What's going into escrow - Irvine and maybe some Tustin too

NEW -> Contingent Buyer Assistance Program
[quote author="graphrix" date=1210226760][quote author="ipoplaya" date=1210131170]30 Crimson Rose in TRidge closed yesterday for $1.42M.</blockquote>


Wow, this place was sold at the foreclosure auction in the beginning of August for $1.4M. It was possibly the second lien holder who bought it. So, they had to carry the costs for 9 months, including the back property taxes, to get back 2/3rds of what they were owed. Well, I guess it is better than nothing.



Here is a foreclosure, and now that it sold would be considered a real comp by some here, but the foreclosure price was the about the same price. Mmmm... maybe foreclosures can be good comps. Eh, what do I know?



I do know that 2565 Reynolds, 92782 went back to the bank for $792k. It sold in 3/06 for $1.1M and there are few for sale in that tract for $900k plus.



Oh, and 59 Wonderland, 92620 is up for auction on 5/15. The NTS is $815k, but the bank will take $622k in a freshly printed cashiers check. Damn, that is a $140k less than the 2004 purchase price. Mmmm... another 2003 or maybe even a 2001 rollback.</blockquote>


I looked at Reynolds. It's in El Dorado. They had it priced in the $900s and didn't get any takers evidently. Damn putting green in the backyard there, I hate those. Reynolds has the arterial road curse. It sides to Pioneer and in a down market, that's a no-no. There is Jeff Jones listing on Hiskey that has been price dropping with the same problem since it backs to Pioneer. I hope they spin Reynolds up at $799K and crash the comps in El Dorado. There are a bunch of listings online there now. There is a 3100sf place there I wouldn't mind owning... El Dorado is a solid development with a good community feel and walking proximinity to both Peters Canyon Elementary and Pioneer Middle. Not quite Ten Magneto trophy homes, but an acceptable alternative for the IPO family.
 
Ipop,



I?m looking hard at 41 Stowe.

It?s been stagnant @ $1.3M since December.

There?s a lot of competition around it on Breezes.

Agent told me they wouldn?t consider anything in the $1.1M range.

I like the house, not love it.

Can you tell me if there?s a NOD on it or other info.



Thanks!
 
[quote author="tenmagnet" date=1210293893]Ipop,



I?m looking hard at 41 Stowe.

It?s been stagnant @ $1.3M since December.

There?s a lot of competition around it on Breezes.

Agent told me they wouldn?t consider anything in the $1.1M range.

I like the house, not love it.

Can you tell me if there?s a NOD on it or other info.



Thanks!</blockquote>


41 Stowe got first NOD in February. Looks like they have a $1M first mortgage. Not sure about 2nd. IR2 can probably tell you that...



What about 20 Breezes? Low priced leader there... You don't mind street noise as much. They are probably having a harder time with 20 Breezes since it sides to Trabuco.
 
[quote author="ipoplaya" date=1210236453][quote author="graphrix" date=1210226760][quote author="ipoplaya" date=1210131170]30 Crimson Rose in TRidge closed yesterday for $1.42M.</blockquote>


Wow, this place was sold at the foreclosure auction in the beginning of August for $1.4M. It was possibly the second lien holder who bought it. So, they had to carry the costs for 9 months, including the back property taxes, to get back 2/3rds of what they were owed. Well, I guess it is better than nothing.



Here is a foreclosure, and now that it sold would be considered a real comp by some here, but the foreclosure price was the about the same price. Mmmm... maybe foreclosures can be good comps. Eh, what do I know?



I do know that 2565 Reynolds, 92782 went back to the bank for $792k. It sold in 3/06 for $1.1M and there are few for sale in that tract for $900k plus.



Oh, and 59 Wonderland, 92620 is up for auction on 5/15. The NTS is $815k, but the bank will take $622k in a freshly printed cashiers check. Damn, that is a $140k less than the 2004 purchase price. Mmmm... another 2003 or maybe even a 2001 rollback.</blockquote>


I looked at Reynolds. It's in El Dorado. They had it priced in the $900s and didn't get any takers evidently. Damn putting green in the backyard there, I hate those. Reynolds has the arterial road curse. It sides to Pioneer and in a down market, that's a no-no. There is Jeff Jones listing on Hiskey that has been price dropping with the same problem since it backs to Pioneer. I hope they spin Reynolds up at $799K and crash the comps in El Dorado. There are a bunch of listings online there now. There is a 3100sf place there I wouldn't mind owning... El Dorado is a solid development with a good community feel and walking proximinity to both Peters Canyon Elementary and Pioneer Middle. Not quite Ten Magneto trophy homes, but an acceptable alternative for the IPO family.</blockquote>


Naw, don?t worry about meeting my expectations Ipop.

