RobertLarsen_IHB
New member
It's hilarious to read all the original posts back in january and february when people were freaking out, claiming the absolute destruction of cities.
Newport Beach Prices Dropping
- Thread starter jrichardsn_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
The posts on the demise of PIMCO, Newport Beach, and Irvine for one.
I do not know if you are aware or if you even care, but there were many realtors encouraging folks to buy homes in 2005 and 2006 when the potential buyers could not afford it. Some of those folks are readers and posters here who claim that the only thing that saved their life savings was the IHB and a voice of reason, what you are calling "freaking out". Now there are many realtors who are calling the bottom and are encouraging folks to buy homes they can not afford to lose their equity in.
Are you buying right now?
Or are you only willing to gamble with somone else's life savings?
Hey, I am not making the argument, I was just pointing out what the other poster was likely referring to.
Agreed that the high end has nowhere to go but down.
And I appreciate it when somebody can admit that a prior forecast didn't pan out. Bravo to you for that.
Dunno about that, read about it, sounded like it was the kind of lot that rarely comes for sale (double lot, lots of space to park boats), so if you want something like that, gotta buy it whenever it comes up on sale (estate sale in this case after former owner passed away).
Still, you've got to admit that a $23 million dollar tear down is fairly silly.
It will be interesting to see what this goes for - all of the people I spoke with when we were touring the house were also scratching their heads about the layout. The agent told me that he expected "multiple offers above the asking price," which I have certainly heard before (gotta love agents) but unfortunately in this neighborhood he is probably right.
I think I know the other house you mentioned - it is on Lighthouse Lane in CDM, not in the Port Streets. It looks pretty darn ugly from the front - have you seen the inside? Just curious if it is a workable floor plan, or a teardown as you mentioned. Kind of hard to pony up for a teardown when you spend $1.3 million on a house, unless you are Bill Gross of PIMCO!
Funny, I just ordered the auction package on this....oh well. What do you think will happen now - the bank will relist this for sale at some marked up price? I'm not sure how much profit will be in it for them. There have been some strange happennings in the Port Streets lately with the $1.2 million short sale at Port Trinity, etc. The large 4,400 sq foot house on Port Carlisle also looks like it is in escrow now - the asking price was about $360/ft so it will be interesting to see what this closes for.....
Graph, you forgot to mention that WE are the winners and proud new owners of this property as the first mortgage lender is IndyMac with a loan of $1,462,500 so we all can share in the loss. Too bad National City's...errr PNC's second mortgage of $290,550 is now worth about as much money as the change in between my sofa cushions. Someone needs to let Freddy over at Power House know that the auction was a complete failure to hand over the keys to us.
RobertLarsen_IHB
New member
awgee said:
The posts on the demise of PIMCO, Newport Beach, and Irvine for one.
awgee_IHB
New member
How is predicting the demise of PIMCO claiming the absolute destruction of cities?RobertLarsen said:
I do not know if you are aware or if you even care, but there were many realtors encouraging folks to buy homes in 2005 and 2006 when the potential buyers could not afford it. Some of those folks are readers and posters here who claim that the only thing that saved their life savings was the IHB and a voice of reason, what you are calling "freaking out". Now there are many realtors who are calling the bottom and are encouraging folks to buy homes they can not afford to lose their equity in.
Are you buying right now?
Or are you only willing to gamble with somone else's life savings?
CapitalismWorks_IHB
New member
Foreclosures are up sharply in the coastal zips. The strong hand is the last to fold.
awgee_IHB
New member
I was wrong. Pimco will be fine. And following, the many folks in NB who have there money invested with Billy will be fine also. RE prices in NB will keep falling. I have never claimed the absolute destruction of any city, including NB. The remark you are referring to regards prices only. It is not pretty close or anywhere close. The collapse of re prices does not lead to the absolute destruction of cities and anybody who says so is a fool. Putting words in other's mouths in order to try to make an argument is called a straw man argument, and is reverted to by someone with no real argument.Joe33 said:
Minimorty_IHB
New member
I have actually been following a couple of the communities in Newport, and I am definitely seeing some price reductions. Especially when there are 3 or 4 houses on the same street that are for sale at the same time.
Joe33_IHB
New member
awgee said:
Hey, I am not making the argument, I was just pointing out what the other poster was likely referring to.
Agreed that the high end has nowhere to go but down.
And I appreciate it when somebody can admit that a prior forecast didn't pan out. Bravo to you for that.
earthbm_IHB
New member
Evidence that top end is immune (just 11.5% down) and that NB average sales price will shoot through the roof in August 2009:
Anonymous_IHB
New member
earthbm said:
Dunno about that, read about it, sounded like it was the kind of lot that rarely comes for sale (double lot, lots of space to park boats), so if you want something like that, gotta buy it whenever it comes up on sale (estate sale in this case after former owner passed away).
