Tamra's New Digs
We got bored with the RHOC quite awhile ago, but we thought you might like some closure. The short sale on Tamra’s house in Ladera closed and you can read all about it on Lansner’s Blog. The sales price is being reported as $1,120,000 while the Barney’s bought it for $1,320,500 in September of 2005.
12 Shire
According to the owner’s letter to the OC Register dated March 8, 2010:
” … and I have stopped efforts to sell my home at a greatly reduced discount.”
“ … and the crazy people coming out of the woodwork to buy my 4.5 million dollar house for 1.3″
“I am happy to report the system works! There is no foreclosure on my home anymore.”
The price on 12 Shire was just reduced by $200,000 to $3,700,000.
According to Lender Processing Services and Foreclosure Radar the foreclosure auction date for 12 Shire has been postponed from 4/19/10 to 5/19/10.
12 Shire
We promised to keep you apprised of any changes and so we shall. The listing status of 12 Shire is once again “Active” after having been “Hold, Do Not Show” for a couple of weeks. According to Foreclosure Radar, the status of the Notice of Trustee Sale has not changed which would seem to conflict with the owner’s letter to the OC Register.
12 Shire
According to the owner of 12 Shire in this letter to the OC Register , dated March 8, 2010, the owner has received a loan mod and there is “no foreclosure on my house anymore.” She also says, “I have been helping so many people save there homes, it is a difficult and frustrating process that I really wasn’t focusing on sales.” “After I was denied back in January, after working with Wamu/Chase for 6 months, they said I didn’t fit the program, I am a fighter so I called my friend Jason Cougenhour at HUD, … ”
Here are a couple of quotes from the June 11th, 2009 letter, 8 months ago, from the same owner, “Mark, thank you for making me aware of a NOD (notice of default) filed on my house, I have successfully completed a loan modification with Zachary Scoggins and Art Moore! Thanks guys! Washington Mutual/Chase are committed to keeping families in there homes. Thanks President Obama and HUD’s Jason Coughenour.”
Are you all as confused as I am? Do you think the OC Register reads its previous stories to see if its present articles make any sense?
According to Foreclosure Radar, the Notice of Trustee Sale is not showing as canceled, … , yet. But, we will let you know of any status change.
24086 Fairway Lane
Coto Country Sales
Today we’re going to have a “special edition” of this thread. The reason for this was given the price reductions of 12 Shire and 24086 Fairway, I thought it might be interesting to our buyers/readers to see where Jeana’s listing stacked up. 2 days ago 12 Shire saw a price reduction of $300k. Its not clear what that means given the MLS comments/auction that one of our readers pointed out to us. 24086 Fairway does not have “auction” listed, so I assume its a straight forward price reduction, so let’s take some time to look at Coto Country and how it stacks up using our predefined analysis method.
I violated my original thread comment of showing tracts with homes in escrow. There are no homes in escrow currently in Coto Country. Hey, its a Special Edition, I can make my own rules dammit.
| Date | Address | Active Listing | Sellers Agent |
|---|---|---|---|
| 3/2/2010 | 24141 Fairway | $ 919,900.00 | Frank DiLauro |
| 3/2/2010 | 24086 Fairway | $ 750,000.00 | Jeana Keough |
| Date | Address | Closing Price | Sellers Agent | Buyers Agent |
|---|---|---|---|---|
| 11/13/2009 | 24082 Fairway | $ 720,000.00 | Richard Stuart | Jessy Lee |
| 8/7/2009 | 24121 Fairway | $ 500,000.00 | George Sparks | Mac Mackenzie |
| 6/3/2009 | 24106 Fairway | $ 659,000.00 | James Stinnett | Rita Tayenaka |
| 10/23/2008 | 24091 Country View | $ 525,000.00 | James Zakhar | Jimmy Reed |
| 9/16/2008 | 24111 Fairway | $ 705,000.00 | Mike Ameel | Jeffrey Maas |
| 5/2/2008 | 31351 Summerhill | $ 995,000.00 | Mike Ameel | David Sidoni |
| 7/17/2007 | 24282 Fairway | $ 1,050,000.00 | ||
| 6/21/2007 | 24092 Country View | $ 750,000.00 |
I’m starting to make a section here, rather than grouping it under “Comments on Sales”. Remember, I’m treating all homes as a commodity in these analysis. In reality there is always some variation… different models, different lot sizes, different views, etc. I’ll list anything obvious in this section. My hope is for tracts with enough sales history the product mix averages out. This is why I list low/high/median… it gives us a bit more insight into sales mix beyond the median sale, and can hopefully catch product mix issues. So far, this appears to be the case.