Do what you?ve got to do.

Although, I did like the fact that you used ?trophy?, one of my favorite words on the main blog yesterday.

I caught the shout out, thanks man!



On a side note, looks like someone registered in the forums under your old DJ handle ?Johnny Fever? or was it ?Johnny Flex?, can?t remember which.
 
Couple of closes to report. Someone lucked into a buyer on 35 Balcony in QH. Place sold for late 2005 price...



<a href="http://www.ipoplaya.com/iposhiller.pdf">IPO's CS Tracking</a>
 
I see 28 Desert Willow is on that list, Playa. There's another update for IR. <a href="http://www.irvinehousingblog.com/blog/comments/weeping-desert-willow-foreclosure/">28 Desert Willow was the subject of one of his blog posts awhile back.</a>
 
Back to a post quite far up the thread.



Sez as is and "where is".



What is meant by where is? They don't know where the house is? They don't

know where the walls are? They are encroaching on the neighbors? The house

flies to house heaven at night?
 
[quote author="ipoplaya" date=1210299989][quote author="tenmagnet" date=1210293893]Ipop,



I?m looking hard at 41 Stowe.

It?s been stagnant @ $1.3M since December.

There?s a lot of competition around it on Breezes.

Agent told me they wouldn?t consider anything in the $1.1M range.

I like the house, not love it.

Can you tell me if there?s a NOD on it or other info.



Thanks!</blockquote>


41 Stowe got first NOD in February. Looks like they have a $1M first mortgage. Not sure about 2nd. IR2 can probably tell you that...



What about 20 Breezes? Low priced leader there... You don't mind street noise as much. They are probably having a harder time with 20 Breezes since it sides to Trabuco.</blockquote>


I saw 20 Breezes, it?s very nice.

41 Stowe is much better, imo.

Good to know that they're underwater.

Thanks for the info.

No lack of product, that's for sure.

Plenty of similar homes and floorplans to choose from.



The asking price/sq.ft. is very enticing there.

Compared to Northpark which is still north of $400



Looks like 23 Torrey Pine re-listed.

It?s seen no action @ $1.075M, weren?t you interested in that one?
 
[quote author="tenmagnet" date=1210311009][quote author="ipoplaya" date=1210299989][quote author="tenmagnet" date=1210293893]Ipop,



I?m looking hard at 41 Stowe.

It?s been stagnant @ $1.3M since December.

There?s a lot of competition around it on Breezes.

Agent told me they wouldn?t consider anything in the $1.1M range.

I like the house, not love it.

Can you tell me if there?s a NOD on it or other info.



Thanks!</blockquote>


41 Stowe got first NOD in February. Looks like they have a $1M first mortgage. Not sure about 2nd. IR2 can probably tell you that...



What about 20 Breezes? Low priced leader there... You don't mind street noise as much. They are probably having a harder time with 20 Breezes since it sides to Trabuco.</blockquote>


I saw 20 Breezes, it?s very nice.

41 Stowe is much better, imo.

Good to know that they're underwater.

Thanks for the info.

No lack of product, that's for sure.

Plenty of similar homes and floorplans to choose from.



The asking price/sq.ft. is very enticing there.

Compared to Northpark which is still north of $400



Looks like 23 Torrey Pine re-listed.

It?s seen no action @ $1.075M, weren?t you interested in that one?</blockquote>


I like the Torrey location but won't even check it out until it gets to $999K on list.
 
[quote author="ipoplaya" date=1210312430][quote author="tenmagnet" date=1210311009][quote author="ipoplaya" date=1210299989][quote author="tenmagnet" date=1210293893]Ipop,



I?m looking hard at 41 Stowe.

It?s been stagnant @ $1.3M since December.

There?s a lot of competition around it on Breezes.

Agent told me they wouldn?t consider anything in the $1.1M range.

I like the house, not love it.

Can you tell me if there?s a NOD on it or other info.



Thanks!</blockquote>


41 Stowe got first NOD in February. Looks like they have a $1M first mortgage. Not sure about 2nd. IR2 can probably tell you that...



What about 20 Breezes? Low priced leader there... You don't mind street noise as much. They are probably having a harder time with 20 Breezes since it sides to Trabuco.</blockquote>


I saw 20 Breezes, it?s very nice.

