morekaos_IHB
New member
The Shore is now in full retreat. Now offering BELOW its 2004 purchase price.
REDUCED $125K. NOW IN SHORT SALE PROCESS
69 La Verne
REDUCED $125K. NOW IN SHORT SALE PROCESS
69 La Verne
Long Beach general thread
- Thread starter Trooper_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
My buddies used to live right next door to this place! We all became friendly with the 2001-2005 owner. Really cool lady (from Carlsbad if I remember correctly). She picked the place up for under 400k, but it was an absolute DUMP at the time. Not even half the lot was taken up by the ancient two-story shack in back.
Anyhow, around 2003 she flattened the creaky little fort and told us she put about $400,000 into constructing what you see now. So, judging by the 2005 sale price, she walked with about $400,000 in profit for her troubles. Not too shabby. I just hope she held on to the money and didn't roll it into another overpriced Belmont Shore property.
Wow, at the 797 ask this house is 3 grand short of her total investment from 2003. Time warp.
Morekaos, I'm with usctrojanman...please keep 'em coming.
One of my readers pointed out this incredible desperation move:
Jul 07, 2008 - Listed $3,875,000
Aug 27, 2008 - Price Changed $3,699,999
Sep 05, 2008 - Price Changed $3,499,999
Dec 10, 2008 - Price Changed $3,199,999
Dec 29, 2008 - Price Changed $3,100,000
Jan 06, 2009 - Price Changed $2,999,000
Jan 17, 2009 - Price Changed $999,000
YIKES!
Here's my take
And the ploy seems to be shortlived.. back to 1.8 mil.
Okay... I know you think I am an a-hole, but seriously... no seriously, you need to get out more and see the world from beyond your own bubble perspective. Some of the things you say are just down right ignorant, including this statement. My gawd I fear the generation in which you are teaching. Please tell me you are a math teacher.
Fixed the Big Bear link, and the fuzzy Zillow link was part of my point.
hairbanks_IHB
New member
morekaos said:
My buddies used to live right next door to this place! We all became friendly with the 2001-2005 owner. Really cool lady (from Carlsbad if I remember correctly). She picked the place up for under 400k, but it was an absolute DUMP at the time. Not even half the lot was taken up by the ancient two-story shack in back.
Anyhow, around 2003 she flattened the creaky little fort and told us she put about $400,000 into constructing what you see now. So, judging by the 2005 sale price, she walked with about $400,000 in profit for her troubles. Not too shabby. I just hope she held on to the money and didn't roll it into another overpriced Belmont Shore property.
morekaos_IHB
New member
RE in the LBC said:
Wow, at the 797 ask this house is 3 grand short of her total investment from 2003. Time warp.
morekaos_IHB
New member
I'm kinda like awgee on the Coto thread...I may be talking to myself but what the heck, I like my voice. Here is another Shore property with a $255,000.00 haircut off its 2005 purchase price, and that is just for starters. They have been chasing the market down since April of 2007 and it looks like time ran out since it's empty from the pictures so I suppose these FBers fled town.
Argonne
Argonne
freedomCM_IHB
New member
hey, I'm positive that having a 3 car garage in the shore makes the $500/sf worth it, no?
that, and your big backyard for "entertaining"
Who the hell actually lives here and pays $1.5M? where do these people work? why do they prefer this to SB or HB (or redondo, etc)?
that, and your big backyard for "entertaining"
Who the hell actually lives here and pays $1.5M? where do these people work? why do they prefer this to SB or HB (or redondo, etc)?
usctrojanman29_IHB
New member
Keep'em coming Morekaos. Honestly, if I was to drop $1.4MM for a house I'd be buying in Newport Beach/Coast on this "tall and skinny" home.morekaos said:
hairbanks_IHB
New member
usctrojanman29 said:
Morekaos, I'm with usctrojanman...please keep 'em coming.
One of my readers pointed out this incredible desperation move:
Jul 07, 2008 - Listed $3,875,000
Aug 27, 2008 - Price Changed $3,699,999
Sep 05, 2008 - Price Changed $3,499,999
Dec 10, 2008 - Price Changed $3,199,999
Dec 29, 2008 - Price Changed $3,100,000
Jan 06, 2009 - Price Changed $2,999,000
Jan 17, 2009 - Price Changed $999,000
YIKES!
Here's my take
usctrojanman29_IHB
New member
Now that's a price drop! Thanks for sharing. I wonder if that price drop was a move to get multiple bidders into a bidding war???RE in the LBC said:
O
Oscar_IHB
Guest
Maybe they should have mentioned they are just a few blocks from Roscoe's. I know I'd pay a premium for chicken & waffles in walking distance.
Edited to add: dammit, now I'm hungry...
