Newport Coast

[quote author="Maltese" date=1231244285]As a renter of a similar sized unit to you in a lower class neighborhood, I would be very willing to pay around $2800-$3000 for your place. I do not think that you will need to lower the rent very much to make it move.



That being said, living in N.C. and paying a management fee while pouring money into the property awaiting a potential recovery is a potentially costly and painful situation.



I vote on selling now and getting out.</blockquote>


I'm renting a similar size SFR in Irvine and would have considered your condo for $2,800, maybe more. Don't worry, I'm sure I'm not the only one who would have paid a few hundreds more for your place vs where I'll stay.



Seriously, things will get worse before they get better. Will $25k undercut be enough? What if someone offers $25k under that, will you be ready to take that offer or will you hope for someone else to come along? How bad will you feel in 6 months if you can't sell and there's another REO that comes up that is lower than your "low" sales price?



Try to look back over the last 6 months and think about how you would feel today if you sold the condo at a lower price (in order to sell) by Xmas and would now be living in NC? Would you be happier? That's what it comes down to. Keep in mind that if you don't act, you'll have to ask yourself the same question again and again and again.



Good Luck.
 
[quote author="jmatthew" date=1231222894]I posted a few months ago about renting v. selling our condo in the Summit. We're not upside-down or anything like that. We have 30-year fixed mortgage. We're not in any danger of foreclosure. Our problem is that, for many reasons both personally and professionally, we would really, really like to move to North Carolina. We would have liked to have moved before Christmas, but we can't get rid of our condo. We tried selling it for 1 1/2 years, and nothing. Looking back, we probably were asking too much. Just recently, we've been trying to rent it. Still, nothing. We have a 3br/3ba townhouse, 1763 sq. ft. We've been asking $3,300 for it, which is less per square foot that the apartments across the street, and roughly in parity with other properties in our neighborhood, at least according to the Realtor we're using. We've also indicated that we're flexible on the rent.



Now, we don't know what to do. There is an REO in our neighborhood, 18 Anjou, which is being offered at $724,500. It the same model as ours, except much more upgraded. (Which is why it's an REO. The former owner took out all the equity and covered every surface he possibly could with marble and travertine, put in stainless steel appliances, etc., basically your typical Fritalian villa overkill. I suppose some people like that look, but it's pretty hideous, in my opinion.) In any event, we've done a few upgrades and our place is not in any need of any major repairs.



We bought long enough ago that we could undercut the REO by $25,000 and still come away with a profit. So, I'm interested in opinions. Should we go for it or keep trying to find a renter?</blockquote>


Dealing with the lease aspect of your situation (And I understand you are under contract right now, I am not soliciting you rather just offering my assistnace (all my info is coming from the MLS)



1.) Including your rental I see 5 leases currently available in The Summit

Yours - Plan 3 $3,300 Days on the market: 77

36 Bretagne -Plan 4 $3,400 Days on the market: 67

71 Anjou -Plan 2 $2,800 Days on the market: 6

11 Bretagne -Plan 2 $2,800 Days on the market: 27

30 Auvergne -Plan 1 $2,600 Days on the market: 144



Then I went and searched what's been actually leased in The Summit going back approximately 6 month:



36 Bretagne - Plan 4 $3,400 Days on the market 68, leased on 7-1-2008

24 Auvergne - Plan 4 $3,100 Days on the market 86, leased on 10-25-2008

49 Auvergne - Plan 2 $3,100 Days on the market 29, leased on 6-30-2008

78 Anjou - Plan 3 $2,800 Days on the market 33, leased on 11-5-2008

2 Auvergne - Plan 2 $2,650 Days on the market 63, leased on 11-12-2008



If you want your condo leased, you are going to have to drop the price (do a little advertising to help give you maximum exposure)



Two most recent sales in The Summit have been both Plan 2's at $650k and $630k. Two bank owned's currently for sale and 3 short-sales currently for sale too, for a total of 7 condos for sale at this time.
 
[quote author="sell4u" date=1228950171]That pretty much sums it up. IR - 11 Shoreridge actually closed for somewhere around $4.8m-$4.9m. Atleast this is what the owner told a family member of mine when he was in escrow. or atleast his words were "just under $5.0m". The supplemental tax bill will spill the beans

oops, forgot to mention Deep Sea closed for $12.5m (I have my inside sources :) That is one hek of a sale price taking into account all factors.</blockquote>


Are these few large transactions skewing the medians for Newport Coast?
 