Geotpf_IHB
New member
Anonymous said:
Still, you've got to admit that a $23 million dollar tear down is fairly silly.
There is a short sale in the Port Streets that I thought I'd point out. 1962 Port Trinity (http://www.redfin.com/CA/Newport-Beach/1962-Port-Trinity-Pl-92660/home/4720199) is a 4 bedroom, 2,800 sq ft house on a 8,800 sq ft lot that some Kool-Aid drinker bought for $1.75 million in 2005 (whoops!). It is now a short sale at $1.199 million. We went to the open house this weekend, and while it is a nice house the layout is kind of strange, with 2 bedrooms upstairs and 2 bedrooms downstairs, and the large upstairs master does not have its own bathroom. But it is still interesting to see a nice, "inner loop" house in this area break below the $1.2 million price level....
hedgehog_IHB
New member
I went to the 1962 Port Trinity open house too. It is indeed a strange layout. I think what happened there was that the second floor was added on top of the garage some time in the 90s. The agent claimed that the house would go for 1.2-1.3M, and he's probably right, if the bank agrees, that is. FR shows that the liens on the house sum up to almost 1.5M, not sure how current that info is. I really liked that neighborhood though. Unfortunately, even there most of the houses have the garages in front, blech...
Now, that would be a nice tear down, cause the lot is nice, but not for 1.2M. There's another house in that area, I don't have the address, some "Tuscan" eyesore built in the 60s on a large lot for 1.3M that would also be a good tear down.
Now, that would be a nice tear down, cause the lot is nice, but not for 1.2M. There's another house in that area, I don't have the address, some "Tuscan" eyesore built in the 60s on a large lot for 1.3M that would also be a good tear down.
hedgehog said:
It will be interesting to see what this goes for - all of the people I spoke with when we were touring the house were also scratching their heads about the layout. The agent told me that he expected "multiple offers above the asking price," which I have certainly heard before (gotta love agents) but unfortunately in this neighborhood he is probably right.
I think I know the other house you mentioned - it is on Lighthouse Lane in CDM, not in the Port Streets. It looks pretty darn ugly from the front - have you seen the inside? Just curious if it is a workable floor plan, or a teardown as you mentioned. Kind of hard to pony up for a teardown when you spend $1.3 million on a house, unless you are Bill Gross of PIMCO!
You are referring to 2808 Lighthouse Lane in CDM's Harbor View homes. I saw that house a couple of years ago when it was listed for $1.8 million or so. It is in TOTAL need of remodel. The owners want to retire to that LeisureWorld (or whatever it's called) in Laguna Hills. I went there when it was that very hot summer and there's no air conditioning there, and it was stifling in the house. The lot size is large, however, it is very near San Joaquin Hills road and it is very noisy. But worse, when you go to the living room and look out the window, you are seeing this huge eyesore of a very big power line (not the wood kind, but the big metal ones you see near Columbus Grove). It is smack in your line of vision.
I remember the realtor telling me that the owner won't accept anything except "if it has a 7 in it" (ie $1.7 million or better). He can't even sell the place for $1.3 million.
I remember the realtor telling me that the owner won't accept anything except "if it has a 7 in it" (ie $1.7 million or better). He can't even sell the place for $1.3 million.
graphrix_IHB
New member
1930 PORT SEABOURNE WAY went back to the bank for $1.205M. Looks like they never got around to the "online auction" and the bank beat them to it. I'm sure the bank feels like a winner too.
graphrix said:
Funny, I just ordered the auction package on this....oh well. What do you think will happen now - the bank will relist this for sale at some marked up price? I'm not sure how much profit will be in it for them. There have been some strange happennings in the Port Streets lately with the $1.2 million short sale at Port Trinity, etc. The large 4,400 sq foot house on Port Carlisle also looks like it is in escrow now - the asking price was about $360/ft so it will be interesting to see what this closes for.....
usctrojanman29_IHB
New member
Ahh yes, you gotta love those myopic sellers who think their properties are worth more than any other closed comp (idiot listing agent of course help to feed that false reality for these sellers so they can get the listings). I still don't have any idea why an agent would even accept a listing that they know deep down will not sell due to the price being way too high, but hey there's a reason why most agents are not good business people. If the sellers were smart they probably could have blown that property out for $1.5M+ a few years back instead of chasing the market down. The longer they wait, the lower the final sales price will be.JoonB said:
usctrojanman29_IHB
New member
Not a bad looking home, too bad the lot wasn't a bit larger. Interesting how the owner was already prepared for this day as the mailing address for him is to a business address in Irvine.graphrix said:
Graph, you forgot to mention that WE are the winners and proud new owners of this property as the first mortgage lender is IndyMac with a loan of $1,462,500 so we all can share in the loss. Too bad National City's...errr PNC's second mortgage of $290,550 is now worth about as much money as the change in between my sofa cushions. Someone needs to let Freddy over at Power House know that the auction was a complete failure to hand over the keys to us.