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Lansner on Real Estate ~ The latest news about the housing market from Orange County Register columnist Jon Lansner.

Archive for the 'Coto de Caza' Tag

Out of air? Coto mansion, half off

October 7th, 2009, 1:59 pm by Jon Lansner

ed-collins-balloon1Ed Collins has been trying to sell a Coto de Caza home at 31752 Secoya Way for about a year and a half. Last weekend, he offered hot-air balloon rides to generate interest in the property. What did Register reporter John Crandall learn …

  • Property covers a little under six acres.
  • Has two waterfalls, a small stable, a chicken coop, a rec room.
  • Previously listed at over $9 million, but suggested opening bid is $3.895 million at on-site live auction on Oct. 18 at 12 p.m.
  • Collins, president of Penny Mailers, said: “The house has been listed for over a year now and I thought I’d stir it up.”

More Crandall’s report IS HERE!

August’s most-read posts on this blog …

  1. 21 years until housing beats its old peak?
  2. What $320,000 buys — in Newport Beach
  3. Largest California home-price gains in 5 OC cities
  4. California has nation’s highest mortgage burdens
  5. Hear why homebuying burst could be short-lived
  6. Mogul’s home sells at $2 million discount
  7. California ranks 14th for moving-van exits
  8. OC luxury condo developer in bankruptcy
  9. Where do homes sell in less than a month?
  10. Same OC city is best, worst for home-price cuts
  11. Investors driving up OC home sales
  12. Developer owned by Bren’s son files bankrupt

Hot air balloon fights the bursting housing bubble

October 4th, 2009, 9:53 am by photo_xmits

Property owner Ed Collins has figured out a new way to combat the housing market … send prospective buyers for his Coto de Caza mansion up in a hot air balloon ride. An interesting way to auction his 6-acre estate!

Video by Jonathan Khamis, OCRegister.com

Please enable Javascript and Flash to view this Brightcove video.

Coto mansion auctions for $6.7 million

October 3rd, 2009, 5:46 pm by eugfields
pool-view water-fall terrace-night
entry-way casino-art dining-room
kitchen master-bath-1 theatre-room

A 16,500-square-foot home on Palma Valley received a high-bid of almost $7 million at auction on Saturday, said the co-owner of the auction company.

Todd Wohl, co-owner and auctioneer for Premiere Estates Auction Company, said the high bid was $6.7 million for the eight bedroom, 12 bathroom home that sits on 2.45 acres.

“It’s a monster home,” Wohl said. “The finishes and the materials for the finishes are all high end.”

Wohl said more than 200 people went through the homes during the seven-week marketing period. The home, which was competed in 2008, was originally on the market for $10 million.

The home also features a casino, an infinity-edge pool facing the Coto valley and separate living quarters.

“You could have your in-laws living there and you’d never know they were there,” Wohl said. “You could use you cell phone to talk to each other.”

House auctions have become commonplace in Orange County.

Luxury homeowners who were seeking to liquidate their assets in a day began selling selling homes at auction about three years ago, but home auctions are less common behind the gates of Coto de Caza, luxury homebuilder Larry Igarashi said.

Previously … Bids open on Coto villa at $4.5 million discount!

Other real estate news:

Bids open on Coto villa at $4.5 million discount

September 30th, 2009, 2:00 am by Jeff Collins
pool-view water-fall terrace-night
entry-way casino-art dining-room
kitchen master-bath-1 theatre-room

driveway-viewHouse auctions have become commonplace in Orange County in this day of foreclosure sales and desperate sellers. Luxury homeowners got into the act at least three years ago, seeking to liquidate their assets in a day.

But such things are less common behind the gates of Coto de Caza, says luxury homebuilder Larry Igarashi. Until now.

Igarashi’s 16,505-square-foot spec home on Palma Valley goes on the block at 1 p.m. Saturday, with the minimum bid set at $5.99 million. That’s nearly $4.5 million below the home’s original list price when it went on the market in May. (For video, CLICK HERE! For large picture, click on the images!)

After four months, the sprawling mansion remains unsold. Igarashi — who formerly designed titanium golf clubs and produced golf tournaments — is hoping that an auction will be the ticket for getting the house sold — and perhaps even eking a profit out of the deal.

