garrison_IHB
New member
Hi folks,
I sold my house in Irvine a few months ago and am in research mode now for the next move. I'm really interested in the Newport Beach area, mostly for the location, as I'd prefer to be closer to the harbor/beach; the departure from the plan 1-4 stucco-box architecture has huge appeal too. School isn't as much of an issue as my daughter attends a private school (and that's why Irvine is lower on the list); not having to pay Mello Roos is an added bonus.
Recently I've been driving around the East Bluff area as well as the Cliff Haven and Newport Heights neighborhoods. They all rank high on my list for the timeless feel and charm of neighborhoods from a bygone era. It's hard to really articulate... but they just remind me so much of my time spent living in Coronado.
Obviously there is a huge price premium for the area (always has been and always will). The question I have is how much of a price premium? To all of you financial scholars out there: what's your best guess as to how much of a price contraction we're looking at for the beach areas? From my admittedly sophomoric approach, it seems as though the average list price is still hovering at 2006-7 levels while the average closed price is around the 2005 level. If it's going to crash all the way back to 1999-2000 levels, it's got a huge way to go (more so than Irvine, it seems). With the Fed recently stating that they're going to keep rates "exceptionally low" for an "extended" period, how does that portend to the future and where/when you see prices drastically reducing? Would any of you mind sharing a foreclosure radar map of these areas?
I have a budget of 1.3m but would ultimately like to spend no more than 950K (I'd like to be able to budget it while remaining on one income). There's only 3 of us in the family, so I'm not looking at anything larger than 2500 sq/ft. Would houses that I see languishing on the market at 1.6m realistically drop down to my price point in a few years?
Thanks for your thoughts and insight...
I sold my house in Irvine a few months ago and am in research mode now for the next move. I'm really interested in the Newport Beach area, mostly for the location, as I'd prefer to be closer to the harbor/beach; the departure from the plan 1-4 stucco-box architecture has huge appeal too. School isn't as much of an issue as my daughter attends a private school (and that's why Irvine is lower on the list); not having to pay Mello Roos is an added bonus.
Recently I've been driving around the East Bluff area as well as the Cliff Haven and Newport Heights neighborhoods. They all rank high on my list for the timeless feel and charm of neighborhoods from a bygone era. It's hard to really articulate... but they just remind me so much of my time spent living in Coronado.
Obviously there is a huge price premium for the area (always has been and always will). The question I have is how much of a price premium? To all of you financial scholars out there: what's your best guess as to how much of a price contraction we're looking at for the beach areas? From my admittedly sophomoric approach, it seems as though the average list price is still hovering at 2006-7 levels while the average closed price is around the 2005 level. If it's going to crash all the way back to 1999-2000 levels, it's got a huge way to go (more so than Irvine, it seems). With the Fed recently stating that they're going to keep rates "exceptionally low" for an "extended" period, how does that portend to the future and where/when you see prices drastically reducing? Would any of you mind sharing a foreclosure radar map of these areas?
I have a budget of 1.3m but would ultimately like to spend no more than 950K (I'd like to be able to budget it while remaining on one income). There's only 3 of us in the family, so I'm not looking at anything larger than 2500 sq/ft. Would houses that I see languishing on the market at 1.6m realistically drop down to my price point in a few years?
Thanks for your thoughts and insight...