Once again, a thanks out to Ron Denhaan for the info on his site.
From a model standpoint, you got 3 models, going from just under 2000 sqft to right around 2500 square feet. Some homes back up to the golf course. A few back up to Coto de Caza drive.
| Year | Low Sale | High Sale | Median | Volume |
|---|---|---|---|---|
| 2009/2010 | $ 500,000.00 | $ 720,000.00 | $ 659,000.00 | 3 |
| 2008 | $ 525,000.00 | $ 995,000.00 | $ 705,000.00 | 3 |
| 2007 | $ 750,000.00 | $ 1,050,000.00 | $ 900,000.00 | 2 |
Same old. YOY low, high, median all down.
Jeana’s listing is above 2009 high (which appears to be the same model and also was on the golf course) by about 5%. The low price in 2009 was a lessor model with no view. IMHO her listing might be slightly high, but she seems roughly in the right ballpark… enough that you could negotiate or another small price drop gets you there.
THE SECOND LISTING IS A *** HEAD SCRATCHER***. IT IS THE MIDDLE MODEL (JEANA’S IS THE LARGER) AND IT IS NOT ON THE GOLF COURSE. IT IS PRICED ABOVE 2007 MEDIAN. ON THE BRIGHT SIDE IT IS BEING AGGRESSIVELY MARKETED BY HAVING THE MLS ENTRY IN ALL CAPS AS WELL AS SOME TASTEFUL SPRINKLING OF THE DREADED TRIPLE ASTERISKS. IT ALSO CONTAINS DR. NEWER CARPETTING, WHICH I HAVE NO CLUE WHAT THAT MEANS. IT HAS A ROMANTIC WATERFALL AND ROMANTIC FOUNTAIN. IT ALSO CONTAINS REAL PELLA HARDWOOD WINDOWS (NOT THOSE FAKE PELLA HARDWOOD WINDOWS SOLD IN TIJUANA) I WOULD BE CURIOUS TO HEAR IF ANY OF OUR READERS HAVE SEEN THIS LISTING, AND IF THEY CAN EXPLAIN THE PREMIUM BEING ASKED FOR IT.
No homes in escrow
Prices appear to be down roughly 30% from 2007 peaks. Volume in this tract has been stable and we’ve got some inventory. The smaller floorplan seems to be at around $500k, the larger floorplan somewhere in the $700k’s.
12 Shire
12 Shire is back in foreclosure. And the filer of the NTS we write of is not the CZ Master Association, although the CZ Master has also filed. Another Loan Mod Gone Wild ? Maybe. Probably.
It is not so surprising to me that the properties that have had a foreclosure canceled due to a loan modification are going back into foreclosure. It seems just about everybody knew and predicted as much except for a few folks who are living in a river in Egypt. What is surprising to me is how fast they are going back into foreclosure.
The Notice of Default with an estimated published bid of $1,364,538 on 12 Shire was canceled before it’s projected sale date of 9/08/09, but a Notice of Trustee Sale has recorded on 2/10/10 with a published bid amount of $1,519,824. The amount owed between May and February, ten months increased by $155,286. I am not sure how more than $15,000 per month gets added to a $1,327,000 loan.
The first scheduled auction date for 12 Shire is 3/05/10 and the lender is in a win-win. If the house sells, the 1st and the 2nd holders and the CZ Master Association all get paid. If the bank forecloses, the result will be the same. I may show up at the auction dates on this one, …, if I can dig up a few cashiers checks.
Dog not included
I love the dog.
I know we had this debate before but I love the dog in the MLS picture. As with many liberal arts people, I’m a visual person, and I can just imagine the homeowner’s affection for their dog. Let’s admit it, as much as we like to criticize MLS pictures… they don’t buy or sell the house. Terrible pictures might scare off an interested party. But in general most people “close” is good enough to get you to come check the house out. The rest of the pictures are for us gawkers.
The pictures on 12 Shire are adequate enough to convey the image of the house. You can go check them out on MLS once again because it listed again today at $4,200,000. Thats $700k less than the last time we saw it listed, mid August when Jeana told the OC Register about her loan mod. The main NOD is gone, but there is still the issue with the assocation, I would tend to believe that is more a disagreement with the association than it is a sign of financial hardship. Besides that there is no indication from Foreclosure Radar or RealtyTrac that anything else is up. Maybe she’s trying to get away from her annoying neighbor who was TP’ing her house.
