Newport Coast

41 Bridgeport (The Pointe) set for auction this week - 9/15/2008. Opening Bid $1,891,000.



The Pointe:

Built by Standard Pacific Homes

Built in 1994-1995

3 Plans (approx 2,800-3,200sq.ft.)

Gated community of approx. 60 homes



History Timeline of 41 Bridgeport

2/8/1994 - $721,500

6/13/97 - $840,000

9/18/2002 - $1,380,000

11/1/2005 - $2,200,000

9/8/2008+ ???.....
 
sell4u, thanks for creating this topic and updating us on current market condition in Newport Coast.

does anybody know what was price per sqft in 1997 and what is now? any projection on how it will play out as this bubble deflates.
 
assuming price bottoming in 2012-2014, extrapolating Case/Shiller index for OC, the projected $/sqft would be 1.5X that of 1997. With all the WTF asking prices all over OC and newport coast, it seems very unlikely at least for now. we have to wait and see though.
 
I know someone that bought in 1997 and sold in 2005. I think it was around $230-$242 per square foot for a brand new house near CDM high school, 100 feet from the back bay.
 
near CDM high school sounds like Eastbluff/Harbor View area



11 Altino: I believe this is the Plan 4 Ana Capri. All set to go to Auction 9/15/08. Purchase price $628k (9/13/03) Opening bid at the auction says $738k, which is roughly $348p/sq.ft. Condos in Newport Coast are trading right now between $400-$500 p/sq.ft.
 
2 Fecamp (Sancerre) closed today. $477p/sq.ft. sold price: $835,000

Back to 2004 in this community.



History:

9/30/2005: $1,031,000

2/11/2004: $830,000

5/16/2003: $648,000

10/31/1997: $362,000



I like what I'm seeing
 
We live in the Summit. We really want to move to North Carolina, so last July, we put our house on the market. We weren't trying to make a huge profit. We really just wanted enough for a down payment on a nice house just outside of Charlotte. We were the lowest price in the neighborhood for our floor plan. A year and three price reductions later without one offer, we just gave up. There have been two sales in our complex this entire year. One of them was a foreclosure auction. There are two other foreclosures in the complex, in addition to several other distressed properties. We're still trying to move, but now we're looking at renting out our townhouse here and renting an apartment in Charlotte, at least until we can build up some reserves to put a down payment on another house. I hope finding a renter is easier than finding a buyer.
 
there are buyers out there, the issue is at what price.

just curious, what was the last listing price and what lease price are you looking for.

I hope you can find a renter soon
 
There are buyers out there. Sellers better be priced aggressively (as in 2004 pricing)



Here is a comprised list of all bank owned homes currently in Newport Coast (not all are currently listed for sale)

4 Compass

3 Pacific Winds (In escrow)

26 Still Water

28 Still Water

2 Tuscan Blue

7 Wayside

1 Hidden Pass

10 Anjou

18 Anjou

71 Anjou

5 Classico

1 Celano Ct.

11 Altino

106 Sidney Bay

53 Via Amanti

I could be missing one or two, but I believe this most of them...



Plus about 21 Notice of Defaults and/or Notice of Trustees sales right now according to the MLS...



jmatthew: Just to help you out, The Summit is trading in the $400sq.ft. range. Not that it matters, but say if I was buying 10 Anjou right now in The Summit, taken into account all factors, I'm not comfortable buying that particular unit for more than about $460-$480k. Kool-aid price at its current asking price of $629k. I would not be surprised to see The Summit back to 2001 pricing later down the road. That puts this unit at around $350k.
 
that's crazy. I think you're over estimating the downside in the Summit. Newport Coast will hold value more than most areas. If you're prediction is correct I'd never be able to move.
 
[quote author="socalmd" date=1222166221]that's crazy. I think you're over estimating the downside in the Summit. Newport Coast will hold value more than most areas. If you're prediction is correct I'd never be able to move.</blockquote>


Many people believed as you do, and they bid up prices very, very high. Don't be surprised if you see some of the new coastal communities crash very hard once the Alt-A and Prime ARMs reset.
 
