Crystal Cove
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socalmd_IHB
New member
I love cystal cove. If I had 4-5 mill to plunk down on a house it would be in CC. I know a guy who got in at about a million many moons ago and now its worth about 3 mill. And it's all within walking distance of Mastro's Ocean Club!
Gohabsgo_IHB
New member
If you look at Seapoint, it's priced much lower than most of the homes listed in MLS. I think this means prices should go down to a certain extend. However, as you pointed out, people can hold on to their homes since they have a lot of equity. I looked at a few listings and some lowered their list price by 10%. I think it lags the market and that it won't be impacted as much as other homes. With that said, like everything else, it is probably halfway through it's descent. Maybe not even halfway since it's lagging.
Also, I believe Irvinerealtor talked about valetMLS which might list some homes not on Redfin.
Also, I believe Irvinerealtor talked about valetMLS which might list some homes not on Redfin.
Major Schadenfreude_IHB
New member
"Is Crystal Cove immune?"
The real question to ask is how many purchases were based on a financing that ASSumed an anticipated appreciation and when will these loans reset?
The real question to ask is how many purchases were based on a financing that ASSumed an anticipated appreciation and when will these loans reset?
I have been watching Crystal Cove as well. There are two homes that have come up on the NOD list in the past month, so some distress is there. The inventory issue is interesting. If you do not have to sell, and your neighbor with the same model and floor plan has been on the market for 200 days, why would you put you're property on the market?
I think there is some hidden stress buiding. Also, the SeaPoint homes are pretty nice, and Laing has not been bashful about pointing out that they are now pricing at $550 to $700 per square foot, and that if you are cash or pre aprroved, they would like the opportunity to discuss a mutually agreeable price point. If you can sell for $1,000.00 per square foot (which is the low side of most of the listings), why would a smart company like Laing sell for such a large discount? One of the things I mentioned in the Shady Canyon thread is that there is probably more "luxury" housing than there are people who can afford it. Perhaps Laing has internal studies that confirm this, and an economic model that shows a median for luxury well below it's current level.
The $500 to $700 per square foot price point would put pricing to about 2004 - 2005 levels.
Does anyone know what the Tides and SeaCrest sold at? These are interesting because they should define Crystal Cove as seperate from Newport Coast (larger floor plans, closer to the ocean), and the Pelicans (built by builders, as opposed to majority custom).
I think there is some hidden stress buiding. Also, the SeaPoint homes are pretty nice, and Laing has not been bashful about pointing out that they are now pricing at $550 to $700 per square foot, and that if you are cash or pre aprroved, they would like the opportunity to discuss a mutually agreeable price point. If you can sell for $1,000.00 per square foot (which is the low side of most of the listings), why would a smart company like Laing sell for such a large discount? One of the things I mentioned in the Shady Canyon thread is that there is probably more "luxury" housing than there are people who can afford it. Perhaps Laing has internal studies that confirm this, and an economic model that shows a median for luxury well below it's current level.
The $500 to $700 per square foot price point would put pricing to about 2004 - 2005 levels.
Does anyone know what the Tides and SeaCrest sold at? These are interesting because they should define Crystal Cove as seperate from Newport Coast (larger floor plans, closer to the ocean), and the Pelicans (built by builders, as opposed to majority custom).
sell4u_IHB
New member
To much inventory right now in CC, especially considering how much has sold in the last 3-6 months. I believe CC is up to 45 in the MLS and this does not include the few homes up in Sea Point and Tides for sale.
I know of 1 Seascape home that is currently under NOD, but that's the only one I know of.
Best deal so far in CC IMO. 24 Sidra, front row Seascape(awesome views I'll put up with the traffic noise on PCH to have these views) closed for $2.4m 4/30/2008 after being on the market a "true" 33 days. This seascape plan in or near this location was selling for around $3.0m(+ or -) in 2006...
I know of 1 Seascape home that is currently under NOD, but that's the only one I know of.
