48 Vela Court, Coto de Caza, CA 92679
MLS#: S486502
5 Bedrooms, 4 Baths, 3,600 sq. ft, 9,000 sq. ft. lot
 
Purchased 03/24/06 $1,375,000
Sold 09/07 $1,099,000
 
Assuming 5% commission, loss of $330,950 or 24%
 
 O U C H !
 

I’m thinking that anybody who buys in Coto can afford a little bit of skin.  But obviously if they needed to sell, they coulden’t afford it.
-bix

bix, Coto can actually be cheaper than the south end of Irvine. 

My ex just bought in Coto a few months ago- lemme tell ya, he can’t afford the million dollar mortgage he took out!

I saw that one on Redfin.  If you notice, that buy in 2006 was the third time that house had been bought for above 1.3 (2004, 2005, 2006).  I called my wife and asked how she would feel if we lost 300k in equity (or cash depending on the structure of the loan).  I do not revel in their misfortune.  That will be a very expensive lesson.

Similar losses will take place in Talega and San Juan Capistrano.  People are starting to realize how far away those places are and how difficult it is to get back to where the jobs, entertainment, airports, etc. are.  This is similar to the bay area in that the areas furthest away from San Francisco got hit first, Hollister, Discovery Bay, Northern Marin County etc.

I thought that distancing yourself from an Airport would be a good thing?  But I guess my career is not one that requires me often flying.
 

If you need the airport on a regular basis, you can’t beat living close to John Wayne airport. 

As long as you are not in the direct take-off path, you should be okay.  Of course, SNA has the full-throttle to no-throttle zero-gravity noise abatement take-offs .  I travel a lot for work and it’s convenient to live so close to the airport.  Nothing like landing at 8pm and being home in 10 minutes to be able to kiss the kids goodnight. 

Flying via John Wayne airport is definitely an experience with the quick takeoffs. 

Vela Court is in a nice neighborhood and that is a very nice home.  Did it close escrow?  A little bit of patience is gonna pay off.

Hey awgee - where have you been? 
Yeah, Vela Court closed escrow. 
 

CalGal - Indian Princess surf camp with middle daughter.  As we were driving back in, I couldn’t help but notice how many open house signs there were on the west side of Coto de Caza Dr., (big buck).  It is getting interesting when a property like 48 Vela Ct. goes for 1.1  .
Check out MLS S492150.  Asking is at 2004 selling price.  Net will be below 2004 and a loss.  OUCH.

Here’s another house that just closed for a BIG LOSS:
 
29 Salinger Ct, Coto de Caza
Tract:  Chatham
MLS # S495648
 
Purchased 08/14/06: $1,775,000
Sold 09/20/07 $1,400,000
Loss assuming 5 % Commission $445,000 or 25%

calgal - That ought to have some effect on the end of the month stats.  The agents like to point out how prices aren’t coming down in Coto.  I wonder if a negative 25% will be discussed at the monthly Remax sales meetings.

Nah, it’s an anomaly.  Pay no attention to the comp on Salinger Ct.

Sarge - Thanks.  So much for waiting.  I will go out and make an offer right now. 

South OC is getting MURDERED right now.  Many, many clients I speak/meet with are over 85% CLTV with a jumbo loan as a first.  They can’t afford to refi even if they can qualify.  Values are dropping like rocks in MV, LN,SC and SJC

lm - Howz about Coto?  And what does CLTV stand for?  cable television?

You know I like to use the 90s bust as a reference and many will write me off because it was about the jobs then. Well when I see that Coto is suffering as is much of south county I can’t help but be reminded of the 90s. I can’t believe how many foreclosures I am seeing in Mission Viejo and Ladera REO Ranch is a nightmare.

cltv = combined loan to vaule.  Example: 500k 1st and 150k HELOC w/ 750k value = 86.67% CLTV

graph-
75% of all my clients are looking for cashout. They need cash for their business which is slowing, or they need to payoff the credit cards, or worse, they need it to help them make the mortgage payments.  I’ve talked to several in the last week that recently took the house off the market. They didn’t realize that that would prevent them for taking any cash out of the property for the next 6 months.

Coto is coming down. Remember our friend who’s woman was featured on the "real housewives of OC"  I forget his name, but there are a lot of pretenders in Coto de Caza.  People sucked out cash there to, they did it everywhere.  Why take out a business loan when you can borrower against your house at a cheaper rate and get a tax deduction? 

LM - you mean Slade?  It was reported in a different thread that his Coto house is in the foreclosure process (14 Meadow Wood).  Guess he wasn’t that RICH after all. 
There are lots of houses in Coto that I’m tracking that will be losing money.  And I can only find data on the basics - what they purchased it for and what they sold it for.  I don’t have the means to track if they sucked any equity out of their house.  And I’m sure there are  A LOT of people in this category. 
 

28712 JAEGER DRIVE, Laguna Niguel, CA 92677
Asking: 950,000
Last Sale: 06/21/06 
Sales Price: $1,175,000 
Bedrooms: 5 
Full Baths: 3 
Partial Baths: 0 
Square Feet: 3,281 
Lot Size: 11,200 Sq. Ft. 
Year Built: 1980 
Listing Date: 09/18/07 
On Market: 2 days 
Type: SFR 
Status: ACTIVE 
MLS #: S505922 

ns - WOW!  They are already losing 24% if they sell at their asking price (assuming 5 % commission). 

Another 100,000 plus drop
34 BRYCE CANYON, Aliso Viejo, CA 92656
List Price: $394,900
Last Sale: 09/29/06 
Sales Price: $520,000 
Bedrooms: 2 
Full Baths: 2 
Partial Baths: 0 
Square Feet: 924 
Lot Size: N/A 
Year Built: 1999 
Listing Date: 09/17/07 
On Market: 3 days 
Type: SFR 
Status: ACTIVE 
MLS #: S505727