[quote author="NewportCoastRenter" date=1231553724][quote author="sell4u" date=1228950171]That pretty much sums it up. IR - 11 Shoreridge actually closed for somewhere around $4.8m-$4.9m. Atleast this is what the owner told a family member of mine when he was in escrow. or atleast his words were "just under $5.0m". The supplemental tax bill will spill the beans

oops, forgot to mention Deep Sea closed for $12.5m (I have my inside sources :) That is one hek of a sale price taking into account all factors.</blockquote>


Are these few large transactions skewing the medians for Newport Coast?</blockquote>


Not much. Median looks at the property where half properties sold for more and the other half sold for less.



However, it would skew the average.
 
[quote author="skek" date=1232115684]Wow, nearly a million dollar price decline on an ocean view model home in Pacific Ridge.



Bought in December 2006 for $3.3 million.

Now, 60+ DOM at $2.3 million and no takers.



<a href="http://www.redfin.com/CA/Newport-Coast/8-MERIDIAN-92657/home/5928822">8 Meridian</a>.</blockquote>


Are you sure there's an ocean view? I would think they would post at least one picture showing it, wouldn't you think?



If this doesn't sell, I don't see how hundreds of other homes have a chance to sell anytime soon. IPO, what would be the IPO/Shiller price for this home if it sells for asking price?
 
8 meridian has ocean/canyon views. Not Ocean Heights quality ocean views but decent views nontheless



Skek that price of $2.3m is a short-sale number, so who knows if the bank will even sign off on that price (not that i'm saying its worth that price) because a buyer would most likely not want to touch that home any number north of $2.0m right now



glut of inventory is just one of the reasons why these homes are not moving, doesn't help when you have 11 other cypress homes for sale (3 on meridian alone)
 
[quote author="vicstah" date=1232172517]I found a Belcara plan available for $1.25M as a short sale.

http://www.socalmls.com/Listing/ListingDetail.aspx?Listing=34224012



Will someone pick this house up for more than $1.25M? More than likely, but more of these deals should be coming out, and there's a good chance that some of us on this board will jump on one of them in the next 12-18 months.</blockquote>


Will the park being built near it help or hurt the value?
 
[quote author="vicstah" date=1232172517]I found a Belcara plan available for $1.25M as a short sale.

http://www.socalmls.com/Listing/ListingDetail.aspx?Listing=34224012



Will someone pick this house up for more than $1.25M? More than likely, but more of these deals should be coming out, and there's a good chance that some of us on this board will jump on one of them in the next 12-18 months.</blockquote>


That home will not sell for more than $1.250m. (has fallen in and out of escrow 3 times already)



Though the home is one of the better priced (top 3) for sale in Belcara



Needs landscaping. Inside, while not in horrible condition, could use a little sprucing up.
 
[quote author="T!m" date=1232174385][quote author="vicstah" date=1232172517]I found a Belcara plan available for $1.25M as a short sale.

http://www.socalmls.com/Listing/ListingDetail.aspx?Listing=34224012



Will someone pick this house up for more than $1.25M? More than likely, but more of these deals should be coming out, and there's a good chance that some of us on this board will jump on one of them in the next 12-18 months.</blockquote>


Will the park being built near it help or hurt the value?</blockquote>




From a noise perspective, it's going to hurt. Though the two major streets that are affected by this sportsfield IMHO are Stonepath and Gentlebreeze. Other streets in Belcara (ala Pacific Winds) will bear no effect since you cannot hear/see the field, again JMHO. The rest of the 3 communities inside Pac. Ridge (Cypress, Pienza, and Costa Azul) should bear no impact.



T!m: Plan 3 in The Summit listed toay at $699 (no shortsale, no reo)
 
[quote author="sell4u" date=1232251803][quote author="vicstah" date=1232172517]I found a Belcara plan available for $1.25M as a short sale.

http://www.socalmls.com/Listing/ListingDetail.aspx?Listing=34224012



Will someone pick this house up for more than $1.25M? More than likely, but more of these deals should be coming out, and there's a good chance that some of us on this board will jump on one of them in the next 12-18 months.</blockquote>


That home will not sell for more than $1.250m. (has fallen in and out of escrow 3 times already) Forgot to mention, this is NOT a shortsale, REO!



Though the home is one of the better priced (top 3) for sale in Belcara



Needs landscaping. Inside, while not in horrible condition, could use a little sprucing up.</blockquote>
 
[quote author="sell4u" date=1232252048]T!m: Plan 3 in The Summit listed today at $699 (no shortsale, no reo)</blockquote>


Thanks for the update! When I see something below $300/sq. ft. then I will be interested. I don't want to lose a hand to a falling knife!
 