Best deal so far in CC IMO. 24 Sidra, front row Seascape(awesome views I'll put up with the traffic noise on PCH to have these views) closed for $2.4m 4/30/2008 after being on the market a "true" 33 days. This seascape plan in or near this location was selling for around $3.0m(+ or -) in 2006...
biscuitninja_IHB
New member
Nice information here. I bought in CC quite a long time ago... 2003-2004 and sold mid 2005. Thankfully it was a nice little profit. It has come down some, but not as much as i'd like. We'll see.
-bix
-bix
frebay_IHB
New member
what were the specs on 24 sidra? sq ft? bedrooms?
[quote author="sell4u" date=1214869738]To much inventory right now in CC, especially considering how much has sold in the last 3-6 months. I believe CC is up to 45 in the MLS and this does not include the few homes up in Sea Point and Tides for sale.
I know of 1 Seascape home that is currently under NOD, but that's the only one I know of.
Best deal so far in CC IMO. 24 Sidra, front row Seascape(awesome views I'll put up with the traffic noise on PCH to have these views) closed for $2.4m 4/30/2008 after being on the market a "true" 33 days. This seascape plan in or near this location was selling for around $3.0m(+ or -) in 2006...</blockquote>
[quote author="sell4u" date=1214869738]To much inventory right now in CC, especially considering how much has sold in the last 3-6 months. I believe CC is up to 45 in the MLS and this does not include the few homes up in Sea Point and Tides for sale.
I know of 1 Seascape home that is currently under NOD, but that's the only one I know of.
Best deal so far in CC IMO. 24 Sidra, front row Seascape(awesome views I'll put up with the traffic noise on PCH to have these views) closed for $2.4m 4/30/2008 after being on the market a "true" 33 days. This seascape plan in or near this location was selling for around $3.0m(+ or -) in 2006...</blockquote>
sell4u_IHB
New member
[quote author="frebay" date=1214968069]what were the specs on 24 sidra? sq ft? bedrooms?
[quote author="sell4u" date=1214869738]To much inventory right now in CC, especially considering how much has sold in the last 3-6 months. I believe CC is up to 45 in the MLS and this does not include the few homes up in Sea Point and Tides for sale.
I know of 1 Seascape home that is currently under NOD, but that's the only one I know of.
Best deal so far in CC IMO. 24 Sidra, front row Seascape(awesome views I'll put up with the traffic noise on PCH to have these views) closed for $2.4m 4/30/2008 after being on the market a "true" 33 days. This seascape plan in or near this location was selling for around $3.0m(+ or -) in 2006...</blockquote></blockquote>
Seascape Plan 2
3 Bed
3.5 Bath
Approx. 3,311sq.ft.
[quote author="sell4u" date=1214869738]To much inventory right now in CC, especially considering how much has sold in the last 3-6 months. I believe CC is up to 45 in the MLS and this does not include the few homes up in Sea Point and Tides for sale.
I know of 1 Seascape home that is currently under NOD, but that's the only one I know of.
Best deal so far in CC IMO. 24 Sidra, front row Seascape(awesome views I'll put up with the traffic noise on PCH to have these views) closed for $2.4m 4/30/2008 after being on the market a "true" 33 days. This seascape plan in or near this location was selling for around $3.0m(+ or -) in 2006...</blockquote></blockquote>
Seascape Plan 2
3 Bed
3.5 Bath
Approx. 3,311sq.ft.
sell4u_IHB
New member
Still too much inventory for sale in CC (days on the market on most of these homes is beginning to look like shady canyon)
Still at 45 in the MLS
1 or 2 homes are currently bank owned.
Coral Cay(Nautilus) appears to have financial stress on that street (ala NOD's). And this street is less than 2-3 years old. The street can only have about 20 or so homes, yet 5 are currently listed for sale. Can you say ouch? And I've been to all these homes. 1 or 2 don't even have landscaping in the backyard. (that's a red alarm right there)
95% of CC sellers are not finding that knifecatcher right now.
3 homes sold in the last two months (with a constant inventory in the last 2 months of 45-53 homes for sale at all times)
Even the custom lots are beginning to resale at alarming paces
CC is beautiful. It is not immune though.
Still at 45 in the MLS
1 or 2 homes are currently bank owned.