He says he will lose his shirt on a second Coto house he’ll auction off at 11 a.m. Saturday (see details HERE!). He has invested easily $3 million to $4 million in the 10,548-square-foot manor on Via Colinas. He originally listed it for $5.75 million. Minimum opening bid on Saturday: $2.79 million.

“I’m the first one doing this is Coto de Caza, so people are very, very curious to see how it does,” Igarashi said. ” … I may lose money.”

Igarashi’s two sales are among four auctions of high-end homes now scheduled in Orange County.

  • Homeowner Ed Collins’ six-acre Coto estate on Secoya Way property will be auctioned off on Oct. 18.
  • And a Newport Beach online auction firm is selling a $7 million home in the Harbor Ridge gated community with an Oct. 20 bidding deadline.

Igarashi declined to say how much he has invested in the home the Palma Valley home, but conceded that he paid $1.5 million for the steep 2.45-acre lot. The home has eight bedrooms, 12 bathrooms, a casino, theater room, wine cellar, dance floor, office suites, a 10-car garage and an infinity-edge pool.

To bid on it, you need to bring a cashier’s check for $100,000 with you to the auction. Buyers can preview the home at 4 Palma Valley from 1 to 4 p.m. Friday.

Related news:

‘Real Housewives’ Coto home in default

June 9th, 2009, 2:03 pm by Mark Eades
keough-jeana

Photo by Jebb Harris

Jeana Keough of the ‘Real Housewives of Orange County’ TV show confirms that creditors have filed notices of default on her Coto de Caza home.

According to ForeclosureRadar.com

  • Lender Washington Mutual — now Chase — last month filed a notice of default for a $1.3 million mortgage made in 2003. Unpaid was $37,538.
  • The Coto homeowner’s association filed a similar motion in April, claiming its owed $3,732.

Jeana told The Register that she recently got some paperwork from lenders and “I’m trying to doing a loan modification.”

She admits that she controls four homes — the other three are rental properties — and all are in trouble. “I think all four of my houses have notices of defaults on them, as I’m trying to get loan modifications on them. To get a loan modification you have to stop making payments to qualify. I have renters in the other three now. I don’t know if I’m going to sell it, or what I’m going to do.”

Jeana, who when she isn’t acting is in real estate sales, added: “The realty business is so bad. You’ve got to come up with $10,000 a month. It’s a tough market, everybody’s struggling. My kids don’t really need this news right now.”

What’s the home worth?

  • A Zillow Zestimate of the home’s value pegs it at $1.382 million.
  • The county tax collector puts assessed value for the current tax year at $1,537,549 with a $17,286 tax levy for 2008-09.
Keough home

Keough home

Keough, who for four years has appeared in every episode of the popular Bravo reality TV series, said recently she didn’t think she would be returning to the show.

As for other ‘Housewives’ real estate, co-star Tamra Barney took her house in Ladera Ranch off the market in February.

Extra ‘Housewives” news …

New mansion goes on market in Coto

May 20th, 2009, 6:00 pm by Mark Eades
4 Palma Valley in Coto de Caza on sale now for $10million

4 Palma Valley in Coto de Caza on sale now for $10 million

With the economy holding down the sale of mansions in Orange County, a developer in Coto de Caza decided to throw a party Saturday night to debut the latest mansion in the gated community to come onto the market. The 16,500 square foot mansion sits on 2.5 acres at 4 Palma Valley. The house has a view of most of Coto from its hillside location. The listing is with C21 Superstars and the McMonigle Group and is for $10 million.

CLICK HERE TO READ the whole story about the house and the party by reporter Mark Eades

More homes selling for less in Coto

May 5th, 2009, 10:30 am by Mark Eades

Courtesy Coto de Caza real estate agent Mike Ameel.Reporter Mark Eades reports that home sales in Coto de Caza and the surrounding Trabuco Canyon area increased in the first quarter of 2009, but the prices of the homes that are selling are lower. Real estate agents think this could lead to increased sales for higher priced homes in the gated community.

If you like brick siding on your home, this 5-bedroom home at 3 Weather Ledge in Coto de Caza is listed for $1,899,000. In 2005, the home would have listed between $2.5 and $2.7 million according to Coto de Caza real estate agent Mike Ameel.

Read the complete story.

Other news …

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