Villages of Columbus - Columbus Grove/Square - Kensington Court
- Thread starter zovall_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
IRVINITEEEE_IHB
New member
Sounds good. Backyard and 2 car attached garage.
IRVINITEEEE_IHB
New member
YEAH pretty good.
irvinesinglemom_IHB
New member
I picked up a pricing sheet today:
Residence One: From $678,700
Residence Two: From $731,197
Residence Three: From $744,191
Residence Four: From $859,801
Residence One: From $678,700
Residence Two: From $731,197
Residence Three: From $744,191
Residence Four: From $859,801
zovall_IHB
New member
Hmm.. so everything was reduced except for Residence 4 huh?
IrvineMom_IHB
New member
I like Residence 2; however, would buy Residence Four because of end-unit. These are condos but they feel very luxurious.
irvinesinglemom_IHB
New member
Yeah, that Residence 4 pricing is strange, huh? I had a brief chat with the sales guy before I left. He said that the homes he has sold the past few weeks (I think he either said 6 or 9?) were all purchased with a lot of cash down - 200k to 300k. He said before that, it was a whole lot of zero downs. I started the chat by asking if his traffic had slowed down significantly since the lending company meltdown and he said he didn't have any subprime buyers in this development. I would not have expected there to be many subprime buyers in Irvine. I am a housing bear, however, and it is readily apparent to me (and to most of my fellow bubble bloggers) that this situation (exotic, stupid free money) is not limited to subprime. He asked me if I thought prices would continue to decrease, and when I briefly ran through the standard "prices not supported by fundamentals" argument, he really seemed interested and not at all defensive. It was quite refreshing.
socalhousingbubble_IHB
New member
<p><em>"Yeah, that Residence 4 pricing is strange, huh?"</em> </p>
<p>Their R4s have been sellling with very little issue in all the phase releases. Simply supply and de-mand.</p>
<p>Their R1-R3 seems to compete with a different area of the market, and it is nice to see the continued reductions in price. Keep 'em coming.</p>
<p>-SCHB</p>
<p>Their R4s have been sellling with very little issue in all the phase releases. Simply supply and de-mand.</p>
<p>Their R1-R3 seems to compete with a different area of the market, and it is nice to see the continued reductions in price. Keep 'em coming.</p>
<p>-SCHB</p>
socalhousingbubble_IHB
New member
<p>Invasion of the locusts:</p>
<p>Looks some weak hands might be trying to cash out of the game, and have decided they want to compete with the price-slashing builder.</p>
<p>46 Honey Locust, 92606 $849k 3/2.5 @ 2472 sqft would suggest a Residence 3, currently going for...hmm, lets see....<strong>$788k new</strong>. 9DoM as of this posting.</p>
<p>Also-</p>
<p>56 Honey Locust, $939k 4/3 @ 2685 sqft suggests a Residence 4, current price of...wait...<strong>$860k new</strong>. 0DoM as of this posting (must be listing day. Yippee!)</p>
<p>I'd love for someone to dredge up the loan info on these. OC_Fliptrack, where are you...?</p>
<p>Neil, you've got the popcorn. I'm hopping onto the couch to sit down and watch this.</p>
<p>SCHB</p>
<p> </p>
<p> </p>
<p>Looks some weak hands might be trying to cash out of the game, and have decided they want to compete with the price-slashing builder.</p>
<p>46 Honey Locust, 92606 $849k 3/2.5 @ 2472 sqft would suggest a Residence 3, currently going for...hmm, lets see....<strong>$788k new</strong>. 9DoM as of this posting.</p>
<p>Also-</p>
<p>56 Honey Locust, $939k 4/3 @ 2685 sqft suggests a Residence 4, current price of...wait...<strong>$860k new</strong>. 0DoM as of this posting (must be listing day. Yippee!)</p>
<p>I'd love for someone to dredge up the loan info on these. OC_Fliptrack, where are you...?</p>
<p>Neil, you've got the popcorn. I'm hopping onto the couch to sit down and watch this.</p>
<p>SCHB</p>
<p> </p>
<p> </p>
effenheimer_IHB
New member
Sorry... Zovall can dig up loan info. I only see loan info if there's a NOD or NTS involved.
zovall_IHB
New member
Hmm.. I couldn't find any record of 46 or 56 Honey Locust in the Title database. 
Anyone have more luck?
Anyone have more luck?
EvaLSeraphim_IHB
New member
I couldn't find anything either. Maybe I will go for a walk at lunch today and see if the Recorder / Assessor's office has anything. It's possible that these could have gone up on the MLS just as the builder closed with the buyer. If so, that would explain why the title companies haven't databased them yet.
socalhousingbubble_IHB
New member
<p>EvaLS et al.</p>
<p>I think these were from phase 1 or 2, so they should have closed right around the end of the year. Perhaps just before or just after. If I dig through my paperwork with the phase map it might reveal more.</p>
<p>Let me know if this is necessary or helpful.</p>
<p>SCHB</p>
<p> </p>
<p>I think these were from phase 1 or 2, so they should have closed right around the end of the year. Perhaps just before or just after. If I dig through my paperwork with the phase map it might reveal more.</p>
<p>Let me know if this is necessary or helpful.</p>
<p>SCHB</p>
<p> </p>
EvaLSeraphim_IHB
New member
So I went for that walk today...
46 Honey Locust (what kind of name is that?!?) owned by Mr. & Mrs. TY. Bought from Lyon on 11/16/06, and paid $791,745. First DOT for 30 yr term = $633,350, and second DOT (fixed rate?) for $158,300, i.,e., 100% financing. The bank was Chase for both loans. This couple used to own (still own?) 30 Santa Catalina in Irvine, but hubby quitclaimed it to his wife. Not sure what that was about, because they are still married according to the current deeds.
