Archive for October, 2009

Update: NOD means Notice of Default

Oct 31st, 09 / by C Delroy Spuckler / 2 Comments

One of the first CHB posts was entitled “NOD Means Notice of Default“, referring to the Keough’s home on Shire receiving a NOD.

Neither I nor cdcrez can figure what happened, but it looks like they have resolved this with their bank.  None of the sites we use list the NOD on 12 Shire any longer.   At least on Realtytrac the info was there within the last week or so, so the change is recent.  There is no rescission, nor any new loan docs which showed up.  (although those filings might take a while to show up)  Either way, good for them.

Maybe we’ll find out this upcoming season… set your DVR’s, I know I have.  It starts this Thursday…

Real Housewives of Orange County, Woods

Cartoon, “Reinflate The Bounce”

Oct 31st, 09 / by cdcrez / 2 Comments

Reinflate The Bounce

From Calculated Risk

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$1.1mil off

Oct 31st, 09 / by C Delroy Spuckler / 10 Comments
22 Palma Valley

22 Palma Valley

Ok, its not the $1.5mil on a single home which cdcrez got, but 2 homes I profiled recently had major price reductions this week so I thought we’d revisit them. First off,  8 Hickory Fork, yes… the loggia house.  It dropped from $2,195,000 to $1,795,000… $400k  (or 18%).   Current Oak View listings include:

Sales in the last 6 months:

Just looking at those numbers, it looks like the sweet spot for that tract is probably around $1.4mil…

Next up is 22 Palma Valley, aka the custom paint house.  Since listing its dropped its price twice… first by $250k a month after listing, and then another $450k this past week.  So initial listing was $3,200,000 and current asking is $2,500,000, or roughly 21% from its initial listing price.

This new price represents $100k less than it sold for in April of 2006 (but still $325k more than in sold for in April of 2004). In the $2.25 – $2.75mil range you’ve currently got 11 listings.  At this price the house is $357/sqft which would be the lowest in that price range.

There have been 8 sales in the past 2 years in that price range (3 San Marino, 1 Oak Knoll, 2 Forest, 2 Weatherly) but none in the past 12 months. I haven’t seen it since its been relisted, but it looks slightly outdated, probably in line with the homes over on Via Roble (new listing, old listing), so I’d probably use them as comps.  Might fetch a slight premium if you want a horse… but that stable might also limit your buyers.

My gut says low $2’s… Any guess from anyone as to where this one will sell at?

Oak View

Update to This Week, (10/25/09), in Foreclosures

Oct 31st, 09 / by cdcrez / 0 Comments

20 Dartmouth – The trustee sale has been postponed until 11/30/09.  The notice of trustee sale recorded on 9/04/09 with an amount owed of $910,110.   This appears to be the 2nd postponement.

18 Portmarnoch - The trustee sale has been postponed until 11/16/09.  The notice of default recorded on 5/19/09 with an amount owed of $29,208.  Total loans show as $1,715,000.  There have been 2 postponements.

114 Vela Court – The trustee sale has been postponed until 11/06/09.  The amount on the NOD is $5,269 and was filed by the CZ Master Association and the NTS appears to also be from the CZ Master Association.  There was also a recorded NOD filed by the first mortgage holder for $153,706, and it may have been canceled.  There have been 2 postponements.

3 Corn Flower – The trustee sale has been postponed until 11/25/09.  The NOD recorded on 6/26/09  for $34,393.  This appears to the first postponement.

6 Pegasus – The trustee sale was canceled on 10/28/09.  6 Pegasus was sold to a third party as a short sale for $975,000.

35 Via Candelaria – The trustee sale has been postponed until 11/12/09.  The NOD recorded on 04/14/09 for $10,606.  There have been 4 postponements.

11 Pine Valley – The trustee sale has been canceled.  But, there is a new NOD recorded on 11 Pine Valley.

12 Mahogany Run -  The trustee sale has been postponed until 11/14/09.  The NOD recorded on 7/08/09 for $21,825.  The trustee sale has been postponed once.

8 Weber Lane – Finally!  The trustee sale for 8 Weber Lane was canceled.

29 Harvard Court – The trustee sale has been postponed until 12/16/09.  The NOD recorded on 7/08/09 for $15,052.  The trustee sale has been postponed once.

1 Laurelgate - The trustee sale resulted in 1 Laurelgate being bought by the filer of the NTS, possibly the CZ Master Association for $12,178.   There is another NOD which recorded on 07/31/09 for $133,782.

108 Dornach Way -  The trustee sale has been postponed until 11/13/09.   A notice of default recorded on 6/19/08  for $15,427 on a mortgage, but the notice of trustee sale appears to be  filed by the CZ Master Association.  There have been 10 postponements.

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$1,500,000 Discount

Oct 30th, 09 / by cdcrez / 8 Comments
30911 Via Colinas

30911 Via Colinas

The price decrease is enough to buy a nice home in Coto.

The previous asking price for 30911 Via Colinas was $6,750,000.  The new asking price is $5,250,000.  You may think, “Well, how much of a decrease is $1,500,000 from an initial price of $6,750,000?”  Actually, quite a bit, and 22% to be exact.  IMO, a 22% price decrease off any asking price is a large amount.  And if you say the original asking price was outrageous, I have no means with which to agree or disagree with you.  I have not been inside, (or even close to the outside), but it looks like it is worth $5,250,000 to me, …, or even $6,750,000.  Those numbers are in the realm of fantasy for me, so one is not necessarily more outrageous or even different then the other.

