graphrix_IHB
New member
Irvinian said:
<---- 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.
Costa Mesa
- Thread starter stepping_up_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
<---- 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.
thought that was you graph. now that explains a lot about IR2.
And how did you know it was there bk? ;-P
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.
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.
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-$200/sf with quality materials should be your cost in today's market, and they should still make a decent profit.
On another side note, BK and I should go check these homes out. I'll bring the camera!
You do, that is way too close for comfort for me. Is that legal?
Man, I would have to kick my own ass for posting something like that. With all due respect, please take a lap.
I actually live about 300' from these homes, and I have to say, they are NICE! I am very impressed by the build. These are not el cheapo's. Myself and my neighbor watched these going up, snuck in on occasion, and the architecture, and layout of the lots are awesome. My biggest fear was the spreading of the mcmansion disease (sorry mcmansion) further into our community. Builder could have put 10 on this lot. He did 4. All in all these places are top notch, and impressive.
So. In late 2007 (or VERY early 08, forgot) when they put the sign up, I called and asked the prices. 1.2, 1.3, 1.4 blah blah. To my surprise, when they opened the doors a week ago, SAME FREAKIN' PRICES!!! There is an older set of husband/wife agents selling the places, and I asked why the prices were the same as a year+ ago? Their answer was, in typical agent fashion "well, everything is negotiable". I told the lady that this is an insult to the intelligence of every person that walks in through these doors, and that I wanted to know the REAL price of the home? 30% less? 40% less? The answer proceeded with showing me the bitchen 49$ 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
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.
<---- 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.
Irvinian_IHB
New member
graphrix said:
thought that was you graph. now that explains a lot about IR2.
bkshopr_IHB
New member
Check out your CM neighbor on Surf Street:
halfnote19_IHB
New member
bkshopr said:
And how did you know it was there bk? ;-P
norcaljeff_IHB
New member
Holy sh_t, I need to take a shower, I feel dirty!
bkshopr_IHB
New member
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.
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.
freedomCM_IHB
New member
"PROMINENT LUXURY HOME BUILDER" to get killed?
http://www.redfin.com/CA/Costa-Mesa/225-Monte-Vista-Ave-92627/home/18997448
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.
Will the "PROMINENT LUXURY HOME BUILDER" break even???
http://www.redfin.com/CA/Costa-Mesa/225-Monte-Vista-Ave-92627/home/18997448
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.
Will the "PROMINENT LUXURY HOME BUILDER" break even???
graphrix_IHB
New member
freedomCM said:
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.
freedomCM_IHB
New member
I don't. But I'm sure one of you could run the prop record for 227 monte vista, where the $2.015 sale shows up.
bkshopr_IHB
New member
freedomCM said:"PROMINENT LUXURY HOME BUILDER" to get killed?
http://www.redfin.com/CA/Costa-Mesa/225-Monte-Vista-Ave-92627/home/18997448
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.
Will the "PROMINENT LUXURY HOME BUILDER" break even???
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.
freedomCM_IHB
New member
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?
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?
caycifish_IHB
New member
Does that garage look small to anyone else? I'm sure it meets some building code, but heavens it looks like the bare minimum.
graphrix_IHB
New member
freedomCM said:
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!
stepping_up_IHB
New member
norcaljeff said:
You do, that is way too close for comfort for me. Is that legal?
freedomCM_IHB
New member
Let me know when the fieldtrip is, I'll tag along! (to graph, not the sex place, please)
halfnote19_IHB
New member
Man suspected of shooting drunkenly at neighboring houses
A resident of Fullerton Avenue, one block to the east of Church Street, reported that a bullet came through the window
A resident of Fullerton Avenue, one block to the east of Church Street, reported that a bullet came through the window
wiredinoc_IHB
New member
bkshopr said:
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
usctrojanman29_IHB
New member
I would love to present that offer of yours to those idiots and tell them what I think of their listing price/s. hahawiredinoc said:
graphrix_IHB
New member
wiredinoc said:
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.