CapitalismWorks_IHB
New member
awgee said:
How do you know this? Do you work for PIMCO?
Newport Beach Prices Dropping
- Thread starter jrichardsn_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
How do you know this? Do you work for PIMCO?
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?
Oh snap. This has become a tag-team event.
Wait...do you work at Coffee Bean? Say it ain't so! I love your vanilla lattes.
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.
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
How do you know this? Do you work for PIMCO?
CapitalismWorks_IHB
New member
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.
If you really want to know who I am, PM me.
earthbm_IHB
New member
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.
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.
awgee_IHB
New member
CapitalismWorks said:
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?
CapitalismWorks_IHB
New member
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.
CapitalismWorks_IHB
New member
That is going to be one tasty cup of coffee! I just hope Coffee Bean is still around then...
earthbm_IHB
New member
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.
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.
IrvineRealtor_IHB
New member
earthbm said:
Oh snap. This has become a tag-team event.
Daedalus_IHB
New member
CapitalismWorks said:
Wait...do you work at Coffee Bean? Say it ain't so! I love your vanilla lattes.
freedomCM_IHB
New member
ok, NPB under $300/sf (land extra)
http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331
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.
http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331
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.
Maltese_IHB
New member
freedomCM said:ok, NPB under $300/sf (land extra)
http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331
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.
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.
biscuitninja_IHB
New member
freedomCM said:ok, NPB under $300/sf (land extra)
http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331
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.
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
O
Oscar_IHB
Guest
That's one of the areas I want to live in when I retire. Low key old money.biscuitninja said:freedomCM said:ok, NPB under $300/sf (land extra)
http://www.redfin.com/CA/Newport-Beach/2107-Aralia-St-92660/home/4639331
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.
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
sell4u_IHB
New member
big comp killer over in Newport Heights...
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
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
freedomCM_IHB
New member
heh, i think i would buy a new calculator. 58% off. but I think this is a FLIPPPER losing his shorts!
and despite the photo, it was actually nice inside:
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?)
and despite the photo, it was actually nice inside:
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?)
freedomCM_IHB
New member
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?
graphrix_IHB
New member
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...