Coral Cay(Nautilus) appears to have financial stress on that street (ala NOD's). And this street is less than 2-3 years old. The street can only have about 20 or so homes, yet 5 are currently listed for sale. Can you say ouch? And I've been to all these homes. 1 or 2 don't even have landscaping in the backyard. (that's a red alarm right there)
95% of CC sellers are not finding that knifecatcher right now.
3 homes sold in the last two months (with a constant inventory in the last 2 months of 45-53 homes for sale at all times)
Even the custom lots are beginning to resale at alarming paces
CC is beautiful. It is not immune though.
Gohabsgo_IHB
New member
[quote author="skek" date=1225870406]Anyone got $7 million lying around? Standard Pacific is trying to move a Tides Plan Three:
<blockquote>Dear skek,
Rarely does a coastal retreat of this impressive grandeur become available along the treasured southern California coastline. Standard Pacific Homes presents this coveted Tuscan-inspired Residence Three on extra-spacious Homesite 19 at The Tides Estate Collection at Crystal Cove. This custom-caliber three-level villa radiates the ambiance of five-star resort throughout splendid indoor and outdoor living areas.
<em>Approximately 7,171 square feet
5 bedrooms, 5 baths, plus 2 powder rooms
Private elevator & wine cellar
Antiqued Noce travertine flooring in a 16-piece Versailles pattern at main level
American Hardwood flooring & Fabrica carpeting at upper level
Granite slab countertops in Giallo Matina with basket-weave travertine splash & metal detailing
Handsome ceiling beams at select locations throughout
Dark cherry stained wood interior doors, window casings & baseboards
Pre-wired for electronically operated window treatments
Exceptionally large homesite measuring approximately 17,274 square feet
Available for immediate move-in</em>
Settled behind Crystal Cove's inviting entry gates, this Residence 3 estate is further enhanced by a custom-style designer kitchen, generous master suite, a grand circular staircase and a subterranean level with entertainment room, wine cellar and much, much more.
Exclusive opportunities come along just once in a lifetime. Don't let the opportunity to enjoy this exquisite coastal retreat in the hills of Crystal Cove pass you by. Visit The Tides today and let your dreams become reality. Our sales gallery is open daily from 10 a.m. to 5 p.m., and 12 p.m. to 5 p.m. on Mondays. This homesite is available for $6.595 million.</blockquote></blockquote>
We should find 52 IHB, spending $125k each and we could make this a timeshare. I'd love it!
<blockquote>Dear skek,
Rarely does a coastal retreat of this impressive grandeur become available along the treasured southern California coastline. Standard Pacific Homes presents this coveted Tuscan-inspired Residence Three on extra-spacious Homesite 19 at The Tides Estate Collection at Crystal Cove. This custom-caliber three-level villa radiates the ambiance of five-star resort throughout splendid indoor and outdoor living areas.
<em>Approximately 7,171 square feet
5 bedrooms, 5 baths, plus 2 powder rooms
Private elevator & wine cellar
Antiqued Noce travertine flooring in a 16-piece Versailles pattern at main level
American Hardwood flooring & Fabrica carpeting at upper level
Granite slab countertops in Giallo Matina with basket-weave travertine splash & metal detailing
Handsome ceiling beams at select locations throughout
Dark cherry stained wood interior doors, window casings & baseboards
Pre-wired for electronically operated window treatments
Exceptionally large homesite measuring approximately 17,274 square feet
Available for immediate move-in</em>
Settled behind Crystal Cove's inviting entry gates, this Residence 3 estate is further enhanced by a custom-style designer kitchen, generous master suite, a grand circular staircase and a subterranean level with entertainment room, wine cellar and much, much more.
Exclusive opportunities come along just once in a lifetime. Don't let the opportunity to enjoy this exquisite coastal retreat in the hills of Crystal Cove pass you by. Visit The Tides today and let your dreams become reality. Our sales gallery is open daily from 10 a.m. to 5 p.m., and 12 p.m. to 5 p.m. on Mondays. This homesite is available for $6.595 million.</blockquote></blockquote>
We should find 52 IHB, spending $125k each and we could make this a timeshare. I'd love it!
