Quail Hill Foreclosures

NEW -> Contingent Buyer Assistance Program
Does anyone know how long some of these places have been available for lease? It would be great to see how much they are losing, instead of making, if they would have priced them at actual rents.
 
<p><em>"I wonder how many McMonigle owns?"</em></p>

<p>As do I.</p>

<p><em>"Does anyone know how long some of these places have been available for lease? It would be great to see how much they are losing, instead of making,"</em></p>

<p>It is scary. You and I think a bit too much alike.</p>

<p>What do you think it cost every month to hold on to a $2,000,000 flip? There is a spec home in Coto for which the asking price is $22,900,000 and it has been on the market since it was finished over a year ago, maybe going on two years. What must that be costing them? There is a spec home, 10,500 sq ft., accross the street from us for which the asking is $5,750,000. Even if the builder/speculator used cash to build the monstrosity, what must that be costing him/her in terms of opportunity lost? And if financed, which it probably is, how long can the builder make those payments? I look at these properties and they look like holes in the ground that are sucking money into them.</p>
 
<p>38 Silhouette is a good example of a flip that must be bleeding the flipper dry. It was sold in April, 2005 for $1,750,000, is upgraded with marble, granite, home theater, etc etc., and it has never been lived in! Repeat: It. has. never. been. lived. in.</p>

<p>Some unfortunate flipper has been carrying this property for almost three years--to the tune of at least $15k/month, if not more. At the very modest estimate of $15k per month, this has cost the flipper $500k CASH these last three years. Also, they were trying to rent it at the end of the summer, starting at around $7k. They eventually dropped the price as low as $4300, but I don’t know if they found a tenant</p>

<p>It has been listed for sale as high as $2.95 million and as low as $1,975m (which would be just about break even for the flipper after commissions, not counting the carrying costs.) I don't know the current status.</p>
 
143 Weathervane (bank owned) was in the market for less than a week for 1.2M. It is in escrow now. Is there a way to find out what the selling price was?
 
<p>So 143 Weathervane has decreased from $1.45m to $1.245 (11.6%) in 12 months. </p>

<p>Still, you have to wonder what this knife-catcher is thinking.</p>

<p><strong>Is this a dagger which I see before me,


The handle toward my hand? Come, let me clutch thee;


I have thee not, and yet I see thee still.


Art thou not, fatal vision, sensible


To feeling as to sight? or art thou but


A dagger of the mind, a false creation,


Proceeding from the heat-oppressed brain?


I see thee yet, in form as palpable


As this which now I draw.</strong> </p>



<strong>Macbeth,</strong> scene i

>

<p>Fatal vision, indeed.</p>

<p>GP</p>
 
Saw an empty large Jack Daniels bottle standing neatly on the grass across the street from Valley View Park in Quail Hill today. Wonder what the story behind that is.
 
I also see some nicer cars (ex. a Mercedes and a Porche) parked in prominent location in Quail Hill streets with For Sale By Owner posters in the window. What's up with that?
 
Word on the street is that another one of the Vicara properties, this time on Fresco Street, is in foreclosure.





I'm pretty sure it's 19 Fresco, which is listed on redfin for $1.795 million as a "short sale":





<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1285312">www.redfin.com/stingray/do/printable-listing</a>





According to Redfin, 19 Fresco last sold on June 15, 2006 for $2.206 million. Even if the bank approves a short sale at $1.795 million, this is a loss of $411,000, or 18.7%, in just 20 months! If the homedebtor really did make a $441k cash down payment (see below), he has lost almost all of it.





IrvineRenter actually profiled 19 Fresco back in October: <a href="http://www.irvinehousingblog.com/2007/10/20/balcony-view/">www.irvinehousingblog.com/2007/10/20/balcony-view/</a>


At that time, he reported a first mortgage of $1.522 million, a second mortgage of $220k, and a down payment of $441,668. This would add up to total debt of approximately $1.742 million--is this a short sale because of an assumed 6% commission (appx $107k)?





Can anyone confirm whether 19 Fresco is in foreclosure? If so, what is the amount of the debt? It isn't being handled by Fidelity ASAP, or at least it doesn't show up on their website.





If 19 Fresco and 51 Momento won't sell at $1.795 million, and they are foreclosed on and later unloaded by the lenders, how low will the comps go?





BTW, not only is 19 Fresco dragging down the comps, the front landscaping hasn't been finished. Any part of the front yard that isn't paved is trenched with unfinished irrigation pipe, and full of sprouting weeds. The neighbors must be thrilled, especially 29 Fresco and 37 Fresco, both of which are for sale.





Oh, and read the 19 Fresco listing for a good laugh: "SELLER FINANCING AVAIL!"
 
<i>"Any part of the front yard that isn't paved is trenched with unfinished irrigation pipe, and full of sprouting weeds. The neighbors must be thrilled,"</i><p>


Irvighetto?
 
