How does a million-dollar foreclosure sound?
This Coto de Caza property at 3 Kennedy Ct., which was foreclosed upon this month, sold in early 2007 for $1,275,000, according to ForeclosureTrackers.com, which provided the photo.
Zillow.com “zestimates” the house is currently worth $1,118,500.
Chase Home Finance LLC was the lender — and presumably is now the owner — of the property, which has five bedrooms, according to ForeclosureTrackers.
Related posts:
- Pimco to up bet on distressed debt
- More banks in trouble
- Another mortgage-broker bill heads to the governor
- Bill to regulate mortgage brokers passes state Senate
- O.C. foreclosures soar to record in July
- The man who caused 10 foreclosures
- Banks offer 28% discount to O.C. foreclosure shoppers
- O.C. bank-owned properties rise 37%
- Homebuilder warns foreclosure shoppers
- O.C. early foreclosure notices drop for second month
So why couldn’t they just lower the price a bit and sell it at a slight loss. Certainly someone living in Coto could afford to take a bit of a hit on their relatively new house. Right?
Or were they liviing on the margins and spread too thin to lower their price a bit to save their home, their credit, their lives?
Why couldn’t they sell this house in Coto? Couldn’t they have knocked a hundred grand or two off the price, staged it well, and sold it fair and square? Why the foreclosure and life crisis drama?
Why couldn’t they just sell this nice house in Coto for near what they were asking for it?
P.S. I know the answer.
Coto = the new Santa Ana.
Imagine what will happen to ‘nice’ areas that are actually NEAR Santa Ana. Where would you rather live? Coto with a 20 mile buffer from the riff-raff, or that built on a Superfund site Villages of Columbus right next to the worst neighborhoods in the county?
Readership is dropping at newspapers all over the country. The blogs are the only thing that keep them interesting.
I used to subscribe to the Register myself. I actually gave them money. But once the Internet came along I didn’t have to put up with the expense and the hassle when the 40 year old newspaper boy kept throwing the paper into the shrubs instead of the porch.
And yes, I feel a bit guilty for not subscribing anymore. But what are you gonna do? I’m getting too old to wade through the shrubbery every morning.
Matt and/or Andrew,
you think one foreclosure in Coto is news because it is in the million dollar price range? Man… you should rename it foreclosure of the day, and you would have to sort through the million dollar foreclosures to see which on is worthy.
I agree with Troy, just lower the price slightly… that should do some help…
Million dollar foreclosures in Coto are not all that uncommon anymore.
7 Roberts
17 Charleston
33 Summerside
24 Grace
8 Cedar Grove
3 Palomino
1 Sawgrass for $2mil
23301 Via Dorado
22 Pamela Way
Slade’s house on Meadowood
6 Darkhorse
etc., etc., etc.,
and the one to watch is 31731 Capuchina Way with possible loans totaling $7.6 mil.
Foreclosure of the week - Yawn.
Don’t look now, but that Zestimate has dropped to $1,021,000 since in the 3 days since Andrew profiled the house. Andrew, don’t take too much credit, I assume it’s a monthly update to the Zestimate. A $100,000 loss in a month, now that smarts.
Oh, and while we’re at it, look at how the Zestimate topped out near $2 million in late 2005.
With a bulk of ARMs reseting in a next year to two I would not be surprised to see half of Coto foreclosing. It’s sad but in a long run it will pay off as people who can afford the mortgage will move in and things will return to normal. Just my 2c.
It probably belonged to one of those million dollar loan brokers…. Was there an Escalade in the garage?
According to Zillow report, the house sold for $1,021,963 Quite a hit from the top… but, they are not alone!
I have a very reasonable offer on 3 Kennedy (whatever Zillow said 2 weeks ago) and guess what the clowns at the Bank are waiting for the Feds to bail them out. I just dont get it. It is not that the buyers are not there it is the dumb Banks and real Estate agents , specially the ones that do the BPO. They are still in La la land.