The price? It’s definitely from the pictures a nice looking house, inside and out. The yard is big, and as we’ve seen on TV, looks nicely done. But $4.2mil? I don’t know. It backs up to the main strip, so I’m guessing just like 18 Palomino you get some traffic noise. 18 Palmono was a very nice home, with a decent lot. Maybe its not as big or as nice as 12 Shire, but its $318/sqft is no where near the $525/per of 12 Shire.
Some other homes in the $3.5-5mil range I’d say are comparable:
Me? If I’m looking to lay 3-5 very large ones on a home, I’m probably moving to Via Colinas or maybe Fresian. But the pictures for 12 Shire are enough I’d go look at it. Maybe it will have an open house soon and some of our readers can let check it out and let us know what they think about it.
If you do, while you are there tell Jeana PLEASE come back to RHOC. It is boring without you. I dunno… after she left the tone just changed. It lost its “fun”.
Everyone was asking, and 24086 Fairway, the subject of our previous post, “I Ain’t No Lawyer, But … “, is back. It is back on the market for sale, and it is back in foreclosure. The Notice of Trustee Sale filed by the 1st holder was canceled in August of 2009, presumably due to a loan modification. Do loan modifications halt foreclosures? They do, … for about nine months, all the while more payments are not being paid, more debt is being accumulated, and the pretend and extend serves only to keep housing unaffordable for a bit longer than would be best for all concerned. Except of course for those who aren’t paying their mortgage, and the banks who are able to show profits, pay huge bonuses based on those profits, and use taxpayer money to fund their speculations and purchase their toxic CDOs. Thank goodness for loan mods and foreclosure cancellations due to them.
This presently recorded Notice of Default was filed by the 2nd holder for $5,737. Maybe the owner can get a 2nd mortgage loan mod under Supplemental Directive 09-05 and we can directly pay for the borrower’s principal reduction? Or maybe the owners will sell the house and pay off the lenders?
Honestly, I think these owners will sell their house and pay off the mortgages. And quite honestly, I really don’t care if people don’t pay their mortgage and I don’t care if the banks have to eat it. I don’t even care if banks modify loans. But I do care that you and I are paying for it, wrongfully. If a bank makes a bad loan or if an organization buys a CDO with bad tranches, fine. They can pay for it. I teach my children to be responsible for their actions. Where in the world do folks get the idea that the government can somehow negate responsibility?
Just a quick note to our readers. As you probably noticed I haven’t do the recap of the RHOC the past two weeks. While I enjoyed writing them, the show took a turn and I didn’t feel it was relevant to our blog anymore. My original reason for the recap was because there had been alot of discussion on properties/issues relating to the show on our blog, I was hoping to tie the show into past posts to give our readers more insight. Additionally, I like that the show features alot of neat places (restaurants, boutiques, parks, etc) in the area so I was providing links to them and looking them up, so people could be exposed to new places in the Coto area.
The show now appears to be more about travelling away from OC and personality issues and family conflict which I felt was best left private. If the tone of a show changes, I’ll profile it, but in the mean time I’ll refrain from further updates.
22931 Sonriente Trail
The curse of the Real Housewives of Orange County continues. Back up to Season 1. Slade Smiley goes to the president of a mortgage company to drum up business. Slade drops that he lives in Coto and brags the he lives in The Greens. He is quickly put in his place by his colleague who tells him he lives in the Estates.
22931 Sonriente Trail, as I have been told, is the house he lived in. Yes, the blue “Chateau au Coto” It has a NTS with its first scheduled auction date of 1/20/10 with an openning bid of $5,246,078. That’s alot of money, so I’m pretty certain its not association dues.
How did we get to that huge number? Well you start in mid 2003 buying the place for $4,100,000 with a first and second totaling $3,280,000. Four years and 4 mortgage records later you are in a $4,940,000 WaMu Negative Amortization loan. Do the math… thats $415k in negative equity per year over those 4 years. If you estimate interest on $3.28mil @ 6% it is about $197k per year… the house netted roughly $218k per year after interest… not shabby. Early 2007, WaMu gave another $380k payout. 2 more small loans (which may have replaced the HELOC)) in 2009, and here we are.
22931 Sonriente Trail was on the market for a bit over a year until it came off last summer. It received its NOD in late September and its NTS was received the standard 3 months later, on New Year’s Eve. Who gives a NTS on 12/31? Do you really think they were scheduled to work that day, or do you think someone intentionally showed up for this one?
We’ll see if it follows the new standard of having its auction postponed multiple times.