Welcome to Merrivale West Information Center

by David Lindsay & Patricia Kelner of Coldwell Banker
 DRE #00927727  & 01443696

                                                   
Active Properties List Date Sq. Ft. Beds/Baths Original List List Price
1424 Phelps Ave *short sale 9/6/2011 1056 2/2 $399,900 $318,000
 
 

 

   
Pending  Properties
Address List Date
Sq Ft Beds/Baths Original Price List Price
1390 Cherrywood Sq 12/20/2011 1056 2/2 $379,000 $379,000
1448 Golden Meadow Sq 1/5/2012 1292 2/2.5 $419,000 $419,000
Sold Properties
Address Close Date Sq Ft Beds/Baths Original Price Sold  price

List Price

1460 Golden Meadow Sq *bank owned property 1/30/2012 1056 2/2 $430,000 $328,500 $365,000
1338 Merrivale West Sq 12/30/2011  1368 3/2.5 $439,000 $425,000 $439,000

1438 Millich Lane *short sale

 10/28/11 1220 2/1.5 $370,000 $328,000

 $370,000

1408 Pinehurst

 5/20/2011 1056 2/2 $429,950 $435,000 $429,950
1375 Pinehurst Sq 5/12/11 1056 2/2 $419,950 $412,000 $429,950

1346 Charmwood Sq

 4/28/11 1056 2/2 $424,900 $424,900 $424,950
1464 Millich Lane 4/1/11 1056 2/2 $429,950 $435,000 $429,950
1468 Golden Meadow 2/1/11 1056 2/2 $429,950 $408,000 $419,998

 

Definition

Original Price: Price at the time the listing is placed on the MLS

List Price: Price at the time the property entered into contract

DOM: Days on the Market

 

1460 Golden Meadow was a bank owned property and sold after it was "off market" after it had been listed for 64 days.  

1375 Pinehurst Sq sold off MLS- was listed for 160 days and cancelled.  Sellers received offer after it was "off market" thus no sales results posted on MLS.  This was a regular sale.

 

 

 

 
 
 
  

Market News

2/9/2012

1460 Golden Meadow has posted in county records has having been sold - $328,500.  This was a bank owned property that was not well marketed and did not sell while it was actively listed on the MLS.  The transaction was completed after the listing had been cancelled.

12/3/2012

Wishing everyone a fabulous start to 2012!

1426 Millich Ct has come off the MLS - it is listed as an "expired" listing.   It was the 1220 sq foot floor plan with 2 beds and 1.5 bathrooms.  They had been on the "Active Market" for approx. 2 months.

11/29/2011

Interesting month in the complex!  2 new properties listed (one currently pending, 1338 Merrivale West Sq) and significant price reductions on 1424 Phelps, which is a short sale and the seller wants to only sell to an investor.

1460 Golden Meadow Sq, which is a bank owned property, is currently not listed.  The listing timeframe "expired"  the last list price was $365,000.

11/4/2011

The newest listing at 1338 Merrivale West Sq is the largest floor plan in Merrivale West - these floor plans don't hit the market often.  In fact there wasn't a single one sold since 2/2009.   This is a much desired property.

The recently closed sale at 1438 Millich Lane was a jaw dropping closing price - the closed sale price reflects 1998 prices.  It was a short sale and was approved by the lender/mortgage company in a fairly short period of time. approx 2 months from the pending status till close of escrow.

1460 Golden Meadow Sq property has taken several price reductions - currently at $345,000.   This is the 1056 sq foot, 2 beds and 2 baths model with the enclosed kitchen. 

 

 Short Sale Deficiencies Fact Sheet

General Rule Unless otherwise exempt, no judgment shall be rendered for a deficiency for a first trust deed lender of one-to-four residential units if the borrower sells for less than the amount owed with the lender’s written consent. A first trust deed lender’s written consent shall obligate the lender to accept the sale proceeds as full payment and to fully discharge the remaining debt on the first trust deed.
Effective Date  January 1, 2011 
Applicability First deed of trust for a dwelling of not more than four units.
Exceptions

Exceptions include:

  • Junior liens
  • Lender seeking damages for fraud or waste;
  • Borrower is a corporation; or
  • Borrower is a political subdivision of the state.
C.A.R. Standard Form C.A.R.’s Short Sale Information and Advisory (Form SSIA) paragraph 4A2 discloses this law to sellers and buyers.
Practice Tip  Regardless of the law, it would be prudent for a borrower to obtain the lender's agreement to release the borrower from liability for the balance due on the note in writing and signed by the lender. 
Legal Authority The full text of SB 931, which adds section 580e to the California Code of Civil Procedure, is available at http://www.car.org/legal/2011-new-laws/.

Short Sale v. Judicial Foreclosure 
Homeowner (1 to 4 units) Generally Protected Against Deficiency

Type of Loan

After Short Sale

After Judicial Foreclosure* 

First Trust Deed

 Yes

Yes, if purchase-money and owner-occupied

Second Trust Deed

 No

Yes, if purchase-money and owner- occupied

Purchase Money Loan

 Yes

 Yes, if owner-occupied

Rate-and-Term Refinance

 Yes

 No

Cash-Out Refinance

 Yes

 No

Owner-Occupied Home

 Yes

 Yes, if purchase money

Nonowner-Occupied Home

 Yes

 No

*Note: Certain exceptions may apply, including wiped-out junior liens, fraud, and bad faith waste. Also no deficiency judgment shall be rendered if a lender forecloses by trustee’s sale (CCP § 580d) or if a loan is seller-financed (CCP § 580b)..