<p>51 Momento went back to the bank for $1,518,253 today. How much will the bank put it back on the market for?</p>

<p> </p>

<p>







Wednesday


2/13/2008 2:00:00 PM











<strong>Address:</strong>

<a title="Get Google Map" target="_blank" href="http://maps.google.com/maps?f=q&hl=en&q=51+++MOMENTO,+IRVINE,+CA+92603">51 MOMENTO</a>


<a target="_blank" href="http://maps.yahoo.com/beta/#maxp=search&q1=51+++MOMENTO,+IRVINE+CA,+92603"><img alt="Get Yahoo! Map" src="http://www.fidelityasap.com/i/icon_yahoo.gif" /></a>





<strong>City:</strong>

IRVINE





<strong>State:</strong>

CA





<strong>Zip:</strong>

92603





<strong>County:</strong>

Orange





<strong>APN:</strong>

481-095-25





















<strong>Sale Status:</strong>

Back to Bene 02/13/2008





<strong>TS Number:</strong>

CA07107189NF





<strong>Notice of Sale Amt:</strong>

$1,501,724.53





<strong>Opening Bid Amt:</strong>

$1,518,253.30





<strong>Sold Amt:</strong>

$1,518,253.30





<strong>Sale Location:</strong>

<a title="Get Google Map" target="_blank" href="http://maps.google.com/maps?f=q&hl=en&q=700+Civic+Center+Drive+West,+Santa Ana,+CA+92701">At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.</a>


<a target="_blank" href="http://maps.yahoo.com/beta/#maxp=search&q1=700+Civic+Center+Drive+West,+Santa Ana+CA+92701"><img alt="Get Yahoo! Map" src="http://www.fidelityasap.com/i/icon_yahoo.gif" /></a>





<strong>Trustee:</strong>

Quality Loan Service Corporation





<strong>Trustee Phone#:</strong>

(619)685-4800

















</p>
 
<p>A Notice of Trustee's Sale has just been posted for another Vicara property in Quail Hill: 520 Luminous.</p>

<p>If this property and 19 Fresco are both sold at Trustee's Sales, together with today's sale of 51 Momento, that will be three foreclosures in Vicara in the first quarter of 2008 alone! What will save the other underwater Vicarans who then try to get out in the "Spring selling season"?</p>

<p>







day


3/25/2008 2:00:00 PM











<strong>Address:</strong>

<a title="Get Google Map" target="_blank" href="http://maps.google.com/maps?f=q&hl=en&q=520+++++LUMINOUS,+IRVINE,+CA+92603">520 LUMINOUS</a>


<a target="_blank" href="http://maps.yahoo.com/beta/#maxp=search&q1=520+++++LUMINOUS,+IRVINE+CA,+92603"><img alt="Get Yahoo! Map" src="http://www.fidelityasap.com/i/icon_yahoo.gif" /></a>





<strong>City:</strong>

IRVINE





<strong>State:</strong>

CA





<strong>Zip:</strong>

92603





<strong>County:</strong>

Orange





<strong>APN:</strong>

481-095-13





















<strong>Sale Status:</strong>

Sale Date 03/25/2008





<strong>TS Number:</strong>

CA07114429NF





<strong>Notice of Sale Amt:</strong>

$1,684,784.78





<strong>Opening Bid Amt:</strong>

0





<strong>Sold Amt:</strong>

0





<strong>Sale Location:</strong>

<a title="Get Google Map" target="_blank" href="http://maps.google.com/maps?f=q&hl=en&q=700+Civic+Center+Drive+West,+Santa Ana,+CA+92701">At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.</a>


<a target="_blank" href="http://maps.yahoo.com/beta/#maxp=search&q1=700+Civic+Center+Drive+West,+Santa Ana+CA+92701"><img alt="Get Yahoo! Map" src="http://www.fidelityasap.com/i/icon_yahoo.gif" /></a>





<strong>Trustee:</strong>

Quality Loan Service Corporation





<strong>Trustee Phone#:</strong>

(619)685-4800

















</p>
 
<p><strong><u>Is 51 Momento back from the dead?</u></strong></p>

<p>On Fidelity ASAP's site, it now shows a status of "Invalid Sale."</p>

<p>Anyone know what is going on?</p>

<p>







Wednesday


2/13/2008 2:00:00 PM











<strong>Address:</strong>

<a title="Get Google Map" target="_blank" href="http://maps.google.com/maps?f=q&hl=en&q=51+++MOMENTO,+IRVINE,+CA+92603">51 MOMENTO</a>


<a target="_blank" href="http://maps.yahoo.com/beta/#maxp=search&q1=51+++MOMENTO,+IRVINE+CA,+92603"><img alt="Get Yahoo! Map" src="http://www.fidelityasap.com/i/icon_yahoo.gif" /></a>





<strong>City:</strong>

IRVINE





<strong>State:</strong>

CA





<strong>Zip:</strong>

92603





<strong>County:</strong>

Orange





<strong>APN:</strong>

481-095-25





















<strong>Sale Status:</strong>

<strong>Invalid Sale</strong>





<strong>TS Number:</strong>

CA07107189NF





<strong>Notice of Sale Amt:</strong>

$1,501,724.53





<strong>Opening Bid Amt:</strong>

$1,518,253.30





<strong>Sold Amt:</strong>

$1,518,253.30





<strong>Sale Location:</strong>

<a title="Get Google Map" target="_blank" href="http://maps.google.com/maps?f=q&hl=en&q=700+Civic+Center+Drive+West,+Santa Ana,+CA+92701">At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.</a>


<a target="_blank" href="http://maps.yahoo.com/beta/#maxp=search&q1=700+Civic+Center+Drive+West,+Santa Ana+CA+92701"><img alt="Get Yahoo! Map" src="http://www.fidelityasap.com/i/icon_yahoo.gif" /></a>





<strong>Trustee:</strong>

Quality Loan Service Corporation





<strong>Trustee Phone#:</strong>

(619)685-4800

















</p>
 
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