Crystal Cove Weakness

Paging Skek... paging Skek... please pick up the white courtesy phone, there is blog on the line with your name on it.

It looks like the blue light specials are coming to a high-end town near you.
 
Yeah - homeowners aren't really budging yet on prices. All it's going to take is one bank-owned or 1 motivated owner to sell, and it will begin to set the comps, the cards will soon start to fall thereafter.

Plenty of inventory (54 homes) and 1 or 2 sales in the last four or five months (off the top of my head). Pathetic

If you purchased your home on Tideline for say $2.5m in 2004 from bankrupt Laing Homes, and have it listed for $5.0m now and do a $500,000 reduction to $4.5m, that doesn't say a whole lot. Pretty much says you're still delirious and you're asking too much.

Plenty of owners will be chasing down the market in Crystal Cove in the months / years ahead.
 
hi skek - 37 S. Sur $6.490m and 41 S. Sur $6.775m, but it doesn't say anything regarding an auction...

39 S. Sur is pending at $4.950m. listing agent said the home never made it to auction but was scheduled to be auctioned (traditional sale)
 
graphrix said:
Not Crystal Cove, but ocean view... It's scheduled for the foreclosure auction tomorrow. $9mil estimated debt. Come on Skekker, I'll go with you to the auction as a body guard. LOL. Just only plan to live there for about 20 years until it falls into the ocean.

Oh... and this guy is in foreclosure on several houses in OC, including the Knott's berry farm house and the Camelot house in Orange Park Acres.
Click to expand...

A few weeks ago, my wife and kids and I were playing on that beach, and I was contemplating that home. It is a bit out of our home spending budget.
 
these are beautiful homes, standard pacific is the builder if i remember. i remember about 2yrs -3yrs ago , dont remember. i friend of a friend who was a mortgage agent at the time said he went with his boss (mortgage broker) to see the homes because the "boss" was interested in buying one. they drove up in the boss's lambo (which he lost last yr). when i found out that mortgage brokers who made 500-1mil were looking at these homes because they had a 500k down and knew how to write up a 4mil int only arm tied to LIBOR, i told my wife - even the "high end" years will eventually pop because when 1 retard blows up it is a chain reaction and all of a sudden the weak ones on teh fence come out like lemmings. it is amazing how many of these mortgage brokers who went from 45k to 45k/mo thought they would make that for 20yrs and were comfortable floating multi million loans (int only /adj). just proves, weak players can impact greatly a "high end area"
 
I was having a friendly argument with a friend of mine about how bulletproof Crystal cove was so I did a little digging and was astonished to find that according to Redfin only three homes have closed in the last 6 months there. One for a $150,000 loss. The calculation of the inventory draw down in well over two years. I also found some ugly losses. Enjoy.

300 grand loss

440 grand loss

100 grand loss

500 grand loss

No area is immune
 
And all but the first one listed is a short sale. It will be easier to judge the losses on the other 3 once they are listed REO, or sold of course.
 
OUt of curiosity, how many days/year do you really get the nice ocean view you see on all pictures and not the foggy weather?
 
When I lived at a place with a Catalina view, I would guess that 20-30% of mornings were obscured, but only ~5% of afternoon/sunset views were.
 
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