mistakes

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.

I like Bloomburg and “Burn Notice”.

Missing the finale?—the horror!

Good to know - THANKS! I’ll double-check to make sure ours is set up properly.

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

Yeah, you almost have to walk right past her office to get into Ruby’s.  It looks like she rented space from a real estate company.  We just fell upon it by accident.

CalGal - 23 May 2008 03:25 PM

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

Yeah, you almost have to walk right past her office to get into Ruby’s.  It looks like she rented space from a real estate company.  We just fell upon it by accident.

What does the sign say?  I am overcome with celebrity worship.

Now that she’s working so close to Ruby’s it will be convenient for her to get a second job at the Diner. She’s going to need some extra income to write that check at the closing since she’ll be underwater.

awgee - 23 May 2008 03:18 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.

I like Bloomburg and “Burn Notice”.

‘Burn Notice” is cool. Who cares about Vicki? She certainly doesn’t care about anyone else.

Who cares about Vicki? She certainly doesn’t care about anyone else.

We don’t care - she’s just another knife catcher trying to sell her overpriced house in this declining market. We just want to see how much she’ll lose on her “investment.“

Home sells for $19.5 million in Coto de Caza
Price is record for the gated community.
By MARK EADES
STAFF WRITER

A home in the Los Ranchos Estates section of Coto de Caza sold for $19.5 million last week.

The 15,000-square-foot home sits on a 9.6-acre lot with views of the Santa Ana Mountains and Coto de Caza.

According to listing information, the custom built two-story home on Violeta Lane in the gated community has 7 bedrooms, 12 bathrooms and a 10-car garage.

The architecture style of the house is Tuscan. The house comes with stables, a tennis court, pool house, wine cellar, theater, billiards room, 2,000-square-foot master bedroom suite, two kitchens and an outdoor kitchen.

and…

The sale was brokered by Ken Bowen of the Bowen team.
“We represented both the buyer and the seller,“ Bowen said.

That’s gotta be huge commission check..

Oh, I’m sure that since they were representing both sides, they cut them a break on the commission:  5%, or only a cool million.

It appears that 9 Douglass went back to the bank for $1,042,572.44.  Does that sound like alot?  It does, but not as much as $1,595,000, which is the amount reported by Zillow that this property sold for on 9/01/2006.  $1,042,572.44 was the opening bid with no other bids, so this property is showing a loss of $552,428 so far .., without a real buyer, yet.  That is 35%.  Remember when the real estate bulls were, (and some still are), saying that real estate prices may level off, but they would never fall more than 5% or 10%.

awgee - 02 June 2008 05:55 AM

It appears that 9 Douglass went back to the bank for $1,042,572.44.  Does that sound like alot?  It does, but not as much as $1,595,000, which is the amount reported by Zillow that this property sold for on 9/01/2006.  $1,042,572.44 was the opening bid with no other bids, so this property is showing a loss of $552,428 so far .., without a real buyer, yet.  That is 35%.  Remember when the real estate bulls were, (and some still are), saying that real estate prices may level off, but they would never fall more than 5% or 10%.

They are still claiming the big declines are only in Santa Ana or Anaheim. They apparently do not look any closer in other “higher-end” parts of the county, or else they would find that the CLTVs of loans on properties going into foreclosure now are virtually the same as the ones in Santa Ana…the only difference is the dollar amounts involved are higher in places like Coto and Laguna Niguel.

Does anyone know the status of 1 Sawgrass?  Did it sell?  It is no longer on Redfin.

6 Vintage Way just got relisted with another agent.  This is the third agent that I know of.  If the owner is serious about selling the property, they may consider lowering the price.  My guess is that potential buyers care much more about price than they do about who the listing agent is.

awgee - 02 June 2008 12:46 PM

Does anyone know the status of 1 Sawgrass?  Did it sell?  It is no longer on Redfin.

6 Vintage Way just got relisted with another agent.  This is the third agent that I know of.  If the owner is serious about selling the property, they may consider lowering the price.  My guess is that potential buyers care much more about price than they do about who the listing agent is.

Not true, I may kick an extra dollar or two if the sell-side agent is a hottie (only because I’m a realtor on the side and would be presenting myself)...haha

CalGal - 11 May 2008 08:36 AM

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. 

So looks like 1 sawgrass sold?  or at least somebody showed a bid?

awgee - 02 June 2008 12:46 PM

Does anyone know the status of 1 Sawgrass?  Did it sell?  It is no longer on Redfin.

6 Vintage Way just got relisted with another agent.  This is the third agent that I know of.  If the owner is serious about selling the property, they may consider lowering the price.  My guess is that potential buyers care much more about price than they do about who the listing agent is.

1 Sawgrass is in escrow with an accepted offer.  Agent comments: AGENTS GO DIRECT. LIST PRICE IS YOUR ‘BUY IT NOW’ PRICE. ANYTHING UNDER LIST PRICE WILL BE A SHORT SALE. IF IT SHOWS AVAILABLE , IT IS. GO DIRECT.