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Weekend Open Houses

Oct 29th, 09 / by cdcrez / 0 Comments

20 Sagitta Way

20 Sagitta Way

20 Sagitta Way is having an open house on two days:

Friday, October 30 from 10:30 AM to 1:00 PM and

Sunday, November 1 from 1:00 PM to 5:00 PM

“Weekend Open Houses” will be a weekly post on Thursday informing our dear readers of any open houses the Coto Housing Blog is aware of.

ATTN. Real Estate Agents: Please feel free to email Coto Housing Blog at cdcrez@cox.net with your open houses or any open houses you would like to see shown on our weekly Thurday listing of open houses.  There will be no editorializing from the writers/editors of Coto Housing Blog on this weekly post.  It will be a listing of open houses.   Feel free to include in your email a link to the listing or any site which includes the critical info for the listing.  This link may be your own website as long as the link is a direct link to the specific info for the property shown as the open house.  We may also include one photo in the post if we like the photo.  The photos do not have to be anything fancy.  You see what we post every day.

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Happy Birthday, Dad

Oct 29th, 09 / by cdcrez / 0 Comments

I Love You,

from:  your favorite son

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It’s All About the LTV

Oct 29th, 09 / by cdcrez / 2 Comments

12 Mahogany Run
12 Mahogany Run

In my observations, the primary determinant of foreclosure vs. rescission is LTV.  If the home is worth more than the total amount due on the loans, there is a chance the arrears may be brought down or an effort may be made to modify the loan.  The total amount owed for loans on 12 Mahogany is approximately $850,000.  In order to gauge the possible “worth” of 12 Mahogany, it may be best to peruse some comparable sales.  1 Glen Eagles, a block up the street, sold on June 19, 2009 at trustee sale for $630,700.  17 Pinewood Dr. sold on July 27, 2009 as an equity sale for $709,000.  20 Northampton has been on the market for 174 days with a present asking price of $749,000, and 12 Northampton has been going in and out of escrow as a short sale with an asking price of $530,000.

The NOD on 12 Mahogany Run recorded on 7/08/09 for $21,825 and the NTS recorded on 10/09/09 with an auction date set for 10/29/09.  That’s today.

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Short Sale vs. Foreclosure

Oct 28th, 09 / by cdcrez / 3 Comments

6 Pegasus

6 Pegasus

Today’s featured property brings up an interesting question.  Do short sales have the same effect on home prices as foreclosures?

The next to last sale of 6 Pegasus was in November of 2004 for $1,314,000 with 1st mortgage for $919,800.  By January of 2007, at least $1,308,000 was owed on 6 Pegasus.  On 7/06/09 a notice of default recorded for $61,650, and on 10/07/09 a notice of trustee sale recorded with a auction date set for 10/28/09.

But, the trustee sale was canceled because 6 Pegasus sold during the first week of October as a short sale for $975,000.  Not bad for a home that sold five years previous for $1,314,000.  But, as any realtor can tell you, Southern California real estate never goes down.

Our question is, do short sales have the same downward pricing effect as foreclosures?  We will not come up with a perfect exact answer because it would be impossible to compare a specific property which incurs a short sale and a foreclosure auction on the same date, but maybe we can compare another home in the neighborhood which has undergone a trustee sale.

5 Pegasus went back to the bank at foreclosure auction on 8/31/09 for $1,145,257.  We will have to wait until 5 Pegasus is listed for sale and actually closes, but so far the short sale is less than the amount the bank was willing to sell for at auction.

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JASR

Oct 27th, 09 / by cdcrez / 11 Comments
3 Corn Flower

3 Corn Flower

3 Corn Flower was originally purchased in 2002, probably from the builder.  The original price is not available, but I would guess it was between $962,000 and $1,082,500.  Just a guess.  Do any of you remember how much San Marino was selling for new?

Two refinancings and three HELOCs later and a notice of default records on 6/26/09 for $34,393.  A notice of trustee sale was filed at the County Recorders Office which recorded on 10/09/09 with a scheduled auction date of 10/27/09.  That is today.

The published bid, (amount owed), on the NTS is $1,646,284 and the original loan amount of the first, which is the loan for which the NTS has been filed, was $1,561,000.  That tells us the current amount in arrears plus fees and penalties plus any negative amortization is equal to the difference between the published bid of $1,646,284 and the original loan amount of $1,561,000, or $85,284.  Why are we detailing this?  Most of the time, it is determinable whether or not the NTS may be canceled by estimating how likely it is that the amount owed to bring the loan current may be paid.  And the total of the original loan amounts is $1,961,000, so the total amount owed now is probably more than $2,046,000.  The current asking price is $2,127,000, and the property has been listed for 29 days.

Will the trustee sale be postponed?  And if so, what would be the purpose?  If they desire to attract a short sale, it will be necessary to lower the price under the potential market value in order to attract bids.  If not, the chances are high this property will be going back to Countrywide or Bank of America or whatever the bank calls itself now.

JASR