Newport Beach Prices Dropping

[quote author="awgee" date=1234908130][quote author="Roo" date=1234879123]What does all this have to do with "Newport Beach Prices Dropping"?</blockquote>


A good chunk of Newport Beach private party wealth is invested through Pimco.</blockquote>


How do you know this? Do you work for PIMCO?
 
[quote author="CapitalismWorks" date=1234919523][quote author="awgee" date=1234908130][quote author="Roo" date=1234879123]What does all this have to do with "Newport Beach Prices Dropping"?</blockquote>


A good chunk of Newport Beach private party wealth is invested through Pimco.</blockquote>


How do you know this? Do you work for PIMCO?</blockquote>


I do not work for Pimco. Do you?
 
So like your predictions, your knowledge of how Newport Beach residents invest is pure speculation. Do I have that right, or am I missing something?



If you really want to know who I am, PM me.
 
Oh well... Read this hoping to see juicy stories of multi-$$$$ foreclosures...



Was going to side with CW, you know, PIMO being an advisory firm, not borrowing in its name and all. But then figured he must indeed work for PIMCO, and figured the hubris demonstrated here just may bring them down despite all odds.



I can arbitrate your argument aganst a payment of 10% of the above cash monies. I take mine in unmarked 3-month T-bills, just like the BOND MARKET in which PIMCO invests.
 
[quote author="CapitalismWorks" date=1234949179]So like your predictions, your knowledge of how Newport Beach residents invest is pure speculation. Do I have that right, or am I missing something?



If you really want to know who I am, PM me.</blockquote>


I have clients who live in NB and are invested through Pimco. I have two friends/acquaintances who are former Pimco employees. Is my knowledge actually pure speculation and not knowledge? I tend to call it speculation based on what I observe, read, and know. Were you missing something? I dunno.



So, what about those odds? 10:1?

And ANY amount?

ANY?

How about a nickel? $0.05? That is the standard bet in my family?
 
I will give you 10 to 1, but let's make it $1. Shall we set the tenor as 2 years beginning March 1st? Of course the question is how shall we define a default given that PIMCO is not publicly traded and has no outstanding debt (this is the part that lead to my "hubris" regarding the future of the firm)? I am open to suggestions.
 
[quote author="CapitalismWorks" date=1234999815]I will give you 10 to 1, but let's make it $1. Shall we set the tenor as 2 years beginning March 1st? Of course the question is how shall we define a default given that PIMCO is not publicly traded and has no outstanding debt (this is the part that lead to my "hubris" regarding the future of the firm)? I am open to suggestions.</blockquote>


Okay. No odds. One cup of coffee.



Darn, Pimco has no outstanding debt? Oops, my bad. It looks like I will owe you no matter. But, 2 years from March 1st sounds good.
 
awgee, here is a hint, define "blow up" as "lost >75% of assets under management"



PIMCO does not have financial leverage, but has operating leverage -- typical such firms have ~60% payroll/revenues ratio. Payroll is its capital equipment, its highly paid smart people will walk if it can't pay them. They won't stay for job satisfaction either -- there won't be any when the pie starts shrinking.



Plus, with all the entanglements these days in financial dealings with the government, changing regulatory minefield, SEC seeking to redeem itself, Michael Moore making a movie, there are plenty of risks beyond defaulting on debt.
 
[quote author="earthbm" date=1235008941]awgee, here is a hint, define "blow up" as "lost >75% of assets under management"

</blockquote>


Oh snap. This has become a tag-team event.



<img src="http://farm1.static.flickr.com/42/102623206_e802ac975b.jpg?v=0" alt="" />
 
[quote author="earthbm" date=1234949276]Oh well... Read this hoping to see juicy stories of multi-$$$$ foreclosures...



Was going to side with CW, you know, PIMO being an advisory firm, not borrowing in its name and all. But then figured he must indeed work for PIMCO, and figured the hubris demonstrated here just may bring them down despite all odds.