41 Stowe is much better, imo.

Good to know that they're underwater.

Thanks for the info.

No lack of product, that's for sure.

Plenty of similar homes and floorplans to choose from.



The asking price/sq.ft. is very enticing there.

Compared to Northpark which is still north of $400



Looks like 23 Torrey Pine re-listed.

It?s seen no action @ $1.075M, weren?t you interested in that one?</blockquote>


I like the Torrey location but won't even check it out until it gets to $999K on list.</blockquote>


You won't have to wait very long.

It's certainly not moving, I'd fire in $975K and get the dialogue going.
 
[quote author="tenmagnet" date=1210312685]You won't have to wait very long.

It's certainly not moving, I'd fire in $975K and get the dialogue going.</blockquote>


Slow down there Deferol dude, no reason to offer up current market value out of the gate. They go to $999K, me likey, they get an offer of $900K to start the talks...
 
Ten: buyer of 50 windingway should be prepared to spend a bunch of money for landscape. Looks terrible from outside.



59 fanlight got NOD several days ago according to RealtyTrac - didn't pay 2007 property tax bill.



74 fanlight was just listed today. The owner is past due on their second installment of the property tax bill which is about $12000.



66 windingway got their NOD back in Jan, I can't tell what is going on there - interestingly enough that they are current on the tax bills.



PLUS 8 other listings currently on the market. Will be interesting to see which house will set the record low first in this track.
 
[quote author="ipoplaya" date=1210314044][quote author="tenmagnet" date=1210312685]You won't have to wait very long.

It's certainly not moving, I'd fire in $975K and get the dialogue going.</blockquote>


Slow down there Deferol dude, no reason to offer up current market value out of the gate. They go to $999K, me likey, they get an offer of $900K to start the talks...</blockquote>


Ipop, I'm disappointed in you again. You're underestimating 10's savvy nature. His M.O. is to come in with the $975K offer that locks in the escrow. After the bank has already started counting their money, he milks the contingency period, THEN he asks for $100K credit in a repair request to install the "rockin" disco ball, dry-heat sauna, and tanning pods. Get with the program. You're better than that. You must have been working way too hard this week.



:coolhmm:
 
[quote author="IrvineRealtor" date=1210314740][quote author="ipoplaya" date=1210314044][quote author="tenmagnet" date=1210312685]You won't have to wait very long.

It's certainly not moving, I'd fire in $975K and get the dialogue going.</blockquote>


Slow down there Deferol dude, no reason to offer up current market value out of the gate. They go to $999K, me likey, they get an offer of $900K to start the talks...</blockquote>


Ipop, I'm disappointed in you again. You're underestimating 10's savvy nature. His M.O. is to come in with the $975K offer that locks in the escrow. After the bank has already started counting their money, he milks the contingency period, THEN he asks for $100K credit in a repair request to install the "rockin" disco ball, dry-heat sauna, and tanning pods. Get with the program. You're better than that. You must have been working way too hard this week.



:coolhmm:</blockquote>


I'm still patting myself on the back for "Deferol Dude"...



Don't make me mad, I'll hire Agahi. :)
 
IrvineRealtor,



Can you tell me what is the deal with 74 fanlight? This house showed up on MLS early this morning, and early this evening the status changed to "Pending sale"? I can't find a NOD on it. Thanks!
 
[quote author="IrvineRealtor" date=1210326208]I just saw him driving away from the new listing... perhaps I'm too late to transplant your neighbor.</blockquote>


He supposedly has an offer at $600K.
 
[quote author="irvine123" date=1210328895]IrvineRealtor,



Can you tell me what is the deal with 74 fanlight? This house showed up on MLS early this morning, and early this evening the status changed to "Pending sale"? I can't find a NOD on it. Thanks!</blockquote>


Woodbury home. Seller relocation.



Sales History:

Recording Date: 02/22/2007

Sale Price: $1,257,500

Buyer Name: xxxxxxxxxxx

Seller Name: Standard Pacific Corp

Document Type: Grant Deed



They had $1.320M ($1.125M originally and a heloc for $195K in January) in loans against the property and listed the home at a price of $1.329M. It appears that the buyers had the inside scoop on this since it went into pending status (all buyer contingencies removed) immediately. I've got clients that are currently trying to do the same thing on a place not yet listed with the bank, but it was given back at trustee's sale at the beginning of the month. Many times in a transaction like this, Realtors will have all of the data entered after the transaction is secured as simply a data track for comps later on.
 
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