someone was asking about how Ivy Gate is doing, well, we got 6 homes on the courthouse steps this coming month:
10263 WINECREEK COURT
2/8/2010 10:00:00 AM
9958 WINECREST RD
2/11/2010 10:00:00 AM
9934 WINECREST ROAD
2/19/2010 10:00:00 AM
10284 WINECREEK CT
2/19/2010 10:00:00 AM
10239 WINECREEK COURT
2/24/2010 10:00:00 AM
16343 WINECREEK ROAD
2/25/2010 10:00:00 AM
now Ivy Gate only has 65 homes, so that’s nearly 10% of the homes in this single development going on auction within a month.
of note, I first featured 10263 WINECREEK COURT back in September of 2006 on BMIT:
“Let’s go back to July 2006. With 24 months of sales decline, with inventory passing historic high, with the year-over-year median price turning negative for the first time in years, you wouldn’t think anyone would commit himself to a $1.6 million mortgage on a 5,359 sqft flip.
Well, think again. 10xx3 Winecreek Court is a 5,359 sqft McMansion of all McMansions in 4S Ranch’s luxury development of Ivy Gate. Purchased in July 2006 for $1.611 million, the flipper placed the home on the market 2 months later. Hoping for a $264,000 profit after the 6% commission, the property was listed for $1.995 million on 9/6/06.
Looks like the mortgage on $1.6 million is a bit hard to handle. The flipper held out for his $1.995 million for exactly 6 days, dropping his asking price to $1.945 million. Another 6 days later, the asking price is now down to $1.745 million by 9/18/06. Why $1.745 million? Well, $1.611 million + 6% commission = $1.72 million. Hmmm… another flipper setting the price based on what he needs to break even. A recipe for foreclosure? Stupid is as stupid does!”
all it took was 3.5 years for this bad flip attempt to make it to the courthouse steps.
