Costa Mesa

[quote author="Irvinian" date=1240293873]nice avatar</blockquote>


<---- You like IR2 playing with Pinkie Pie huh? I don't think he will ever send me a video and/or a picture like that ever again. Er, any picture for that matter.
 
[quote author="graphrix" date=1240294947][quote author="Irvinian" date=1240293873]nice avatar</blockquote>


<---- You like IR2 playing with Pinkie Pie huh? I don't think he will ever send me a video and/or a picture like that ever again. Er, any picture for that matter.</blockquote>


thought that was you graph. now that explains a lot about IR2.
 
[quote author="bkshopr" date=1240295117]Check out your CM neighbor on Surf Street:



<a href="http://www.pantherpalace2000.com">www.pantherpalace2000.com</a>



Click on "rooms"</blockquote>


And how did you know it was there bk? ;-P
 
[quote author="halfnote19" date=1240297671][quote author="bkshopr" date=1240295117]Check out your CM neighbor on Surf Street:



<a href="http://www.pantherpalace2000.com">www.pantherpalace2000.com</a>



Click on "rooms"</blockquote>


And how did you know it was there bk? ;-P</blockquote>


Bk seems to know all, but I am little curious how he knew that one also :cheese: Methinks he is revealing too much these days.
 
Homes along certain blocks of Costa Mesa during the 90's were cheap because of the problems surrounding the neighborhood. Panther made the news when the fire department and police department cited the owner of code violations exceeding the maximun occupancy limit. There were over 100 patrons in the premise and neighbors complaint the visitors taking up all of the curbside parkings. Other neighbors adjacent to the subject were complaining about activities and noise in yard when children were present.



This quadrant of CM was well known for decades for being the slum and eyesore of the community. Pay attention to your surrounding when you purchase property. I was interested in CM during the late 80's but could not understand why being closer to NB meant cheaper prices. I studied the neighborhood and found my answer through my usual keen observation.
 
"PROMINENT LUXURY HOME BUILDER" to get killed?



http://www.redfin.com/CA/Costa-Mesa/225-Monte-Vista-Ave-92627/home/18997448



<img src="http://media.cdn-redfin.com/photo/46/bigphoto/642/U9001642_0.jpg" alt="" />



<blockquote>NEWPORT BAY HEIGHTS. 4 BEAUTIFUL NEW CUSTOM HOMES BY PROMINENT LUXURY HOME BUILDER. PRICED FROM $1,199,000 TO $1,325,000. BEST VALUE YOU CAN FIND - SEE FOR YOURSELF. 3178 SQ.FT. TO 3594 SQ.FT. ON LARGE LOTS - UPPER NEWPORT BAY AREA. ALL HOMES: 4 BEDRMS, 4 BATHS, BONUS RM (COULD BE 5TH BEDRM), W/DOWNSTAIRS BEDRM. MODEL HOME WILL BE OPEN DAILY, 11:00AM TO 5:00PM EXQUISITE INTERIOR DETAILING - HIGHLY UPGRADED AMENITIES - A MUST SEE!</blockquote>








So he paid $2.015M for the four lots, and built 13,000 sf of 4 houses, say $250/sf? (is this correct?)



That is $2M + $3M = $5M. Plus finance charges for 2 years.



Even if he sells these today at full price, that adds up to 1325+1275+1199+1299= $5.1M.

<strong>

Will the "PROMINENT LUXURY HOME BUILDER" break even???</strong>
 
[quote author="freedomCM" date=1240303755]So he paid $2.015M for the four lots, and built 13,000 sf of 4 houses, say $250/sf? (is this correct?)



That is $2M + $3M = $5M. Plus finance charges for 2 years.



Even if he sells these today at full price, that adds up to 1325+1275+1199+1299= $5.1M.

<strong>

Will the "PROMINENT LUXURY HOME BUILDER" break even???</strong></blockquote>


The build cost was more likely $150-$175. The materials, at least from the pictures, are not that special, and depending on when he paid for them, they could have been really cheap.



Even so, once he realizes what the true market is, then he will also realize that he is going to lose money on this. Do you know who this "prominent" homebuilder is? PM me if you want to keep it private.
 