OC Zed_IHB
New member
[quote author="skek" date=1225956904][quote author="sell4u" date=1225882007]CC is beautiful. It is not immune though.</blockquote>
I am convinced, however, that CC will be the last shoe to drop in OC, to mangle a metaphor...</blockquote>
But that shoe will be dropping a long, long ways down.
I am convinced, however, that CC will be the last shoe to drop in OC, to mangle a metaphor...</blockquote>
But that shoe will be dropping a long, long ways down.
sell4u_IHB
New member
[quote author="skek" date=1231837955]Hmmm, no Crystal Cove updates since early November? Is that indicative of lack of sales, or lack of alarming price reductions? Or both? Looks like inventory is still high and asking prices are still high. Anyone have any inside info on sales activity at SeaPoint or the Tides? I have it on good authority that the custom lots are not selling at the moment, and in fact, I see a handful of lots listed on the MLS for resale (albeit, at peak prices). Correct me if I'm wrong, but OC's most resilient neighborhood looks to be hanging in there at the start of 2009...</blockquote>
Just ran a search in the MLS
Currently 40 (yes i said that right) homes for sale. Days on the market *almost* reflect shady canyon numbers.
<strong>1 home sold</strong> in the last 3 months. The 1 was not your typical seabourn,seascape home either, rather a 12,500sq.ft. monster custom
Time will tell - don't be surprised to see the beginning of fireworks sometime around Q3/Q4 of this year in CC...
****edit**** see my Newport Coast thread on recent NOD filing on 34 Surfspray *****
Just ran a search in the MLS
Currently 40 (yes i said that right) homes for sale. Days on the market *almost* reflect shady canyon numbers.
<strong>1 home sold</strong> in the last 3 months. The 1 was not your typical seabourn,seascape home either, rather a 12,500sq.ft. monster custom
Time will tell - don't be surprised to see the beginning of fireworks sometime around Q3/Q4 of this year in CC...
****edit**** see my Newport Coast thread on recent NOD filing on 34 Surfspray *****
graphrix_IHB
New member
[quote author="skek" date=1232551688]Does anyone know the fate of SeaPoint in Crystal Cove?
Laing is <a href="http://lansner.freedomblogging.com/2009/01/19/big-oc-builder-reportedly-cutting-projects-staff/12280/#comments">in trouble</a> (does that mean Laing Luxury is in trouble, or are they truly independent of one another?).
And now it appears that the SeaPoint models are up for sale. Here's the <a href="http://www.redfin.com/CA/NEWPORT-COAST/41-S-Sur-92657/home/18611278">Plan 3</a> (the address maps wrong, but it is the model).
<img src="http://i-0.rfimg.us/photo/40/bigphoto/769/09-340769_0.jpg" alt="" />
Are they shutting down?</blockquote>
Blah, just find a private equity group to buy the models and do a lease back to Laing. I'm sure they will pay their bills, since they paid BK's. <a href="http://idea.sec.gov/Archives/edgar/data/840216/000110465909000053/a08-31294_18k.htm">That's what all the cool builders are doing.</a>
Laing is <a href="http://lansner.freedomblogging.com/2009/01/19/big-oc-builder-reportedly-cutting-projects-staff/12280/#comments">in trouble</a> (does that mean Laing Luxury is in trouble, or are they truly independent of one another?).
And now it appears that the SeaPoint models are up for sale. Here's the <a href="http://www.redfin.com/CA/NEWPORT-COAST/41-S-Sur-92657/home/18611278">Plan 3</a> (the address maps wrong, but it is the model).
<img src="http://i-0.rfimg.us/photo/40/bigphoto/769/09-340769_0.jpg" alt="" />
Are they shutting down?</blockquote>
Blah, just find a private equity group to buy the models and do a lease back to Laing. I'm sure they will pay their bills, since they paid BK's. <a href="http://idea.sec.gov/Archives/edgar/data/840216/000110465909000053/a08-31294_18k.htm">That's what all the cool builders are doing.</a>