[quote author="socalmd" date=1222166221]that's crazy. I think you're over estimating the downside in the Summit. Newport Coast will hold value more than most areas. If you're prediction is correct I'd never be able to move.</blockquote>


Yeah, so if Irvine goes to under $250/sq ft, and Newport Coast holds its value more, then it might go down only as far as just under $300/sq ft. That puts 10 Anjou (1200 sq ft) at under $360k, as sell4u suggested. There's really no reason for them to bottom out higher than that.
 
Castaway houses were around $1M(back in 1999 and 2000 time frame). Now it's $2M+.



<a href="http://www.movoto.com/real-estate/homes-for-sale/CA/Newport-Beach/30-Castaways-203_U8003806.htm">http://www.movoto.com/real-estate/homes-for-sale/CA/Newport-Beach/30-Castaways-203_U8003806.htm</a>
 
4 Compass got listed today (REO)

Needs some TLC

Belcara Plan 2 (with views)



Original price the owner paid from the builder: $2,063,000 (12/15/2005)

Current list price: $1,350,000



That's a 35% discount



Edit*****

I just noticed something. The street Compass appears to be Phase 8 of the Taylor Woodrow Belcara buildout. If you got in at say Phase 3 or 4, this Plan 2 was around $1.4-1.5m from the builder (11/24/2004). View vs non view? Talk about some heavy appreciation numbers from the builder in just one year! wow!
 
[quote author="sell4u" date=1222425210]4 Compass got listed today (REO)

Needs some TLC

Belcara Plan 2 (with views)



Original price the owner paid from the builder: $2,063,000 (12/15/2005)

Current list price: $1,350,000



That's a 35% discount



Edit*****

I just noticed something. The street Compass appears to be Phase 8 of the Taylor Woodrow Belcara buildout. If you got in at say Phase 3 or 4, this Plan 2 was around $1.4-1.5m from the builder (11/24/2004). View vs non view? Talk about some heavy appreciation numbers from the builder in just one year! wow!</blockquote>


My family bailed out after the first phase. My family thought it was too much money when it was more than $1.2M.
 
[quote author="T!m" date=1222234168][quote author="socalmd" date=1222166221]that's crazy. I think you're over estimating the downside in the Summit. Newport Coast will hold value more than most areas. If you're prediction is correct I'd never be able to move.</blockquote>


Yeah, so if Irvine goes to under $250/sq ft, and Newport Coast holds its value more, then it might go down only as far as just under $300/sq ft. That puts 10 Anjou (1200 sq ft) at under $360k, as sell4u suggested. There's really no reason for them to bottom out higher than that.</blockquote>






Maybe but I don't think so. I agree prices got very inflated. But I doubt prices in the Summit go down to less than 500K for the 2 bedroom.



Plus Newport Coast is way nicer than Irvine(except Shady Canyon)



It's a mute point arguing though, since nobody has a crystal ball, and it's all just a person's opinion. I agree prices will fall further, just not as far as some on here think.(at least in newport coast)
 
[quote author="socalmd" date=1222432601][quote author="T!m" date=1222234168][quote author="socalmd" date=1222166221]that's crazy. I think you're over estimating the downside in the Summit. Newport Coast will hold value more than most areas. If you're prediction is correct I'd never be able to move.</blockquote>


Yeah, so if Irvine goes to under $250/sq ft, and Newport Coast holds its value more, then it might go down only as far as just under $300/sq ft. That puts 10 Anjou (1200 sq ft) at under $360k, as sell4u suggested. There's really no reason for them to bottom out higher than that.</blockquote>




Maybe but I don't think so. I agree prices got very inflated. But I doubt prices in the Summit go down to less than 500K for the 2 bedroom.



Plus Newport Coast is way nicer than Irvine(except Shady Canyon)



It's a mute point arguing though, since nobody has a crystal ball, and it's all just a person's opinion. I agree prices will fall further, just not as far as some on here think.(at least in newport coast)</blockquote>


Okay. But, just to be clear -- you are saying you think people would rather have a 15-year-old, 1200 sq. ft., 2 bed condo in NC than a newer, 2000 sq. ft., 3 bed detached house in Irvine.
 
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