31731 Capuchina Way
Its with great sadness I have to announce the end of an era. Yes, 31731 Capuchina Way has closed escrow at $2,900,000 on 1/28/2010. This property has been one of our “biggest hits” on the board.
Let’s admit it… this house became part of our family.
It all started with a post cleverly entitled Sugar, Cream or Foreclosure in your Capuchina. Since then, we’ve seen it go back to the bank, list, have open houses, we’ve all guess what it will close at, we watch the price drop, we see it go into escrow… and now it leads us to where we are today.
In CHB terms, its history:
9/23/99 Purchased from Louis Knickerbocker. There is no way our purchaser could have realized the significance of this event and the curse of the RHOC.
5/7/2008 Home is listed for sale at just under $10mil
6/13/2008 NOD is received
10/10/2008 NTS is received
11/5/2008 Home is transfered to the bank @ $7,455,089. (Anyone remember when foreclosure was a 5 month process?)
7/6/09 Home is first listed by the bank at $4,490,000
9/3/09 Price is dropped to $4,250,000
9/22/09 Price is dropped to $3,900,000
11/4/09 Price is dropped to $3,750,000
11/12/09 Price drops to $3,000,000
11/19/09 Price goes up from $3,000,000 to $3,250,000. We are all suspicious.
1/28/10 We’ve got a new owner.
Best of luck to the new owner with their “fixer upper”… when you get it up to snuff, drop us a line and we’d love to feature it again. We also hope the previous owner is doing well and finds their way back on their feet.
We’ll leave this post and ask readers to share any interesting stories. Come on… how many of you went to the open house to gawk? You know you did, and when you did, you know you pretended to the agent that you could actually buy the place, right? When they asked “do you live in Coto” and then “which track”, you know you said “The Woods” rather than “The Greens”… You have nothing up on Slade Smiley.
cdcrez
January 31st, 2010
The contractors were out in force yesterday.
C Delroy Spuckler
January 31st, 2010
@cdcrez
Since you are out stalking the Estates…
Secoya has its theoretical auction this upcoming week. I assume it looked like business as usual there, right? (AKA no signs they are moving?)
cdcrez
January 31st, 2010
@C Delroy Spuckler
Did not look too closely, but I did see the miniature horses out front.
C Delroy Spuckler
January 31st, 2010
Do you know, is the tendancy for higher priced homes to go back to the bank more quickly or should we expect that they follow the same pattern?
cdcrez
January 31st, 2010
@C Delroy Spuckler
I have been watching for any type of pattern and can find nothing except postponements have gotten and continue to get more prevalent and some of the previous foreclosure cancellations are defaulting.
chipotle
February 1st, 2010
@C Delroy Spuckler
On a completely anecdotal, too small of a sample to be statisticalyl significant basis, my observation has been that the banks are taking higher priced homes back faster, and pricing them more aggressively both at auction and at resale. I suspect they realize that there’s still some bubble air in the higher end and they are acting quickly to extract it, even if it appears that the homes are discounted more. Your mileage may vary.
chipotle
February 1st, 2010
Oh, and this home is Exhibit A, B and C why asking prices are worthless. $10M –> $2.9M. The market declined during that time, but it didn’t decline 71%. Give me a break.
C Delroy Spuckler
February 1st, 2010
@chipotle
One could probably question if this home was ever worth $10mil to start with… but yup, I noticed the same thing which was why I was asking. It looks like we’ve got some “big fish” in the pipelines, and I’m curious what we should expect.
Of course, I have very little insight into these properties, their situation, or anything else… I’m sure there are alot of very savy businessmen/women in these homes in the first place, and I’m curious if any have clever plans, and we’re just witnessing some artifacts of those plans.
cdcrez
February 1st, 2010
@C Delroy Spuckler
We should expect the sharks to wait until the “big fish” are weaker and can not swim as fast as before, and the older smarter sharks will wait until there is blood in the water. And then they will feed.