usctrojanman29_IHB
New member
You want me to give you the contact info for that realtard?stepping_up said:
Costa Mesa
- Thread starter stepping_up_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Perhaps you'd like to schedule a showing? Show Phone 714-745-2886
There is the possibility that these sellers have other reserves to cover the difference, but they are recorded as owing a substantial amount. Maybe they've paid quite a bit down?
-IR2
Please post picture of 930.
for a 3500sf house, $125k is my guess for the finish, and round up to about $50/sf including finishing the basement.
so you get two 5000sf lots, and the half finished shell. say $150/sf (and hope the permits on the main house are ok, and the cleanup for the other lot isn't too steep).
$750k total?
you get a finished to your spec 3500sf house on a quarter acre lot, not bad. (with the rare finished basement). and it is far enough from the airport that the plane noise won't kill you.
of course, I think you would need to bring cash or a construction loan, which greatly narrows the buyer pool.
If it doesn't find a buyer soon, though, it could go for a lot less at the auction.
Too many unknowns. As an R1, future price is IMHO $200/sf + $50K lot bonus. So current price is future price - finishing cost - lot repair cost - uncertainty factor = foreclosure.
Looking at the aerial view, the 5000 sf lot appears to be both lots combined. The 3500 sf home dominates the lot and it's two stories. If the half lot was 5000sf, the house footprint only be under 1/2 the half-lot.
It's worth whatever a 5000sf R1 teardown is worth. Frankly, I don't know. $400K is too much unless you can prevalidate that existing work is to code. Freedom may be lite on the cost estimate to finish if you need to completely do the kitchen and all the baths.
Worst case, you bulldoze everything an rebuild a 2500-3500 sf place. Total cost $1.2M for a place you'll be able to sell for what in another year? $750K? I know IR did a blog posting on calculating the residual lot value.
I'm guessing though, I haven't done enough construction or remodeling to estimate these costs.
What do you think it's worth Graph?
(I did a little more checking, that future McMansion is in the wrong neighborhood, it's mostly rentals, old rentals that I doubt will be gentrifying anytime soon.)
stepping_up_IHB
New member
That's the problem, there is no contact info!! He's totally lying when he says this is not a short sale and should be fried.
IrvineRealtor_IHB
New member
stepping_up said:
Perhaps you'd like to schedule a showing? Show Phone 714-745-2886
There is the possibility that these sellers have other reserves to cover the difference, but they are recorded as owing a substantial amount. Maybe they've paid quite a bit down?
-IR2
stepping_up_IHB
New member
That's IR, I do want to call him tomorrow and see why he's saying it's not a short sale. So, these sh%^heads put down a whopping $150, yes a weekly grocery bill, for their downpayment and now want out?
graphrix_IHB
New member
412 E BAY ST, Costa Mesa, CA 92627 bought for $1mil in 2006.
Live rent free for several months.
Picked up at the auction by an investor for $550,100 in 2009.
Seeing the East Side start to crack...
Priceless.
There are some things Mastercard will buy, and there some things that only cash will buy. Welcome to the credit crunch.
Live rent free for several months.
Picked up at the auction by an investor for $550,100 in 2009.
Seeing the East Side start to crack...
Priceless.
There are some things Mastercard will buy, and there some things that only cash will buy. Welcome to the credit crunch.
stepping_up_IHB
New member
OK, so I called on 930 Arbor today because I LOVED LOVED LOVED that house and am no sooooo kicking myself for not waiting. The guy bought it at auction and wants to turn it fast... no FHA because they require 90 days between owners. He's paying a buyer's agent commission and listed it with a discount broker for the sales side. It had already gone into escrow, but the buyers were using FHA, so it fell out. I know Freedom will say that he will wait until he can get ths house for $350K, but today this is a great deal!
freedomCM_IHB
New member
May 30, 2000 Sold $280,000 -- Public Records
stepping_up_IHB
New member
what does that mean Freedom?
bkshopr_IHB
New member
stepping_up said:
Please post picture of 930.
freedomCM_IHB
New member
BK, see post #54, above
step, I mean that I think this one, or a similar one, will sell for $280k within a year or so. The "renovations" look as if they were done prior to the yr2000 sale, didn't include an expanded master and bath, and I think fall more in the maintainence category. Other than the location (which is great right next to the park) and the good school, I just don't see the justification for over $200/sf in the current environment.
step, I mean that I think this one, or a similar one, will sell for $280k within a year or so. The "renovations" look as if they were done prior to the yr2000 sale, didn't include an expanded master and bath, and I think fall more in the maintainence category. Other than the location (which is great right next to the park) and the good school, I just don't see the justification for over $200/sf in the current environment.
freedomCM_IHB
New member
OOPS....a $1M mistake?
