IvyGate properties in 4S Ranch

[ocrenter]

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.

[briansd1]

Very good call ocrenter.

I like to say that, to economists, a recovery is any increase from the trough.

But to a lay person, and especially a flipper (or a property ladder climber) a recovery means a return to purchase price + additional funds “invested”.

With years of being underwater ahead, I doubt that many who bought at the peak will last until the “recovery” as most would understand it.

Those peak purchases will nearly ALL get purged then recycled to lower cost basis.

[briansd1]

Very good call ocrenter.

I like to say that, to economists, a recovery is any increase from the trough.

But to a lay person, and especially a flipper (or a property ladder climber) a recovery means a return to purchase price + additional funds “invested”.

With years of being underwater ahead, I doubt that many who bought at the peak will last until the “recovery” as most would understand it.

Those peak purchases will nearly ALL get purged then recycled to lower cost basis.

[briansd1]

Very good call ocrenter.

I like to say that, to economists, a recovery is any increase from the trough.

But to a lay person, and especially a flipper (or a property ladder climber) a recovery means a return to purchase price + additional funds “invested”.

With years of being underwater ahead, I doubt that many who bought at the peak will last until the “recovery” as most would understand it.

Those peak purchases will nearly ALL get purged then recycled to lower cost basis.

[briansd1]

Very good call ocrenter.

I like to say that, to economists, a recovery is any increase from the trough.

But to a lay person, and especially a flipper (or a property ladder climber) a recovery means a return to purchase price + additional funds “invested”.

With years of being underwater ahead, I doubt that many who bought at the peak will last until the “recovery” as most would understand it.

Those peak purchases will nearly ALL get purged then recycled to lower cost basis.

[briansd1]

Very good call ocrenter.

I like to say that, to economists, a recovery is any increase from the trough.

But to a lay person, and especially a flipper (or a property ladder climber) a recovery means a return to purchase price + additional funds “invested”.

With years of being underwater ahead, I doubt that many who bought at the peak will last until the “recovery” as most would understand it.

Those peak purchases will nearly ALL get purged then recycled to lower cost basis.

[an]

[quote=briansd1]
Those peak purchases will nearly ALL get purged then recycled to lower cost basis.[/quote]
Yep, and a lot of it is on the back of us tax payer in the form of loan mods.

[an]

[quote=briansd1]
Those peak purchases will nearly ALL get purged then recycled to lower cost basis.[/quote]
Yep, and a lot of it is on the back of us tax payer in the form of loan mods.

[an]

[quote=briansd1]
Those peak purchases will nearly ALL get purged then recycled to lower cost basis.[/quote]
Yep, and a lot of it is on the back of us tax payer in the form of loan mods.

[an]

[quote=briansd1]
Those peak purchases will nearly ALL get purged then recycled to lower cost basis.[/quote]
Yep, and a lot of it is on the back of us tax payer in the form of loan mods.

[an]

[quote=briansd1]
Those peak purchases will nearly ALL get purged then recycled to lower cost basis.[/quote]
Yep, and a lot of it is on the back of us tax payer in the form of loan mods.

[briansd1]

It looks like, so far, the loan mods are only part of the stabilizing government programs.

The re-default rate is nearly universal, but lenders and the government know that. Loan mods keep houses off the market for a while and help put a floor to the bottom.

That only means elongating the recovery period.

We’ll see in 2015/2016 how many peak buyers are still left standing. I suspect that there will be a few a 4S Ranch who have the wherewithal to stay because they rolled over equity from selling elsewhere and intend to stay.

In markets such as Downtown where people bought as pure investment plays, the purging will be painful.

[briansd1]

It looks like, so far, the loan mods are only part of the stabilizing government programs.

The re-default rate is nearly universal, but lenders and the government know that. Loan mods keep houses off the market for a while and help put a floor to the bottom.

That only means elongating the recovery period.

We’ll see in 2015/2016 how many peak buyers are still left standing. I suspect that there will be a few a 4S Ranch who have the wherewithal to stay because they rolled over equity from selling elsewhere and intend to stay.

In markets such as Downtown where people bought as pure investment plays, the purging will be painful.

[briansd1]

It looks like, so far, the loan mods are only part of the stabilizing government programs.

The re-default rate is nearly universal, but lenders and the government know that. Loan mods keep houses off the market for a while and help put a floor to the bottom.

That only means elongating the recovery period.

We’ll see in 2015/2016 how many peak buyers are still left standing. I suspect that there will be a few a 4S Ranch who have the wherewithal to stay because they rolled over equity from selling elsewhere and intend to stay.

In markets such as Downtown where people bought as pure investment plays, the purging will be painful.

[briansd1]

It looks like, so far, the loan mods are only part of the stabilizing government programs.

The re-default rate is nearly universal, but lenders and the government know that. Loan mods keep houses off the market for a while and help put a floor to the bottom.

That only means elongating the recovery period.

We’ll see in 2015/2016 how many peak buyers are still left standing. I suspect that there will be a few a 4S Ranch who have the wherewithal to stay because they rolled over equity from selling elsewhere and intend to stay.

In markets such as Downtown where people bought as pure investment plays, the purging will be painful.

[Author]

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