Those of you who know Ladera Ranch, know that at the peak of the housing market, it was a cesspool of speculating flippers gone wild. Some of the most egregious lending happened here with Negative Amortizing loans that are quickly imploding faster than any subprime loan could. And the size of these loans is even bigger than subprime by multiples.
Ladera was carved out of some leftover parts of Mission Viejo abutted to San Juan Capistrano, and for the most part is searing hot in the summer with no views to speak of, has insane choked off traffic to get to the 5, or you endure ever-increasing tolls from “The Toll Road Company” whose stated objective is to siphon off as much of the local wealth as possible while crying foul and getting “Community Reinvestment” money from the Federal Government. Good to see that even if the rich won’t support the toll roads, everyone else gets to with their taxes (without the benefit of actually using the roads.
Our subject today is 40 Lewiston Court, Ladera Ranch, now for sale for $1.1M. At the peak it sold for 2.2M, and is having a hard time finding a bottom.
Here’s the beauty. And, by the way, this is what 3% of 1.1M will get you in OC today:
I guess Realtors here haven’t yet gotten the memo: the internet sells properties.
But, between you and me, the most interesting part is not the cesspool that your neighborhood is, but rather the cesspool that is in the back yard, lovely. Mosquito abatement anyone?
Please, for the love of god, will some knifecatcher step up to the plate?
Edit: South OC tracker already featured this one. She gets around.
Dang, listing pulled within hours. Some knifecatcher about to fall out of escrow like the last 3?
Chuck
I don’t follow the “cesspool” and “mosquito” references. Can you elaborate?
Listing had an awesome shot of a green pool in the backyard. You could practically smell the stagnant water.
Chuck
i must be missing something.. the link says it sold for $1.2 in December..
anyway, here’s an interesting video regarding mortgage mods.. not that i think they should be handing these out, but it does show why the banks may not be willing to work with homeowners.. wonder how much the bank made on this deal when it sold for $1.2 in Dec?
Linky
Yeah. Property was taken off the market within 2 hours of my post. It was bak to bene back in December. It was listed for 1.1M.
As of this moment, listing is still here:
http://www.estately.com/listin.....ewiston-ct
Catch the pics before it goes again.
Great description of Ladera. Although that could also be a description of 95% of the OC.
Plenty of people are stepping up on this one. It’s an REO listing ($1,100,000) that is on hold because they have more offers than they need. It will be pending soon.
Anyone who wants to see the pictures can email me at brad@wehelpubuy.com and I’ll send you the listing.
Also interesting is the $1,012,000 sale price as a new home in public records in mid-2003. If this thing had multiple offers then it may well sell above the mid-2003 price.
In June 2003 the home price index was about 155 and has not gone much below 160 since hitting bottom earlier this year. Compare that with the index of 270 at the time of the $2.2M sale in March of 2006, almost at the peak.
The area seems to be performing at levels comparable to the regional home price index.
Lets not embellish. Ladera is really not that hot. This summer I had my AC runnning for maybe 2 weeks total. Getting to the 5 is pretty quick.
Now if you want to talk about cheesy people from the real OC or HELOCS gone wild Ladera is your place. Did I mention the cheese?
OK, I’ll take that bet.
Please video the drive from oneill& crown valley (shortest distance to 5 from Ladera, most live quite a bit farther) at 8:00 am, and post it online.
If you can upload videos that long on YouTube. I hear they have a 30 minute limit on videos, but I’m not sure.
That, I’d like to see.
Chuck
And yes, the cheeze is there. Real Housewives on steroids and hopped up on Botox. It’s the land of the 850/month HOAs plus 500/month MelloRoos. I stand by my assessment.
I hate Ladera (there’s no character)! I live nearby in Pacific Hills (MV) and the traffic is horrendous. I only live here to be closer to work. I am from Long Beach, a much larger city, and did not see the traffic there like I do here.
Ladera is Master Planning at it’s best. Clearly planned for people who really know their cheese.
Long Beach happened large and fast and there may be traffic, but it can’t compete with the cheesy planning that produces places like Ladera Ranch.
Pass the Cheese Please.
Back on Market 02/17/2010.
Odd… They canceled this listing on 3/22 and I just got a request to do a BPO (Broker Price Opinion) from the bank. Guess they can’t figure out how much it’s worth.
They’re so stupid. It’s worth what someone will pay. Lower the price till you get some offers. This isn’t rocket science.