr-92657/home/5768078">8 Castellina Dr</a></blockquote>


Wow! If construction costs were only $250 sq/ft, that's only $600K for nearly a quarter of an acre.
 
[quote author="garrison" date=1258508000]$1.599...where would that put it, at 2003'ish prices (assuming it doesn't start a MOA bid wars and get bid up another 150K). I track NPB, CDM and NC, daily - this is a such a rarity on a ppsq basis, and yet we're still salivating over 2003-4 prices.



When is this freakin' nut going to crack?!!!!</blockquote>


Yeah, I'm thinking late 2003, but you hardly see anything nice at the coast at late '03 prices. That's what 15-20% less than late '05 prices, which is a lot of dollars. CS late '03 in the lower end gets multiple offers. I suspect that because things were so high for so long that what many of us deem as a good deal has been permanently altered.
 
[quote author="garrison" date=1258508000]$1.599...where would that put it, at 2003'ish prices (assuming it doesn't start a MOA bid wars and get bid up another 150K). I track NPB, CDM and NC, daily - this is a such a rarity on a ppsq basis, and yet we're still salivating over 2003-4 prices.



When is this freakin' nut going to crack?!!!!</blockquote>
When we get some more inventory and Uncle Sam and Helicopter Ben take the punchbowl away.
 
[quote author="USCTrojanCPA" date=1258553536][quote author="garrison" date=1258508000]$1.599...where would that put it, at 2003'ish prices (assuming it doesn't start a MOA bid wars and get bid up another 150K). I track NPB, CDM and NC, daily - this is a such a rarity on a ppsq basis, and yet we're still salivating over 2003-4 prices.



When is this freakin' nut going to crack?!!!!</blockquote>
When we get some more inventory and Uncle Sam and Helicopter Ben take the punchbowl away.</blockquote>


nah, those optionARMs are going to reset over the next couple of years. once the debtors are forced to amortize the price they paid, they'll dump and run.
 
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