I know this property isn’t in Irvine, but check out the bloodbath here in Coto De Caza.  6 TAIGA STREET, Coto De Caza, CA 92679

From ZipRealty:

Price Reduced: 01/10/07—$2,800,000 to $2,799,999

Price Reduced: 04/26/07—$2,799,999 to $2,799,000

Price Reduced: 06/27/07—$2,799,000 to $2,399,000

Price Reduced: 08/27/07—$2,399,000 to $2,349,000

Price Reduced: 09/26/07—$2,349,000 to $2,299,000

Price Reduced: 12/11/07—$1,999,900 to $1,899,900

Price Reduced: 12/17/07—$1,899,900 to $1,799,900

$1 million drop in 1 year.

Any guesses to why no takers? The house is sandwiched between two other McMansions, from the photos it seems to get barely any natural light. How much does it have to drop for it to be a "reasonable price?"

edit: oops. Sorry, should have posted this in the Losses outside Irvine Thread.

Here’s another in Coto:

							 									12 Bordeaux 							 						
						
							 						  	 							    									Coto De Caza, CA 92679

Listed at $1,999,000.

sales history:

 
     
        09/19/2005
        							
        $2,500,000 							
        							
        								
        								 								 									 										 										 										 											23.2%/yr 										 									 								 								 								
        							
        						
     
      						 						
     
        							
        08/29/2002
        							
        $1,321,500 							
        							
        								
     
 

A million here, a million there, pretty soon we’re talking real money!

I can’t find either of these listings on redfin, can you provide the MLS #?

I’m sorry my Schadenfreude is getting set to peg past redline!!!
-bix

6 Taiga was NOD for awhile.

6 Taiga:
S469871

12 Bordeaux:
S495347

Good Coto story here

Mortgage mess hits Coto de Caza
Neighbor departs quickly after home goes into foreclosure.
http://www.ocregister.com/articles/friend-house-few-2030899-guy-foreclosure

Anonymous - 06 May 2008 04:54 PM

Good Coto story here

Mortgage mess hits Coto de Caza
Neighbor departs quickly after home goes into foreclosure.
http://www.ocregister.com/articles/friend-house-few-2030899-guy-foreclosure

Does anyone know the address for the house in the article?  Is it 6 Willow Bend or 1 Tanglewood or?

CalGal - check this out:

SFR in Coto for $203 per square foot.

23302 Via Pardal is bank owned and listed at $640,200.  Do not know why they chose that number.  It looks like it went back to the bank for $658,429 on 3/25/2008.

According to Zillow, the last “real” sale was for $820,000 on 5/16/2007 and the sale before that was on 3/29/2007 for $775,000

MLS # P633857

It is ugly, but cheap.  How much would it cost to make it look half way decent?

23302 Via Pardal is bank owned and listed at $640,200.

Interesting - think it was a flip gone bad? 
 
I think it’s still overpriced.  Cons - Village (fire danger and increased insurance, hilly, narrow streets), 3-story, needs renovating, built 1976 (lead paint?).  As you know, the homes in the Village are custom homes - so a lot of the homes have weird floor plans.  I don’t think a lot of the owners used architects when they built their home.  We walk around the homes and think “what were the owners thinking when they built this.“

CalGal - 07 May 2008 09:45 AM

23302 Via Pardal is bank owned and listed at $640,200.

Interesting - think it was a flip gone bad? 
 
I think it’s still overpriced.  Cons - Village (fire danger and increased insurance, hilly, narrow streets), 3-story, needs renovating, built 1976 (lead paint?).  As you know, the homes in the Village are custom homes - so a lot of the homes have weird floor plans.  I don’t think a lot of the owners used architects when they built their home.  We walk around the homes and think “what were the owners thinking when they built this.“

So true regarding the floorplans in the Village, or should I say the lack of floorplans.
Flip gone bad?  I dunno.  Looks more like a fraud gone “bye-bye” to me.  Who knows?  But it sure is ugly.
What do you think that lot is worth?  6000 sq ft.?
Mrs. Awgee does not like the narrow streets.  Have you seen that house on Via Coyote that has an NOD?  Nice house and list price is now close to $1M.  4000 sq ft.

Have you seen that house on Via Coyote that has an NOD?  Nice house and list price is now close to $1M.  4000 sq ft. ]

Yeah, we saw the MLS listing (not in person yet).  I’ve had four realtors email me the listing.  I guess it’s the hot property of the week.

