Real Housewives of OC update

NEW -> Contingent Buyer Assistance Program
[quote author="graphrix" date=1252593788]Especially if you drive down Frank Lane, that home is the nicest on the street, and that isn't a compliment.</blockquote>


Slums of the OPA? I wasn't aware there was a bad street in that neighborhood, but in fairness, I never looked at the stuff in that corner near Santiago very closely. Exactly what's wrong with it?
 
[quote author="graphrix" date=1252593788][quote author="C Delroy Spuckler" date=1252590179][quote author="justmememe" date=1252588620]Desperation, I guess?</blockquote>


I wouldn't necessarily say so. He bought another property (with an active NTS) on 6/25/2009, and another one on 3/25/2009 (also with active NTS).



688 S COAST HWY, LAGUNA BEACH, CA 92651 (commercial property)

20202 E FRANK LN, ORANGE, CA 92869 (single family residential)



I'm guessing someone who is "desperate" would not be laying down $1.2mil in property purchases in the past few months.



Their home has been on and off the market for 2+ years. I'm guessing they might just realize the market for that home is very small and inventory is very high, so its not a real liquid asset.



Delroy</blockquote>


<a href="http://www.redfin.com/CA/Orange/20202-E-Frank-Ln-92869/home/4387039">So he is the one who bought the property on Frank Lane</a>. He won't be getting offers at that price, and he will be losing money on it when it does sell. I would say he might be more desperate than you think. Especially if you drive down Frank Lane, that home is the nicest on the street, and that isn't a compliment.</blockquote>


I don't know the neighborhood or the Orange market, but at least the renovations were done nicely (or at least it seems in the pic).
 
The other houses on the same street as the Frank Ln property sold in the 400k range and other homes on nearby streets sold for 390k or so. That house would seem too upscale for the area. Also, I heard that the Bellinos were struggling monetarily at the moment and renting a place. Nothing wrong with renting, but I'd expect them to own with their reported wealth.
 
[quote author="no_vaseline" date=1252614390][quote author="graphrix" date=1252593788]Especially if you drive down Frank Lane, that home is the nicest on the street, and that isn't a compliment.</blockquote>


Slums of the OPA? I wasn't aware there was a bad street in that neighborhood, but in fairness, I never looked at the stuff in that corner near Santiago very closely. Exactly what's wrong with it?</blockquote>


I wouldn't call it slums of OPA, but that area is the complete opposite of what most of OPA is. Small lots with small houses. The homes are older, and not that well kept. The house that uber investor built sticks out like a sore thumb. You turn the corner and say, "There it is!". Just a dumb move, and not very well thought out. And... if he is hurting for work, then you know the construction is garbage, no matter how much the paint fumes make you think otherwise.
 
[quote author="graphrix" date=1252593788]So he is the one who bought the property on Frank Lane. He won't be getting offers at that price, and he will be losing money on it when it does sell</blockquote>Did he buy it at auction for $421,500 on 6/25/09 ? If so, you dont think he will get at least that out of it ?
 
[quote author="xoneinax" date=1252662730][quote author="graphrix" date=1252593788]So he is the one who bought the property on Frank Lane. He won't be getting offers at that price, and he will be losing money on it when it does sell</blockquote>Did he buy it at auction for $421,500 on 6/25/09 ? If so, you dont think he will get at least that out of it ?</blockquote>


He didn't buy at the auction, he bought it from the owner directly. Torn it down, and built this place. Even if he was able to get it down $100 a sqft. (that is really pushing it for a small contractor, and judging by the materials in the pics it is almost impossible), he would need to get $680k just to break even after he pays RE commissions. I don't think he will get $680k, and I'd be surprised if he gets much over $600k.
 
RedFin says Year Built:2008; that is why I was confused.

So he bought a teardown around 6/25/09, got this new yellow house built in about 1 month, and listed it on 8/12/09; thats a very quick turnaround.





Or did he have this built in 2008 and the 6/25/09 transaction for $421,500 is something else, or just very, very late in being properly recorded?
 
[quote author="xoneinax" date=1252720791]RedFin says Year Built:2008; that is why I was confused.

So he bought a teardown around 6/25/09, got this new yellow house built in about 1 month, and listed it on 8/12/09; thats a very quick turnaround.





Or did he have this built in 2008 and the 6/25/09 transaction for $421,500 is something else, or just very, very late in being properly recorded?</blockquote>


I didn't catch that. I would have to double check the dates on it, and also check the MLS. Maybe later I will, but it looks like you are right, he bought it from the original builder that was in distress. Could be a better move than I expected.
 
Postponed til November:



Foreclosure Stage: Auction

Sale Date 11/04/09

Published Bid $542,892

Sale Status Active

Notice Date 03/06/09

Postponed For Beneficiary Request

Sale Date 11/04/09

Original Date 04/09/09
 
Did anyone else notice that in an earlier season when Jeana was discussing her real estate holdings and she mentioned her Irvine house, she pronounced it like Er-vin? "We have the Coto house...blah blah blah...and a house in Er-vin." I thought that was odd.
 
Looks like they are going to show all the pain...excellent Smithers.



<a href="http://www.hulu.com/watch/95966/the-real-housewives-of-orange-county-this-season-in-the-oc">Preview</a>
 
I was browsing through a coupon/advertisement mailer this week and I came across Lauri[del]e[/del] Waring-Peterson's grill in an advertisement for Platinum Dental.
 
[quote author="awgee" date=1254653558]I was surprised to see Jeana in the <strong><em>trailer </em></strong>because I thought she was not going to be on the show this season.</blockquote>


Dammit. For a second there I thought you were talking about a double-wide.



Back to the waiting game I guess.
 
<a href="http://news.cnpanyu.com/2009/1004/6483.html">Ex-Fiance of "Real Housewives of Atlanta" Killed this weekend.</a>



Ashley Jewell, the former fiance of Real Housewives of Atlanta star was killed in a fight outside of an Atlanta strip club last night.



It all started with a fight. The police are still investigating a motive, but have contacted a person of interest. ?It appears he was involved in an altercation in the parking lot and he received a severe blow to the head,? Atlanta Police Lt. Keith Meadows told the TV station WBSTV. Immediately following the fight, Ashley was taking to a hospital where he later died.



Polite says investigators are unsure what caused the fight. He said investigators are interviewing a "person of interest."



Jewell was engaged to "Housewives" cast member Kandi Burruss until August. He appeared in several episodes of the hit reality show, which follows metro Atlanta socialites.
 
I have been reading this site for quite a while, first time poster. I live in LR and keep an eye on the local market. Looks like the Barney house has been given the first NOD on 9-29-09 for $1,191,500.





http://www.foreclosure.com/search.html?st=CA&cno=059&z=92694&tab=p





About a month ago I walked by the house, walking the neighborhood with the dogs, and Simon was outside talking to the gardener and complaining how his wife likes things to be perfect all of the time. Guess he won't have to worry about that too much longer.
 
Total loans look to be around $1,390,000.00



A First of $1,240,000.00

A Second $77,500.00

A Third of $72,500.00



Nice Piggy Bank. Looks broken now.
 
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