56 Honey Locust: This one is really weird. The tax bill goes to KM, and a first DOT in the amount of $650,000 was issued to KM (Chase again). What I didn't see was grant deed from Lyon to KM, or any second. According to the tax rolls, the sale was on 10/11/06, for $859,500. The first DOT is a 30 yr term, at 6.25, with a reset at 11/2011, and yearly thereafter. The reset rate is LIBOR + 2.25%, with a min rate of 2.25% and a max of 11.25% for all resets. Max rate change from reset to reset is 2%.
So, it looks like these folks are re-selling for the same or less than what they paid.
46 Honey Locust (what kind of name is that?!?) owned by Mr. & Mrs. TY. Bought from Lyon on 11/16/06, and paid $791,745. First DOT for 30 yr term = $633,350, and second DOT (fixed rate?) for $158,300, i.,e., 100% financing. The bank was Chase for both loans. This couple used to own (still own?) 30 Santa Catalina in Irvine, but hubby quitclaimed it to his wife. Not sure what that was about, because they are still married according to the current deeds.
56 Honey Locust: This one is really weird. The tax bill goes to KM, and a first DOT in the amount of $650,000 was issued to KM (Chase again). What I didn't see was grant deed from Lyon to KM, or any second. According to the tax rolls, the sale was on 10/11/06, for $859,500. The first DOT is a 30 yr term, at 6.25, with a reset at 11/2011, and yearly thereafter. The reset rate is LIBOR + 2.25%, with a min rate of 2.25% and a max of 11.25% for all resets. Max rate change from reset to reset is 2%.
So, it looks like these folks are re-selling for the same or less than what they paid.
IIIrvine_IHB
New member
I am not aware of a typical residential mortgage pegged to LIBOR unless a loan to a commercial entity??
EvaLSeraphim_IHB
New member
It's second one I've seen. The other was a loan issued by ResMae.
FWIW, here is an explanation I found:
"LIBOR-indexed ARMs offer borrowers aggressive initial rates (lower than many other ARMs) and has proved to be competitive with such popular ARM indexes as the <a href="http://www.mortgage-x.com/general/indexes/cofi.asp">11th District Cost of Funds</a>, the 6-Month <a href="http://www.mortgage-x.com/general/indexes/t-bill.asp">Treasury Bill</a>, and the 6-Month <a href="http://www.mortgage-x.com/general/indexes/cd.asp">Certificate of Deposit</a>. With the LIBOR ARMs borrowers are generally protected from wide fluctuations in interest rates by periodic and lifetime interest rate <a href="http://www.mortgage-x.com/vocablry/a-to-c.htm#Caps">caps</a>. LIBOR ARMs usually do not have <a href="http://www.mortgage-x.com/vocablry/n-to-z.htm#N">negative amortization</a>."
Fromhttp://www.mortgage-x.com/general/indexes/libor.asp
Considering that many of these loans are securitized rather than being held by banks, the LIBOR peg doesn't surprise me. I've got the impression that Wall Street prefers LIBOR over some of the other indices.
FWIW, here is an explanation I found:
"LIBOR-indexed ARMs offer borrowers aggressive initial rates (lower than many other ARMs) and has proved to be competitive with such popular ARM indexes as the <a href="http://www.mortgage-x.com/general/indexes/cofi.asp">11th District Cost of Funds</a>, the 6-Month <a href="http://www.mortgage-x.com/general/indexes/t-bill.asp">Treasury Bill</a>, and the 6-Month <a href="http://www.mortgage-x.com/general/indexes/cd.asp">Certificate of Deposit</a>. With the LIBOR ARMs borrowers are generally protected from wide fluctuations in interest rates by periodic and lifetime interest rate <a href="http://www.mortgage-x.com/vocablry/a-to-c.htm#Caps">caps</a>. LIBOR ARMs usually do not have <a href="http://www.mortgage-x.com/vocablry/n-to-z.htm#N">negative amortization</a>."
Fromhttp://www.mortgage-x.com/general/indexes/libor.asp
Considering that many of these loans are securitized rather than being held by banks, the LIBOR peg doesn't surprise me. I've got the impression that Wall Street prefers LIBOR over some of the other indices.
socalhousingbubble_IHB
New member
<p>EvalSeraphim-</p>
<p>Thanks for the legwork. It looks to me like they are trying to make money or cover their commission.</p>
<p>SCHB</p>
<p>Thanks for the legwork. It looks to me like they are trying to make money or cover their commission.</p>
<p>SCHB</p>
EvaLSeraphim_IHB
New member
Almon,
The real estate records are held by the County, not City. First, go the Tax Assessor's office (or online athttp://tax.ocgov.com/tcweb/search_page.asp)and obtain the owner's name. From there, go to the Recorder's Office (helpfully located in the same building) and use the grantor/grantee index to look up the person. From there, you can view pdfs of the title documents. I think print-outs are $1 per page. Me, I just bring a pen and paper and summarize. The address is 12 Civic Center Plaza, Santa Ana, CA 92701. Enjoy!
The real estate records are held by the County, not City. First, go the Tax Assessor's office (or online athttp://tax.ocgov.com/tcweb/search_page.asp)and obtain the owner's name. From there, go to the Recorder's Office (helpfully located in the same building) and use the grantor/grantee index to look up the person. From there, you can view pdfs of the title documents. I think print-outs are $1 per page. Me, I just bring a pen and paper and summarize. The address is 12 Civic Center Plaza, Santa Ana, CA 92701. Enjoy!