lendingmaestro - 15 May 2008 08:14 AM

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?

LOL. Well let’s see…RSM’s average AGI in 2005 as reported to the IRS was $77,063…when adjusted for inflation it was virtually stagnant when compared to 2000. For Trabuco Canyon/Coto it was $166,723 in 2005…again when adjusted for inflation virtually stagnant from 2000. There is certainly some money out there (Coto, Dove Canyon, etc), but plenty of pretenders with a lot of debt too.

caliguy - The financing behind 1 Sawgrass is odd.
Or check out 31951 Violeta; it is a spec home that started with a listing price of $22,500,000.  The last listing price was $19,500,000 and it is now off the market.  Did it sell?  I dunno, but I haven’t heard any scoop on any big sales.  It was on the market for over a year and maybe close to two years.  What do you think the monthly payment was on the construction loan(s)?  And who is the lender(s)?
Or how about 3 Palomino?
Lots of juicy stuff happening in Coto right now.

Here it is, a REO in Coto. Thanks So OC real estate tracker

http://www.redfin.com/CA/Coto-De-Caza/23302-Via-Pardal-92679/home/5055613

23302 Via Pardal, 92679
Asking price: $640,200
Asking price/ sq ft: $203
Income requirement: $160,050
Bank purchase price: $658,429
Purchase date: 3/25/08
Size: 3 beds, 5 baths, 3,150 sq ft (built in 1976)
MLS: P633857 (21 days on Redfin)
Zillow Zestimate: $654,000
2007 property tax: $4,184
HOA dues: $60
Type: Single Family Residence
Style: Contemporary
Stories: 3+ Levels
Lot size: 6,000 sq ft

awgee - 15 May 2008 11:10 AM

caliguy - The financing behind 1 Sawgrass is odd.
Or check out 31951 Violeta; it is a spec home that started with a listing price of $22,500,000.  The last listing price was $19,500,000 and it is now off the market.  Did it sell?  I dunno, but I haven’t heard any scoop on any big sales.  It was on the market for over a year and maybe close to two years.  What do you think the monthly payment was on the construction loan(s)?  And who is the lender(s)?
Or how about 3 Palomino?
Lots of juicy stuff happening in Coto right now.

There is a lot of juicy stuff going on in Coto, and it would take days to unravel it all. I wish I had any info on Violeta, but unfortunatlely I don’t. I do have stuff on 3 Palomino - it looks like they paid $1.8 million in 2005 and put $450k down (the financing was in two loans, one for 65% and the other for 10% of the purchase price). Then it looks like there was immediately cash taken out for $268,800 less than a week after closing. NODs were filed on both the $1.17 million loan and that $268,800 loan in March 2006. Supposedly REO now.

The financing behind 1 Sawgrass is indeed incredibly odd..that’s all there is to say about it.

From today LA times article…

Foreclosures, which had been almost unheard of in high-end markets a year ago, now account for a substantial share of listings. In Coto de Caza, where the average listing price is $2 million, 17% of the 167 homes for sale are either foreclosures or “short sales,“ in which the listing price is below the amount owed on the property, Thomas said.

http://www.latimes.com/business/la-fi-homes20-2008may20,0,4081478.story

The scoop is that 31951 Violeta Lane sold, but I am unsure for how much.  Does anybody know how to find out what the sales price was?

awgee - 21 May 2008 12:54 PM

The scoop is that 31951 Violeta Lane sold, but I am unsure for how much.  Does anybody know how to find out what the sales price was?

SFR Detached RES Closed Sale 31951 Violeta Ln  
————————————————————————————————————————
Pending/Sold Information
————————————————————————————————————————
List Price$19,500,000 Financing Conventional Selling Terms  
Cont Price $19500000   Begin Escrow 5/1/2008 COE 5/14/2008
Sold Price $19,500,000 SP/SqFt $1300.00 Sold/List 100%  DOM 57

not a bad return on the previous sale:

Last Market Sale:
Recording Date: 09/17/1992 Deed Type: Grant Deed
Sale Price: $400,000

Thanks IR2.  I am a bit suspicious on the actual sales price or if this is even a real sale.  And the last sale was for a bit under $4,000,000, which was just the land.  The land purchaser then built the prsent spec monster and listed initially for $22,500,000 and it sat for over 500 days before they relisted at the $19,500,000 price.