This pair of lots was, I'm sure, spec housing that they hoped to sell for $1.5M each...but *stuff* happens, and they had to list them as half built #1 (for $1.2M), and basement poured for #2, with plans ($600k):
Too bad that didn't work out.
Now they are listed at $750k and $300k. Wassup wid dat?
and
http://www.redfin.com/CA/Costa-Mesa/2256-Orange-Ave-92627/home/18332750
http://www.redfin.com/CA/Costa-Mesa/2258-Orange-Ave-92627/home/12254323
This pair of lots was, I'm sure, spec housing that they hoped to sell for $1.5M each...but *stuff* happens, and they had to list them as half built #1 (for $1.2M), and basement poured for #2, with plans ($600k):
Too bad that didn't work out.
Now they are listed at $750k and $300k. Wassup wid dat?
and
http://www.redfin.com/CA/Costa-Mesa/2256-Orange-Ave-92627/home/18332750
http://www.redfin.com/CA/Costa-Mesa/2258-Orange-Ave-92627/home/12254323
graphrix_IHB
New member
They probably didn't do the basement to code, or didn't get a permit. It also sounds like the city didn't allow them to split the lots. Oops. The info might be in the CM city council meeting minutes.
No_Such_Reality_IHB
New member
Let's do a pool on first occupancy date by owner. I'll go with January 2011.
freedomCM_IHB
New member
the question is, will it be a big lot with a pool on the side, or two houses?
No_Such_Reality_IHB
New member
Big lot would be my guess. I wonder what the value is for a screwed up lot? It as has 3500 sf half finished abode on it. What the $/sf value on that? $75? $100? What's lot value worth?
Frankly, with a screwed up building on it, it's only worth raw land value.
Frankly, with a screwed up building on it, it's only worth raw land value.
freedomCM_IHB
New member
I think the building in the picture may be ok, with another $150k of finish.
It is the adjoining lot where they poured a basement that appears to have been screwed up. I guess you can just seal it (with something more permanent than a blue tarp) and put in a pumping system for the pool...
It is the adjoining lot where they poured a basement that appears to have been screwed up. I guess you can just seal it (with something more permanent than a blue tarp) and put in a pumping system for the pool...
No_Such_Reality_IHB
New member
It doesn't really matter if the primary is okay, the side lot is the new owner's liability.
graphrix_IHB
New member
Alright Costa Mesa lovers, how much would you pay to buy these properties? $125k for the construction cost on the one house seems high to me, but I haven't actually seen it, so take it FWIW. You get both properties as one, as it was probably intended, if you could purchase as is, and the construction cost for the home was $50k and the other lot $8k, what would you pay? I am genuinely curious, because if I could buy it for what I think it is worth... I would.
freedomCM_IHB
New member
for a 3500sf house, $125k is my guess for the finish, and round up to about $50/sf including finishing the basement.
so you get two 5000sf lots, and the half finished shell. say $150/sf (and hope the permits on the main house are ok, and the cleanup for the other lot isn't too steep).
$750k total?
you get a finished to your spec 3500sf house on a quarter acre lot, not bad. (with the rare finished basement). and it is far enough from the airport that the plane noise won't kill you.
of course, I think you would need to bring cash or a construction loan, which greatly narrows the buyer pool.
If it doesn't find a buyer soon, though, it could go for a lot less at the auction.
No_Such_Reality_IHB
New member
graphrix said:
Too many unknowns. As an R1, future price is IMHO $200/sf + $50K lot bonus. So current price is future price - finishing cost - lot repair cost - uncertainty factor = foreclosure.
Looking at the aerial view, the 5000 sf lot appears to be both lots combined. The 3500 sf home dominates the lot and it's two stories. If the half lot was 5000sf, the house footprint only be under 1/2 the half-lot.
It's worth whatever a 5000sf R1 teardown is worth. Frankly, I don't know. $400K is too much unless you can prevalidate that existing work is to code. Freedom may be lite on the cost estimate to finish if you need to completely do the kitchen and all the baths.
Worst case, you bulldoze everything an rebuild a 2500-3500 sf place. Total cost $1.2M for a place you'll be able to sell for what in another year? $750K? I know IR did a blog posting on calculating the residual lot value.
I'm guessing though, I haven't done enough construction or remodeling to estimate these costs.
What do you think it's worth Graph?
(I did a little more checking, that future McMansion is in the wrong neighborhood, it's mostly rentals, old rentals that I doubt will be gentrifying anytime soon.)