Newport Coast

[sell4u_IHB]

This property is one of the more aggressive priced in Newport Coast right now

3 + 3 (approx. 1,900sq.ft.)

Built in 2003 by Greystone Homes ($832,000 - 10/7/03)

Days on the market 274

Original list $999,000

$925,000

$899,000

$849,000

$799,000

Current list price $699,000 ($367p/sq.ft.)

 

[awgee_IHB]

This property is one of the more aggressive priced in Newport Coast right now

3 + 3 (approx. 1,900sq.ft.)

Built in 2003 by Greystone Homes ($832,000 - 10/7/03)

Days on the market 274

Original list $999,000

$925,000

$899,000

$849,000

$799,000

Current list price $699,000 ($367p/sq.ft.)

Do you think this is where Jimmy lives?

 

[sell4u_IHB]

awgee - wait, I think I see him in the window

 

[awgee_IHB]

awgee - wait, I think I see him in the window

Geez, he looks pissed.

 

[graphrix_IHB]

No... Jimmy lives here at 10 Night Sky. He bought it for $4.1mil and got foreclosed on today for over 40% off at $2.4mil.

Things just got a little darker on that street. I just have to wonder if it is the beginning of a black hole...

 

[skek_IHB]

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[skek_IHB]

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[JoonB_IHB]

sell4u-

Do you know what 16 Bandol sold for? I don't see it on the housing websites anymore.

Thanks!

 

[awgee_IHB]

Speaking of foreclosures in NC, 22 Observatory went back to the bank yesterday for $2.52mil, and it was bought for $2.7mil in 2005. Ouch!

Remember this property? It's back at $2.3 million.

EDIT: I just realized that graph's original post was from May 2008. It took the bank that long to list the REO. Wow.

Seems like alot for a 3000 sq ft tract home.

 

[skek_IHB]

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[sell4u_IHB]

It's even more funny the REO (and others) was given to an agent who proclaimed the high end was "immune" just up until a couple months ago...

 

[tenmagnet_IHB]

It's even more funny the REO (and others) was given to an agent who proclaimed the high end was "immune" just up until a couple months ago...

Considering it was off market for a while, you’d think they’d knock down more than $200K to move it.

Overall, it’s only $400K off what the original buyer paid back in ’05.

 

[skek_IHB]

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[skek_IHB]

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[tenmagnet_IHB]

For example, consider this home in Crystal Cove. Sold for $3.3 million in 2005. Current asking price?

drum roll please...

$5.9 million.

In what alternate universe does that price make sense?

That’s absolutely absurd and just plain wrong in today’s market.

 

[skek_IHB]

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[vicstah_IHB]

Pricing these homes at $1,172/sq ft is ridiculous. It will be fascinating to see the sale price for these homes in 2010-2011.

 

[graphrix_IHB]

There is hope. It may only be one, but once the foundation begins to crack...

http://i42.tinypic.com/16if9rl.jpg

 

[tenmagnet_IHB]

For example, consider this home in Crystal Cove. Sold for $3.3 million in 2005. Current asking price?

drum roll please...

$5.9 million.

In what alternate universe does that price make sense?

That’s absolutely absurd and just plain wrong in today’s market.

I just need for the sellers to realize that and then I can get into my new home...

They’ll realize it soon enough.

The monthly payments on a $2M note will provide the necessary motivation.

Right now, they’re looking to unload it at a premium hoping some buyer out there will over-pay.

 

[usctrojanman29_IHB]

For example, consider this home in Crystal Cove. Sold for $3.3 million in 2005. Current asking price?

drum roll please...

$5.9 million.

In what alternate universe does that price make sense?

That’s absolutely absurd and just plain wrong in today’s market.

I just need for the sellers to realize that and then I can get into my new home...

They’ll realize it soon enough.

The monthly payments on a $2M note will provide the necessary motivation.

Right now, they’re looking to unload it at a premium hoping some buyer out there will over-pay.

aka...they are hoping they can find a sucker. Btw, how come you didn't make it out to the Monday IHB event Ten? We are beginning to think you arent real. haha