I can arbitrate your argument aganst a payment of 10% of the above cash monies. I take mine in unmarked 3-month T-bills, just like the BOND MARKET in which PIMCO invests.</blockquote>


Oh well... Always fun when a $100k bet turns into a $1 bet...
 
[quote author="CapitalismWorks" date=1235007548]That is going to be one tasty cup of coffee! I just hope Coffee Bean is still around then...</blockquote>


Wait...do you work at Coffee Bean? Say it ain't so! I love your vanilla lattes.
 
<strong>ok, NPB under $300/sf (land extra)</strong>



http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331



<img src="http://i-0.rfimg.us/photo/46/bigphoto/687/U9000687_1_0.jpg" alt="" />





2107 Aralia St Newport Beach, CA 92660

Price: $650,000

Beds: 5

Baths: 2

Sq. Ft.: 2,246

$/Sq. Ft.: $289

Lot Size: 8,056 Sq. Ft.

Property Type: Single Family Residence

Style: Cape Cod

Year Built: 1965

Stories: 1

Area: East Bluff - Harbor View

County: Orange

MLS#: U9000687

Source: SoCalMLS

Status: Active

On Redfin: 13 days

Enlarged Lusk A plan expanded to 5 bedrooms. Single level with large family room/kitchen plus cozy fireplace. Formal living room opens to side garden. Private cul-de-sac location. Irvine Company leasehold, current land purchase is $389,500, monthly lease is $791.59 if purchased as a leasehold property. Property can be purchased with or without the land. Lease expires 2040. Great opportunity to own a single family home in Newport Beach for a great price! This is a short sale - all terms, conditions and commissions are subject to lender approval. Property sold in 'AS IS' condition.
 
[quote author="freedomCM" date=1235389677]<strong>ok, NPB under $300/sf (land extra)</strong>



http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331



<img src="http://i-0.rfimg.us/photo/46/bigphoto/687/U9000687_1_0.jpg" alt="" />





2107 Aralia St Newport Beach, CA 92660

Price: $650,000

Beds: 5

Baths: 2

Sq. Ft.: 2,246

$/Sq. Ft.: $289

Lot Size: 8,056 Sq. Ft.

Property Type: Single Family Residence

Style: Cape Cod

Year Built: 1965

Stories: 1

Area: East Bluff - Harbor View

County: Orange

MLS#: U9000687

Source: SoCalMLS

Status: Active

On Redfin: 13 days

Enlarged Lusk A plan expanded to 5 bedrooms. Single level with large family room/kitchen plus cozy fireplace. Formal living room opens to side garden. Private cul-de-sac location. Irvine Company leasehold, current land purchase is $389,500, monthly lease is $791.59 if purchased as a leasehold property. Property can be purchased with or without the land. Lease expires 2040. Great opportunity to own a single family home in Newport Beach for a great price! This is a short sale - all terms, conditions and commissions are subject to lender approval. Property sold in 'AS IS' condition.</blockquote>


When I saw this one a couple of weeks ago I got hopeful about prices in NB, until I saw the crazy land purchase and that this is a fixer. Maybe not a bad deal, but not a good deal.
 
[quote author="freedomCM" date=1235389677]<strong>ok, NPB under $300/sf (land extra)</strong>



http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331



<img src="http://i-0.rfimg.us/photo/46/bigphoto/687/U9000687_1_0.jpg" alt="" />





2107 Aralia St Newport Beach, CA 92660

Price: $650,000

Beds: 5

Baths: 2

Sq. Ft.: 2,246

$/Sq. Ft.: $289

Lot Size: 8,056 Sq. Ft.