Edited to add: dammit, now I'm hungry...
morekaos_IHB
New member
Even though that is a total ploy there is NO WAY they will get a bidding war up to 3.8 mil. Any way you cut this it is gonna be a BIG loss.
morekaos_IHB
New member
I dunno, this is either a flip gone bad or a real weird sitch. Look at the 2008 prop tax, it only represents a 4-500 grand house yet this place looks to ask a mil five? Are there cracks forming on the "Peninsula"
11 58th Pl
Property Tax
Taxable Value
Land $1,000,000
Additions $475,000
Total $1,475,000
Tax (2008) $5,024
11 58th Pl
Property Tax
Taxable Value
Land $1,000,000
Additions $475,000
Total $1,475,000
Tax (2008) $5,024
morekaos_IHB
New member
RE in the LBC said:
And the ploy seems to be shortlived.. back to 1.8 mil.
hs_teacher_IHB
New member
I think in Orange County, the cities are pretty well segregated. If you're into the beach culture, you'll live in Huntington, Newport, or Laguna. More urban areas are Santa Ana, Anaheim, and Costa Mesa. As for ethnic enclaves, there are Garden Grove, Westminster, Fountain Valley, and Irvine.
Long Beach, on the other hand, is just more mixed and diverse. Anywhere you go, there will be a mix of people - different ages and different races. Since Long Beach is still rather new to me, I'm not sure if that's a good thing or a bad thing.
Long Beach, on the other hand, is just more mixed and diverse. Anywhere you go, there will be a mix of people - different ages and different races. Since Long Beach is still rather new to me, I'm not sure if that's a good thing or a bad thing.
graphrix_IHB
New member
hs_teacher said:
Okay... I know you think I am an a-hole, but seriously... no seriously, you need to get out more and see the world from beyond your own bubble perspective. Some of the things you say are just down right ignorant, including this statement. My gawd I fear the generation in which you are teaching. Please tell me you are a math teacher.
graphrix_IHB
New member
I thought it might be fun to know that Whisper Ridge in Corona was foreclosed on for pennies on the dollar. I guess the banks realize that in the IE land is at negative value.
I also thought it might be interesting to IHBers, that the Club at Big Bear Village was foreclosed on for $11mil. when they had a debt of $22mil. I dunno if this is just the "club" part, or whether the "owners" of this timeshare are screwed. I did email Lansner and Padilla on this find. Hopefully they will find out who is getting screwed.
I then found this gem of a community getting foreclosed on too. I haven't done the research, but this wouldn't be the Corona community that Cal Coastal (Brightwater developer) walked away from on IndyMac, would it? I mean... to walk away from over $13.5 mil of debt, with no bidders at $4.5mil, and the bank taking it back for $2.24mil. is no joke. Seriously, I'm not laughing. Not when us taxpayers are floating the bill on this one if it is. No... wait a minute, all the builders have their hand out and this one will be a taxpayer hand out anyway, regardless if it is Cal Coastal.
This is just the beginning. Wash, rinse, and repeat. There will be many builders that go bye bye like JM Peters, Lusk Co., Baldwin Brothers, and many others did in the 90s. Like Morekaos has said, it is just another cycle, it is no different from the last. Only this time, it is actually worse.
I also thought it might be interesting to IHBers, that the Club at Big Bear Village was foreclosed on for $11mil. when they had a debt of $22mil. I dunno if this is just the "club" part, or whether the "owners" of this timeshare are screwed. I did email Lansner and Padilla on this find. Hopefully they will find out who is getting screwed.
I then found this gem of a community getting foreclosed on too. I haven't done the research, but this wouldn't be the Corona community that Cal Coastal (Brightwater developer) walked away from on IndyMac, would it? I mean... to walk away from over $13.5 mil of debt, with no bidders at $4.5mil, and the bank taking it back for $2.24mil. is no joke. Seriously, I'm not laughing. Not when us taxpayers are floating the bill on this one if it is. No... wait a minute, all the builders have their hand out and this one will be a taxpayer hand out anyway, regardless if it is Cal Coastal.
This is just the beginning. Wash, rinse, and repeat. There will be many builders that go bye bye like JM Peters, Lusk Co., Baldwin Brothers, and many others did in the 90s. Like Morekaos has said, it is just another cycle, it is no different from the last. Only this time, it is actually worse.
Trooper_IHB
New member
G, the Club at Big Bear link is the same as the Whisper Ridge link. The last one only half loaded a grainy Zillow overhead map...
graphrix_IHB
New member
Trooper said:
Fixed the Big Bear link, and the fuzzy Zillow link was part of my point.
graphrix_IHB
New member
I'm not totally positive, but it looks like that third gem of a community I posted is another Fieldstone community called Monarch Ridge. If it is, that is $15mil worth of debt they walked away from, and the banks that lent them the money (most likely non-recourse), took it back for less than $3mil.
It only makes sense. If it costs the builder $100 per sqft. to build a home (sticks and bricks, that doesn't include the land cost), that is selling for about $100 per sqft., give or take, then walking away from the land that would cost them $15mil. is a smart decision. Save now, rather than pay later is the way to go. I just don't know if Fiedstone will survive. They probably over paid for all their CA projects, and are bleeding like no other.
Who is next?
It only makes sense. If it costs the builder $100 per sqft. to build a home (sticks and bricks, that doesn't include the land cost), that is selling for about $100 per sqft., give or take, then walking away from the land that would cost them $15mil. is a smart decision. Save now, rather than pay later is the way to go. I just don't know if Fiedstone will survive. They probably over paid for all their CA projects, and are bleeding like no other.
Who is next?