[quote author="freedomCM" date=1240303755]"PROMINENT LUXURY HOME BUILDER" to get killed?



http://www.redfin.com/CA/Costa-Mesa/225-Monte-Vista-Ave-92627/home/18997448



<img src="http://media.cdn-redfin.com/photo/46/bigphoto/642/U9001642_0.jpg" alt="" />



<blockquote>NEWPORT BAY HEIGHTS. 4 BEAUTIFUL NEW CUSTOM HOMES BY PROMINENT LUXURY HOME BUILDER. PRICED FROM $1,199,000 TO $1,325,000. BEST VALUE YOU CAN FIND - SEE FOR YOURSELF. 3178 SQ.FT. TO 3594 SQ.FT. ON LARGE LOTS - UPPER NEWPORT BAY AREA. ALL HOMES: 4 BEDRMS, 4 BATHS, BONUS RM (COULD BE 5TH BEDRM), W/DOWNSTAIRS BEDRM. MODEL HOME WILL BE OPEN DAILY, 11:00AM TO 5:00PM EXQUISITE INTERIOR DETAILING - HIGHLY UPGRADED AMENITIES - A MUST SEE!</blockquote>








So he paid $2.015M for the four lots, and built 13,000 sf of 4 houses, say $250/sf? (is this correct?)



That is $2M + $3M = $5M. Plus finance charges for 2 years.



Even if he sells these today at full price, that adds up to 1325+1275+1199+1299= $5.1M.

<strong>

Will the "PROMINENT LUXURY HOME BUILDER" break even???</strong></blockquote>


Here is the realistic calculation:



13,000sf x$120=1.6 mil

land cost $2.1 mil

carrying cost 400k

Total cost $4.1 million



Break even selling price $1.03 million.



If he sold at 1.2 million per home the builder still made $680k



A similar house with Hardie sidings and vinyl windows were built for $90-$100/sf for most Ladera Ranch builders.
 
BK, do you know the builder?



I take it you don't think much of the construction quality if you are pegging it at $120/sf?



What do you think of these 4 houses in general?
 
[quote author="freedomCM" date=1240311962]BK, do you know the builder?



I take it you don't think much of the construction quality if you are pegging it at $120/sf?



What do you think of these 4 houses in general?</blockquote>


Just giving my ?2 opinion on the build costs, and what I believe BK is referencing as the cost.



Most big builders like Lennar, KB, Centex, er... I mean Pulte could easily build these homes at $120/sf, maybe even less. They have brought their build cost down to $65-$75/sf in the IE, so $120 for OC and the type and quality of materials used would be around $120/sf. Keep in mind the monkeys who build the ever cracking and falling apart Brightwater folks are at a $150-$175/sf for their crappy homes. A smaller builder (like this one), who doesn't get the volume discounts that a large builder gets, is looking at a $125-$175/sf depending on when they purchased the materials. Materials started to come down in price in 07, and really cratered in 08. In 05 HD couldn't keep the spools of copper wiring on the shelf, because contractors followed the herd and bought as much as they could so they wouldn't be priced out forever. Now, they couldn't get a 1/3rd of what they paid for the spools. So, it all depends on when the materials were purchased and when the subcontract bids were accepted.



On a side note, $250/sf is retail cost to build. I.E. you want a kitchen remodel, or you want a home built on your lot, then $250/sf is the cost to you. That doesn't mean it costs that much to build it. If you work with a contractor who knows what they are doing, and they have the right connections, then $150-$200/sf with quality materials should be your cost in today's market, and they should still make a decent profit.



On another side note, BK and I should go check these homes out. I'll bring the camera!
 
[quote author="norcaljeff" date=1240302455]Holy sh_t, I need to take a shower, I feel dirty!</blockquote>


You do, that is way too close for comfort for me. Is that legal?
 
<a href="http://'http://www.ocregister.com/articles/police-fee-mesa-2376912-costa-fired'">Man suspected of shooting drunkenly at neighboring houses</a>

A resident of Fullerton Avenue, one block to the east of <a href="http://'http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode;=&q=1962+Church+St.+costa+mesa,ca&sll=37.0625,-95.677068&sspn=51.222969,79.101563&ie=UTF8&z=17&iwloc=A'">Church Street</a>, reported that a bullet came through the window
 
[quote author="bkshopr" date=1240303425] I studied the neighborhood and found my answer through my usual keen observation.</blockquote>


Man, I would have to kick my own ass for posting something like that. With all due respect, please take a lap.





I actually live about 300' from these homes, and I have to say, they are NICE! I am very impressed by the build. These are not el cheapo's. Myself and my neighbor watched these going up, snuck in on occasion, and the architecture, and layout of the lots are awesome. My biggest fear was the spreading of the mcmansion disease (sorry mcmansion) further into our community. Builder could have put 10 on this lot. He did 4. All in all these places are top notch, and impressive.



