- 18 Portmarnoch
It appears 18 Portmarnoch sold to its present owners, the only owners, for $524,000 in May of 1998 with a first mortgage for $419,100. The notice of trustee sale recorded on 8/21/09 for an amount owed of $1,396,341, with a scheduled auction date of 9/10/09, but the auction was postponed until 10/26/09.
I don’t know about you, but I look at those numbers and the first thing that comes into my mind is a question. A question, that although it is a question, I think I already know the answer to. How in the world does one owe $1,396,341 in 2009 on a home that one purchased for $524,000 in 1998?
Please put your answers in the comments section. We will answer the hows and whens in the update.
Bucko
September 12th, 2009
Do tell. Did the owner add a ballroom/garage?
cdcrez
September 12th, 2009
@Bucko
Patience bucko. He-he, I just had to say that.
Rpvrenter
September 12th, 2009
Keeping up with the Jones’; Living the high life; travel; cars; you name it. My wife used to always ask me why all of our friends/family had so much more than us when we make more money. My answer would be 1)Serious HELOC abuse; 2) Rich parents.
Cdrez, a little ot, but we’ve noticed a lot of properties in Ladera are changing status to HOLD. This is keeping the Active inventory way down. Is there anything similar going on in Coto? Any insight on why this may be happening on such a large scale?
cdcrez
September 12th, 2009
@Rpvrenter
Sorry, I have no idea why the status may change to hold. When I see, “Hold, Do not Show”, I always wonder why. My best guess is that there must me personal reasons someone does not want lookers at that time. I do not think there is an abnormal number of holds in Coto right now.
CZ Subservient
September 12th, 2009
Here’s what happened… The first thing the homeowners did in 1998 was instead of just being satisfied and proud of their new purchase, was to dig a big ol’ well in their backyard. Not just any well you see. No, a well that was magical (it made things disappear) and had no bottom to it either. It so happens that in this bottomless well lived a jealous and insatiable Leprechaun who said, “Get me out of here, and I’ll grant you three wishes!” …You readers can figure how the rest of this ironic story goes.
C Delroy Spuckler
September 12th, 2009
I know the answer. They live on the golf course. Looking at the hole they are on, its quite obvious most coto golfers are like myself… they got a slight fade on their drive.
The homeowner obviously didn’t take into account the cost of upkeep on their back yard and windows due to Titleists going through their windows and destroying their newly added granite counters.
They had no choice but to take out some HELOCs to help pay for the repairs. When the golfers didn’t improve their game… it finally got out of hand.
CotoAgent
September 13th, 2009
Here’s what happened… Tequila and Hookers!
Gus Reish
September 17th, 2009
Didn’t this house burn down about 8 years ago?
cdcrez
September 17th, 2009
What? Huh? Are you serious?
Gus Reish
September 17th, 2009
I’m pretty sure because the heat damaged my friends home. It took them a while to rebuild.
cdcrez
September 17th, 2009
That is awful. Was anyone hurt?
Gus Reish
September 18th, 2009
Not sure