Property Type: Single Family Residence

Style: Cape Cod

Year Built: 1965

Stories: 1

Area: East Bluff - Harbor View

County: Orange

MLS#: U9000687

Source: SoCalMLS

Status: Active

On Redfin: 13 days

Enlarged Lusk A plan expanded to 5 bedrooms. Single level with large family room/kitchen plus cozy fireplace. Formal living room opens to side garden. Private cul-de-sac location. Irvine Company leasehold, current land purchase is $389,500, monthly lease is $791.59 if purchased as a leasehold property. Property can be purchased with or without the land. Lease expires 2040. Great opportunity to own a single family home in Newport Beach for a great price! This is a short sale - all terms, conditions and commissions are subject to lender approval. Property sold in 'AS IS' condition.</blockquote>


Its just OVER my target price. I'll see what I can do.... I orig. goal was around 500-550k that way the residual money left in interest bearing accounts would pay for taxes, repairs, etc. etc. etc.



Oh well... maybe in a few months or so.

-bix
 
[quote author="biscuitninja" date=1235392983][quote author="freedomCM" date=1235389677]<strong>ok, NPB under $300/sf (land extra)</strong>



http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331



<img src="http://i-0.rfimg.us/photo/46/bigphoto/687/U9000687_1_0.jpg" alt="" />





2107 Aralia St Newport Beach, CA 92660

Price: $650,000

Beds: 5

Baths: 2

Sq. Ft.: 2,246

$/Sq. Ft.: $289

Lot Size: 8,056 Sq. Ft.

Property Type: Single Family Residence

Style: Cape Cod

Year Built: 1965

Stories: 1

Area: East Bluff - Harbor View

County: Orange

MLS#: U9000687

Source: SoCalMLS

Status: Active

On Redfin: 13 days

Enlarged Lusk A plan expanded to 5 bedrooms. Single level with large family room/kitchen plus cozy fireplace. Formal living room opens to side garden. Private cul-de-sac location. Irvine Company leasehold, current land purchase is $389,500, monthly lease is $791.59 if purchased as a leasehold property. Property can be purchased with or without the land. Lease expires 2040. Great opportunity to own a single family home in Newport Beach for a great price! This is a short sale - all terms, conditions and commissions are subject to lender approval. Property sold in 'AS IS' condition.</blockquote>


Its just OVER my target price. I'll see what I can do.... I orig. goal was around 500-550k that way the residual money left in interest bearing accounts would pay for taxes, repairs, etc. etc. etc.



Oh well... maybe in a few months or so.

-bix</blockquote>
That's one of the areas I want to live in when I retire. Low key old money.
 
big comp killer over in Newport Heights...



<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/31/hr96015131-1.jpg" alt="" />



2345 E. 16th Street

3/2

1,875sq.ft.

6,720sq.ft. lot

Sold: $614,250 (3/3/09)



Last sold: $1,477,000 (6/27/06)



If the math is correct, that is 140% off the 2006 price
 
heh, i think i would buy a new calculator. 58% off. but I think this is a <strong>FLIPPPER losing his shorts!</strong>



and despite the photo, it was actually nice inside:



<blockquote>***DRASTICALLY REDUCED FROM $1,200,000 TO $875,000***Beautiful home in the city of Newport Beach. This home features 3 bedrooms,2 bathrooms, 2 fireplaces, a formal dining room, a master bedroom with a walk in closet, granite counter tops, ceramic tile and wood flooring, and a low maintenance yard. Come and enjoy all this upgraded home has to offer.</blockquote>


1875sf 3/2 on 6720 sf lot built in 1982





bought for $1477k on 6/26/6, bought (by flipper?) for $950k on 12/21/7, listed for 1200 on 4/2/8, then dropped to $875k (flipper trying to pay off the loan?) on 10/6/8.



So I'm guessing that your $612k "sale" is really an REO of the Flipper by their lender?



(unless you know the purchasing party, sell4u?)
 
if the most recent purchaser is a private party, then perhaps the $950k purchase was the REO, and the $612k is the lender losing their shorts?
 
It's bank owned. Taken back in December for $950k. It was an American Home Loan, loan, and all of their MBS pools were bought for 30-40 cents on the dollar, so the new "owner" is still making money at $612k. That can't be good for the two down the street that are in foreclosure and owe more than $700k each on their homes...
 
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