Anytime T!im!



Just a FYI for the Crystal Covers', 34 Surfspray (Nautilus) just received a NOD. In the rears it looks like approx. $70k. Original owner from laing homes at $3.0m. Big 1st trust deed and of course that piggyback 2nd from countryfried
 
[quote author="sell4u" date=1232410390]Anytime T!im!



Just a FYI for the Crystal Covers', 34 Surfspray (Nautilus) just received a NOD. In the rears it looks like approx. $70k. Original owner from laing homes at $3.0m. Big 1st trust deed and of course that piggyback 2nd from countryfried</blockquote>


If the original loan is at $3.0M or so, why would they ask <a href="http://www.redfin.com/CA/Newport-Coast/34-SURFSPRAY-Blf-92657/home/12543556">$4,488,000</a>?



I understand that you can ask a WTF price if you are in no rush to sell, but if you are in any stage of default, you should try to get out even and consider yourself lucky. What am I missing here?



Sell4u, what do you think this will sell for if it goes thru foreclosure and is sold in let's say 1 year or so from now?
 
[quote author="Roo" date=1232445418][quote author="sell4u" date=1232410390]Anytime T!im!



Just a FYI for the Crystal Covers', 34 Surfspray (Nautilus) just received a NOD. In the rears it looks like approx. $70k. Original owner from laing homes at $3.0m. Big 1st trust deed and of course that piggyback 2nd from countryfried</blockquote>


If the original loan is at $3.0M or so, why would they ask <a href="http://www.redfin.com/CA/Newport-Coast/34-SURFSPRAY-Blf-92657/home/12543556">$4,488,000</a>?



I understand that you can ask a WTF price if you are in no rush to sell, but if you are in any stage of default, you should try to get out even and consider yourself lucky. What am I missing here?



Sell4u, what do you think this will sell for if it goes thru foreclosure and is sold in let's say 1 year or so from now?</blockquote>


Roo: I agree if one is in financial trouble, price the home aggressively and get out before things get worse. I can't explain why homeowners decide to do this, because there is not just one reason in particular why.



if i remember correctly, there was something like $2.5m owed against this property. At the santa ana coursteps the home would probably have a minimum opening bid right around what the loan amount is. as far as a year from now, really it's anybody's guess. The high end right now is down about 20-30% off its 2006 peak. take 10% off or take 20% or take off more or less of what a buyer is willing to pay in this current market.
 
[quote author="Roo" date=1232445418][quote author="sell4u" date=1232410390]Anytime T!im!



Just a FYI for the Crystal Covers', 34 Surfspray (Nautilus) just received a NOD. In the rears it looks like approx. $70k. Original owner from laing homes at $3.0m. Big 1st trust deed and of course that piggyback 2nd from countryfried</blockquote>


If the original loan is at $3.0M or so, why would they ask <a href="http://www.redfin.com/CA/Newport-Coast/34-SURFSPRAY-Blf-92657/home/12543556">$4,488,000</a>?



I understand that you can ask a WTF price if you are in no rush to sell, but if you are in any stage of default, you should try to get out even and consider yourself lucky. What am I missing here?



Sell4u, what do you think this will sell for if it goes thru foreclosure and is sold in let's say 1 year or so from now?</blockquote>


Less than it would sell for right now.
 
[quote author="Roo" date=1232445418][quote author="sell4u" date=1232410390]Anytime T!im!



Just a FYI for the Crystal Covers', 34 Surfspray (Nautilus) just received a NOD. In the rears it looks like approx. $70k. Original owner from laing homes at $3.0m. Big 1st trust deed and of course that piggyback 2nd from countryfried</blockquote>


If the original loan is at $3.0M or so, why would they ask <a href="http://www.redfin.com/CA/Newport-Coast/34-SURFSPRAY-Blf-92657/home/12543556">$4,488,000</a>?



I understand that you can ask a WTF price if you are in no rush to sell, but if you are in any stage of default, you should try to get out even and consider yourself lucky. What am I missing here?



Sell4u, what do you think this will sell for if it goes thru foreclosure and is sold in let's say 1 year or so from now?</blockquote>


That house looks like it was furnished by Donald Bren himself.



I puked a little in my mouth when I looked at those pictures.
 
You must log in or register to reply here.
Back
Top