- 26 Sawgrass
Our first experience with 26 Sawgrass was when it was listed for sale in the summer of either 2005 or 2006. We took a look during an open house and asked the realtor/owner if they might be interested in leasing the property. She looked at us in disdain. I do not remember the exact conversation, but I remember the message, “If you are not going to buy, you can not afford to lease this property and I do not have time for you.” I should be able to understand an attitude like that, right? Who am I? Definitely no one that a real estate agent should waste their time on, right?
The next experience we had with 26 Sawgrass in July of 2008 when it was listed for sale again by the same realtor/owner and we noticed the listing price was lowered by $1.oo. Looking at the Redfin property history there had been 18 changes to the listing including price changes, delistings, and relistings until July of 2008. Between July, 2008 and August, 2008, there were three more price changes and on August 8, 2008, the price was lowered $100. Between August 8, 2008 and October 29, 2009 there were 23 more listing changes, including price changes, delistings, and relistings. Some of the price changes are as follows:
August 15, 2008 – lowered by $10,000
August 22, 2008 – lowered by $100
September 5, 2008 – lowered by $400
September 20, 2008 – lowered by $4,500
September 30, 2008 – lowered by $4,900
November 10, 2008 – lowered by $10,000
November 19, 2008 – lowered by $15,000
November 21, 2008 – lowered by $100
December 11, 2008 – lowered by $900
December 26, 2008 – lowered by $24,000
January 4, 2009 – lowered by $25,1000 and listed for lease for $4,600
more price changes and delistings and relistings
We do not know if 26 Sawgrass is presently listed for sale, but it does not show up on Redfin. What does show up is a NOTICE OF TRUSTEE SALE with an auction date of 11/30/09. What shows up is the greed and arrogance pervasive during the bubble and stupidity that results in the denial of reality. If the owner/realtor of 26 Sawgrass had priced this property realistically instead of playing stupid games with the price and listing, this property would not now be scheduled for foreclosure auction. The original amount of the loan that the present owners used to finance the purchase of 26 Sawgrass in July of 2005 was for $854,000 and it was never refinanced or HELOCed. This property would have easily sold for way more than $854,000 when it was listed in 2006, but the NTS is now showing $947,128 as owed. Foreclosure was not an inevitability for 26 Sawgrass and is not the result of a falling real estate market. In this case, it is a result of human frailties.
Oh yeah, the owner/realtor’s residence in Calabasas is also in foreclosure.
C Delroy Spuckler
November 27th, 2009
Nice garage.
You got a Benz in the driveway. Some classic car in the garage (can’t tell what it is)… plus one that is covered up (so probably more than the others)
Special K
November 30th, 2009
Classic story, and yet today it is still happening to moron owners. I would be interested to see the % of people in default in South OC that have something to do with the real estate industry, I say % is ~70%. Its always interesting to pull the NOD, google the owners name and see what real estate industry they work for. Try it out.
C Delroy Spuckler
November 30th, 2009
@Special K
Some are legit agents. Some I believe are just doing an owner listing and probably went and signed up to be an agent and took the prereq coursework.
Don’t just look for a hit at a real estate site, you gotta dig to see if they have any other listings/sales. Probably 50% of the time or more I can’t find any legit history… so guessing its probably not fair to call them “in the industry”.
chipotle
November 30th, 2009
@Special K
I’ve done that when looking at homes for sale in Newport, and more than half of the owners own a commercial real estate business. Google the business name and you usually get stories about anchor tenants who have vacated or loans that are in default. But the agents at the open house tell me that it isn’t a distressed sale…
Special K
November 30th, 2009
Some are legit agents, but for instance I looked into a home in default in Ladera and googled the name and the first hit was the person was a ponzi scheme operator bilking investors for shady MBS/CMOs.
The agents at the open houses you are visiting are akin to the guy in Iraq who worked for Sadam who said Iraq was winning the war while U.S. military vehicles are seen behind him seizing Baghdad….
no_vaseline
November 30th, 2009
$4600 to rent that pile? Yowza.
timm eubanks
November 30th, 2009
I will sign a one year lease it if they throw in the Vintage Corvette. I will also weekend drive the (most likely a 50’s Chevy) under the cover as a favor to keep it fresh and the battery charged.
South County
December 3rd, 2009
I had some dealings with Gary on this home in 2005, I have family that was interested in buying the home. He paid $1.167,000 and would sell for $1,250,000 and we passed on the deal. I think he had made some nice money on other rentals in Coto in the past.
I think he was a nice guy and he was going to purchase a new home in Calabassas Park at the time. He should have got out of this rental, he is going to take a nasty hit of over $300k.
cdcrez
December 4th, 2009
@South County
He made a ton in the bubble run up.
neighbor
February 6th, 2010
The realtor/owner of the house does not own the autos parked in the drive/garage. The current renters do. Apparently they trade in the industry as they also rebuild autos in the garage. Lots of cars coming and going at all times of the day/nite. They have been the worst neighbors ever; trashy yard, cars parked on the street, very unfriendly. Hopefully the house will be left in good shape as I see a moving van in front today. Maybe someone decent will move in.
Rachael
February 24th, 2010
This house is now listed for a lease on the MLS (#S606438). Yes I agree there a pigheaded people in Coto that try to redline the area to rich whites only even if they have a redneck background themselves.