I just keep holding and gaining more and more interest.  Although with the current CD its in, i’m down to 4ish percent.  So i’m not really making a whole lot of money anyways.

-bix

Can you imagine when Via Pardal sells for $200 per square foot, what that will do to the per square foot stats in Coto? 

awgee - 07 May 2008 02:52 PM

Can you imagine when Via Pardal sells for $200 per square foot, what that will do to the per square foot stats in Coto? 

i’d make me want to go and purchase a house!  But still 800+k and all the taxes, fees, etc. etc. might be a little tough on my meager engineers salary.  What will the neighbors think of my out of place Focus! *gasp*

-bix

Awgee, we went to two open houses today. 
Both realtors told us that Coto hasn’t been affected by the market as the rest of the county. 
However, both realtors also told us that the houses will be a short sale soon. 
Two out of two houses we looked at will be in foreclosure - yet Coto is immune ? ?
Here are the houses we checked out.
 
2 Peachtree, Coto de Caza
 
1 Sawgrass, Coto de Caza
The realtor told us that 1 Sawgrass had been owned by Flo Jo at one time.  If that is true, it was kind of cool to be in the fitness room that she worked out in.

1 Sawgrass was owned by Al Joiner, Flo Jo’s ex husband.  I do not know if she ever lived there with him or if she was ever an owner of the property.  Was Michael Krieg the showing agent?  He calls the bottom every other day and cracks me up with his moronic reasoning.  He likes to show graphs and reason that it doesn’t matter when you buy if you hold on to your home for at least ten years.  I told him, “It may not matter to you, but it sure matters to me.“  I haven’t seen Peachtree, but it you look at the price per sq footage stats, the downturn certainly is affecting Coto.  It just doesn’t affect the amount of lies the realtors spew.

The agent for 1 sawgrass should be beaten over the head with her RE principles book. She screams “BRING ALL OFFERS!!REO.“. Um no, not REO yet but close. The auction is set for 5/22, but there is no NTS amount listed. There is a chance I might be going to the auction that day, and if it goes back to the bank, I will post what it goes for. Maybe, I should give the agent a break, because she knows it will become REO in a few weeks.

Graph - I am unsure who owns 1 Sawgrass currently.  It seems Mr. Joiner signed over the property to somebody else who does not appear to be a bank or normal lending instituion?  The house is empty and has been at least three weeks.  Since the home is empty, it is my guess the auction will take place and no further negotiations will.

Yup, Michael was the realtor.  He told us that the owners of the property financed $500k with a private individual. The owners then couldn’t pay the mortgage and walked away from the mortgage company and this private lender. 
 
1 Sawgrass needs lots of work! Nice big lot of land though.
 
Oh, and Mike had all the charts up. 

The ironic thing is that manufactured inland luxury communities like Coto, Ladera, Talega, etc. are going to get killed once the wealthy (er, pseudo-wealthy) capitulate to the market.  I can see the logic behind the argument that oceanside communities will weather the storm better than most, but Coto?  No flippin’ way.  Pun intended.

CalGal - 10 May 2008 05:21 PM

 
Both realtors told us that Coto hasn’t been affected by the market as the rest of the county. 
However, both realtors also told us that the houses will be a short sale soon. 
Two out of two houses we looked at will be in foreclosure - yet Coto is immune ? ?

I got the same story recently from a realtor at an open house in Dove Canyon.
“This community won’t be hurt like less desirable areas have been.“
He said we had probably already missed the bottom by a couple of weeks.

Hmm….

His own records showed less than 20 sales in the past 6 months and almost 40 currently active listings. Yep, better jump on that $400 per sq ft bargain now, it’ll never last or come down in price. (never mind that a couple of recent closings came in at $225 per sq ft)

According to Redfin, 72 Downfield Way was purchased on 9-30-2005 for $1,235,000.  It has been for sale for awhile and was recently relisted with lower price of $880,000 in “range pricing”.  If it sells for $880,000, that is a loss of $335,000 or 29% in less than three years.  Ouch!
MLS # S532381

South OC Real Estate Tracker is featuring a Coto REO we previously mentioned.

I wish I could do more with Coto, because there are plenty of interesting things going on there. But to be honest, many times the financing is so complicated with so much debt in so many places that it is such a pain to unravel it all.

We just went ot the Wood Ranch grill in RSM a few days agao and I couldn’t believe how many bimmers, and benz-os I saw there.  I thought I was in Newport Beach.  Everyone must be rich in that area, huh?