So. In late 2007 (or VERY early 08, forgot) when they put the sign up, I called and asked the prices. 1.2, 1.3, 1.4 blah blah. To my surprise, when they opened the doors a week ago, SAME FREAKIN' PRICES!!! There is an older set of husband/wife agents selling the places, and I asked why the prices were the same as a year+ ago? Their answer was, in typical agent fashion "well, everything is negotiable". I told the lady that this is an insult to the intelligence of every person that walks in through these doors, and that I wanted to know the REAL price of the home? 30% less? 40% less? The answer proceeded with showing me the bitchen 49$ wall mounted ipod player in the family room. Agents are retards. No exception here. I want one of these homes, but I'm not willing to take a deep toke off the pipe quite yet. If I make an offer, it will be around 825.



Crack smokers.



And hey dude with the crime report.. you can take a lap too. Post your zip hot dog.



East CM is an awesome place to live
 
[quote author="wiredinoc" date=1240923475][quote author="bkshopr" date=1240303425] I studied the neighborhood and found my answer through my usual keen observation.</blockquote>


Man, I would have to kick my own ass for posting something like that. With all due respect, please take a lap.





I actually live about 300' from these homes, and I have to say, they are NICE! I am very impressed by the build. These are not el cheapo's. Myself and my neighbor watched these going up, snuck in on occasion, and the architecture, and layout of the lots are awesome. My biggest fear was the spreading of the mcmansion disease (sorry mcmansion) further into our community. Builder could have put 10 on this lot. He did 4. All in all these places are top notch, and impressive.



So. In late 2007 (or VERY early 08, forgot) when they put the sign up, I called and asked the prices. 1.2, 1.3, 1.4 blah blah. To my surprise, when they opened the doors a week ago, SAME FREAKIN' PRICES!!! There is an older set of husband/wife agents selling the places, and I asked why the prices were the same as a year+ ago? Their answer was, in typical agent fashion "well, everything is negotiable". I told the lady that this is an insult to the intelligence of every person that walks in through these doors, and that I wanted to know the REAL price of the home? 30% less? 40% less? The answer proceeded with showing me the bitchen 49$ wall mounted ipod player in the family room. Agents are retards. No exception here. I want one of these homes, but I'm not willing to take a deep toke off the pipe quite yet. If I make an offer, it will be around 825.



Crack smokers.



And hey dude with the crime report.. you can take a lap too. Post your zip hot dog.



East CM is an awesome place to live</blockquote>
I would love to present that offer of yours to those idiots and tell them what I think of their listing price/s. haha
 
[quote author="wiredinoc" date=1240923475][quote author="bkshopr" date=1240303425] I studied the neighborhood and found my answer through my usual keen observation.</blockquote>


Man, I would have to kick my own ass for posting something like that. With all due respect, please take a lap.





I actually live about 300' from these homes, and I have to say, they are NICE! I am very impressed by the build. These are not el cheapo's. Myself and my neighbor watched these going up, snuck in on occasion, and the architecture, and layout of the lots are awesome. My biggest fear was the spreading of the mcmansion disease (sorry mcmansion) further into our community. Builder could have put 10 on this lot. He did 4. All in all these places are top notch, and impressive.



So. In late 2007 (or VERY early 08, forgot) when they put the sign up, I called and asked the prices. 1.2, 1.3, 1.4 blah blah. To my surprise, when they opened the doors a week ago, SAME FREAKIN' PRICES!!! There is an older set of husband/wife agents selling the places, and I asked why the prices were the same as a year+ ago? Their answer was, in typical agent fashion "well, everything is negotiable". I told the lady that this is an insult to the intelligence of every person that walks in through these doors, and that I wanted to know the REAL price of the home? 30% less? 40% less? The answer proceeded with showing me the bitchen 49$ wall mounted ipod player in the family room. Agents are retards. No exception here. I want one of these homes, but I'm not willing to take a deep toke off the pipe quite yet. If I make an offer, it will be around 825.



Crack smokers.



And hey dude with the crime report.. you can take a lap too. Post your zip hot dog.



East CM is an awesome place to live</blockquote>


Um dude, go read the post you are referring to of BK's. He isn't talking about this builder, and his comment is about a tract on the WEST side of CM. So please go to take a lap back to the beginning of this thread to follow what is being said.
 
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