Rancho Santa Fe Real Estate Musings: Foreclosure rates, Lennar opens future foreclosures...
(The view above "Sereno at the Lakes Above Rancho Santa Fe." Want to hear the real deal? After foreclosure data.)
These charts and graphs lay out the foreclosure scene in 92067 Zip-line. Enjoy.
These statistics are only for the 92067 (Rancho Santa Fe Covenant & Area). Rancho Santa Fe is also considered portions of 92091.
The chart above shows Rancho Santa Fe foreclosures including both Notice of Default and Notice of sale for the last 12 months. Notice of Default (NOD) is the first public notice that the owner is in financial difficulty and starts the foreclosure process. Historically this can be filed as early as several missed mortgage payments, but Banks may take months to record the NOD. The Notice of Trustee Sale can be recorded as early as 3 months from the filing of the NOD. Once the Notice of Trustee Sale has been recorded the initial auction date can be scheduled as little at 20 days, but many are postponed for up to one year.
The second chart indicates cancellations of auction dates, percentage of homes that went back to the Bank (REO), and those purchased by a third party. Third party sales are cash investors that are flipping the properties for profit or holding for investment.
The third chart indicates the change in percentage from the previous year on Pre-foreclosure homes or Notice of Default, scheduled for sale, and bank owned properties (REO).
Finally the 4th chart shows the time to foreclosure percentage change from the previous year, time to re-sell on a Bank Owned Property, and time to re-sell on a 3rd party (investor) sale.
Now, on to what we "referred" to as Lennar's future foreclosures. Lennar Homes is opening this deal called "Sereno at the Lakes Above Rancho Santa Fe" for public display on Saturday, Feb. 26.
(Photo above: Lennar's Lakes development is in the upper left corner as a worker touts the ill-fated Cielo Farmers Market just across Del Dios Highway that had a turbulent one month stand last year.)
Normally, we let the real estate community slide. Heck, we've got many wonderful friends and visitors who are real estate people. It's all good.
However, Lennar Homes knd of went beyond the pale with its press release Friday about this so-called Sereno At The Lakes yada yada. Let's get technical here before we go into the gist of these dwelling that cost around $1 million.
Firstly, what the heck does "Sereno" mean? We looked it up online. Wait for it. Wait for it.
1sereno, serena adjective
: fair, clear (of weather)
: calm, still (of the sea)
-- http://www.aolsvc.merriam-webster.aol.com
Of course, it was far too close for comfort to...
noun pl. serranos -·nos
a kind of long, slender, very hot chili usually cooked while still green, used esp. in Mexican cooking
So, you want to pay $1 million to live in a kind of long, slender very hot chili usually cooked while still green? Didn't think so. Get a REAL fake name. (While we're on faux topics, those tiny, tiny man-made water holes don't look much like lakes either.)
That's not even the beginning of this outrage. The "Sereno" development is at Rancho Bernardo actually. They're just calling it Rancho Santa Fe. Strike Two. They're behind in the count.
These homes aren't just behind one gate either. You have to drive through Crosby Estate's gates -- unless you know the secret way in as some do -- and then you drive through ANOTHER gate at The Lakes. That's ridiculous, especially for mere one million dollar homes. Maybe, you spend $2 million, you get two gates.
And as the previous foreclosure chart shows, not really a good time to be buying overpriced property. Not a good time to be rooting around for first-time buyers either, as the Lennar marketeers suggest. So, the Lennar press release with its overhyped sell truly grated.
(And we won't even bring up the fiasco at The Bridges where Lennar had to mix it up with the infamous rogue financier Barry Minkow and his fellow accomplice Nicholas Marsch III. Lennar won that $150 million battle. For more, visit our story at http://tiny.cc/0ay8l. Oops.)
For example, the Lennar press release to wit:
"Lennar is now grand opening their highly anticipated community, Sereno, this Saturday, February 26th...
Filled with exquisite custom-quality appointments and architectural detail, the expansive two-story residences at Sereno are truly spectacular and are attracting new homebuyers who are seeking a luxurious new home environment that also has all the comforts of home...
Secluded behind private entry gates and overlooking a panorama of sparkling lakes and golf course vistas, The Lakes community replicates the finest examples of California's golden age of architecture surrounded by tree-lined streets and riding trails.
The neighboring area presents the beautiful beaches and cliffs of Solana Beach, La Jolla, and Del Mar. Enjoy the Del Mar racetrack or the renowned Torrey Pines Golf Club. And charming downtown San Diego is just a short drive away."
OK, where do we start. "New homebuyers." REALLY? "Exquisite custom-quality appointments." YEAH, APPOINTMENTS, HUH. SOUNDS LIKE WORK. "Secluded behind private entry gates." STIPULATED. "Finest examples of California's golden age of architecture." REALLY. WHEN WAS THAT GOLDEN AGE EXACTLY?
But the kicker. "The neighboring area presents the beautiful beaches and cliffs of Solana Beach, La Jolla, and Del Mar." HMMM...DISTANCE FROM DEL MAR, SOLANA BEACH - 15 MILES; DISTANCE FROM LA JOLLA - 25 MILES; DISTANCE FROM ESCONDIDO - 6 MILES; DISTANCE FROM RANCHO BERNARDO - 0 FEET. DON'T SEE ESCONDIDO OR RANCHO BERNARDO ANYWHERE HERE.
BOGUS.
Get real then. Promotion and marketing is one thing. This is another. We could say a lot more. But we got to get to non-fake stuff now. Good luck, Lennar.
Oh, in case you're still interested: Sereno at The Lakes is located at 16937 Tillage Lane. For further information or driving directions to The Lakes, visit Lennar.com or call (888) 628-1706.