6 Vintage Way just got relisted with another agent.

looks like they’re opting for selection #2 below.

The tribal wisdom of the Dakota Indians, passed on from generation to generation, says that, “When you discover that you are riding a dead horse, the best strategy is to dismount.“

However, in government, education, real estate, and in corporate America, more advanced strategies are often employed, such as:

1. Buying a stronger whip.

2. Changing riders.

3. Appointing a committee to study the horse.

4. Arranging to visit other countries to see how other cultures ride dead horses.

5. Lowering the standards so that dead horses can be included.

6. Reclassifying the dead horse as living-impaired.

7. Hiring outside contractors to ride the dead horse.

8. Harnessing several dead horses together to increase speed.

9. Providing additional funding and/or training to increase dead horse’s performance.

10. Doing a productivity study to see if lighter riders would improve the dead horse’s performance.

11. Declaring that as the dead horse does not have to be fed, it is less costly, carries lower overhead and therefore contributes substantially more to the bottom line of the economy than do some other horses.

12. Rewriting the expected performance requirements for all horses.

And of course….

13. Promoting the dead horse to a supervisory position.

1 Sawgrass is in escrow with an accepted offer.  Agent comments: AGENTS GO DIRECT. LIST PRICE IS YOUR ‘BUY IT NOW’ PRICE. ANYTHING UNDER LIST PRICE WILL BE A SHORT SALE. IF IT SHOWS AVAILABLE , IT IS. GO DIRECT.

list price was 1.99? REO’s in coto—how far back of list have they been clearing, 10%?

curious - 04 June 2008 09:31 AM

1 Sawgrass is in escrow with an accepted offer.  Agent comments: AGENTS GO DIRECT. LIST PRICE IS YOUR ‘BUY IT NOW’ PRICE. ANYTHING UNDER LIST PRICE WILL BE A SHORT SALE. IF IT SHOWS AVAILABLE , IT IS. GO DIRECT.

list price was 1.99? REO’s in coto—how far back of list have they been clearing, 10%?

There is no way to give a general percentage from listing prices as each property is different and has it’s own specific circumstances.  The one generality I can make is that NODs in Coto on on the rise.

IR2 - Thanks for the info, but I am not sure I understand it.  My guess is the offer was for $1,995,000 or close to.  What does “Agents Go Direct” mean?  Did you go to any open houses today?  I went to a couple open houses in Turtle Rock and found out that homes in Turtle Rock are older and smallish with little to no back yard and very expensive.

awgee - 04 June 2008 12:17 PM

Agent comments: AGENTS GO DIRECT. LIST PRICE IS YOUR ‘BUY IT NOW’ PRICE. ANYTHING UNDER LIST PRICE WILL BE A SHORT SALE. IF IT SHOWS AVAILABLE , IT IS. GO DIRECT.

IR2 - Thanks for the info, but I am not sure I understand it.  My guess is the offer was for $1,995,000 or close to.  What does “Agents Go Direct” mean?  Did you go to any open houses today?  I went to a couple open houses in Turtle Rock and found out that homes in Turtle Rock are older and smallish with little to no back yard and very expensive.

Sorry for the confusion, awgee.  There are public comments that are made as part of the property description, and there are private comments made available just to agents.  Private comments are intended to be used to inform agents about special circumstances about the property for seller’s protection, ex: gate access codes, vacant/occupied, etc (in this case GO DIRECT doesn’t tell me much).  This agent is stating that seller can come up with funds to close at list price, but anything lower may take much more time to close as the bank will have to approve taking less than what is owed to them on the note… So you are given the choice, time or money.

IR2,

how much more pertinent information is typically placed in the private comments?  I mean substantial information about the listing (e.g. property condition, rent roll, etc), rather than gate codes and lock box location?

Thanks

freedomCM - 04 June 2008 02:38 PM

IR2,

how much more pertinent information is typically placed in the private comments?  I mean substantial information about the listing (e.g. property condition, rent roll, etc), rather than gate codes and lock box location?

Thanks

Depends on the agent - for example, one of my current listings looks like this:

Priv Rmks: Please be careful when showing and DO NOT LET CAT OUT! This is not a short sale or REO. Seller requests Equity Title and West Coast Escrow for services. Thank you for showing. - Mello-Roos only 328.46/year. Prefer 30-45 day escrow.

Most of this is available elsewhere, but if I can preemptively answer MR questions or get someone to write a cleaner offer, I’m happy to save some time later by putting more in up front.

Sometimes my agent will show me the private remarks.  I see a lot of “MOTIVATED SELLER!!! SUBMIT ALL OFFERS!!!“

skek - 04 June 2008 03:13 PM

Sometimes my agent will show me the private remarks.  I see a lot of “MOTIVATED SELLER!!! SUBMIT ALL OFFERS!!!“

“Why are we only getting lowball offers?“  That’s why.

Another truly xlnt reason to ask your listing agent to show you the MLS printout of your own listing.  Caveat venditor.