How are the Housewives doing?  Did Vickki’s house ever sell?

ABC123 - 22 May 2008 03:34 PM

How are the Housewives doing?  Did Vickki’s house ever sell?

Didn’t sell.  She listed both for awhile, and neither sold.  Can you imagine the negative she must be taking on Altimira?

HA HA HA HA..Karma…sorry that just burst out of me

ABC123 - Talk about timing?  Who are you?  Are you Vicki?  Are you one of The Housewives?

2 Altimira, (Vicki’s property), just got listed for sale again.  And here is the kicker; asking is $1,795,000.  Can you imagine?  I doubt if another property on Altimira has sold for more than $900,000 in the last year.  What are they drinking in Coto?

Here’s Vicki’s house:  2 Altimira.  The description states it’s on the golf course. However, the realtor failed to mention that it’s on the GOLF RANGE. I would never live on a golf range - do you know how loud that can be!  They have those trucks that go around and pick up the golf balls - very loud!  Plus you have to look at that big net in your backyard.  Very ugly - and for that price! Come on.
 
I wonder if Jeana is the realtor?  Her website still has the house listed as a rental property.
 
I’ve been in this house before during an open house, and it’s not worth that price.  It will be interesting to track this house.

Here’s the Zillow link.  Vicki bought it for $1,650,00 on 4/6/07. Now she’s asking $1,795,000 (8% increase).  I guess she’s trying to cover the realtor fees plus 2% for buyer negotiations.  I really don’t think she’ll get that price.

come on cal gal. Prices have dropped 20% everywhere else, but not in coto de caza. Get with it!

come on cal gal. Prices have dropped 20% everywhere else, but not in coto de caza. Get with it!

Oh yeah, I forgot. The high-end communities are immune.

You think Jeana and Vicki will still be buds after Vicki figures out that not only can she not get the $1,650,000 that she paid, but she can’t even get enough to cover her loan?

You think Jeana and Vicki will still be buds after Vicki figures out that not only can she not get the $1,650,000 that she paid, but she can’t even get enough to cover her loan?

Do we know how much of a downpayment she put down and how much she borrowed to purchase the house?

Maybe she’ll give it the blonde 40 year old realtor and she’ll sale it! ooo season 4 drama!

I didn’t seeany of season 3 with Tamra.  I just saw pictures of her. So I am not sure who I would root for.

$1,320,000 first + $165,000 second, both with Countrywide.

Edited to add: I have seen about 30 seconds of that show and decided I’d rather not watch any more.  But if it were LOST…

Thanks IR2.  You are a wealth of fun info.

My estimation puts her monthly P&I;at about $9000 and taxes at $1500 for a total of $10500 plus maintenance and insurance, etc.

Calgal - What do you think you could rent 2 Altimira for?  $4500 - $4800?

Yup, that is one heck of a negative cash flow on a DEPRECIATING asset.

Calgal - What do you think you could rent 2 Altimira for?  $4500 - $4800?

Awgee - I think you are right on the numbers with $4500 - $4800.  I’ve been tracking Coto leases and they’ve been around $1.18 - $1.55 per sq ft (depending on view, etc). Even rental amounts are going down.  Plus it’s been taking about 3-4 months to lease properties, so you can imagine the vacancy time is hurting them.
 
8 Birkdale just leased for $3,800 ($1.18/sq ft). - 3210 sq ft, 5 br, 4 bath. They were trying to sell it, but I guess they figured they needed to rent it out before they handed the keys over to the bank.
 
P.S. Have you been to Ruby’s lately?  Vicki’s new office is right next door.
 
Edited:  THANKS, IR2.  YOU ROCK! And we are a Lost household as well! It’s a Tivo Fav.

I wonder how much Bravo pays her to be on the show?

I too am a Lost and TiVo fan.  Just an alert for you others, I noticed that my TiVo was not going to record the season finale next week.    The episode looks like it has the same name as the previous one, so I think the Tivo thought it already recorded it.  Missing the finale?—the horror!

CalGal - 23 May 2008 01:49 PM

P.S. Have you been to Ruby’s lately?  Vicki’s new office is right next door.

We go to Rubys alot, but I did not know that Ms. Vicki’s office was close.