Newport Coast

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



<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/73/hr96191473-1.jpg" alt="" />



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.)
 
[quote author="sell4u" date=1235696138]This property is one of the more aggressive priced in Newport Coast right now



<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/73/hr96191473-1.jpg" alt="" />



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.)</blockquote>


Do you think this is where Jimmy lives?
 
[quote author="sell4u" date=1235713357]awgee - wait, I think I see him in the window</blockquote>


Geez, he looks pissed.
 
No... <a href="http://www.zillow.com/homedetails/10-Night-Sky-Newport-Coast-CA-92657/63113510_zpid/">Jimmy lives here at 10 Night Sky</a>. 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...
 
[quote author="skek" date=1236738227][quote author="graphrix" date=1210988655]Speaking of foreclosures in NC, <a href="http://www.zillow.com/HomeDetails.htm?zprop=63113553">22 Observatory</a> went back to the bank yesterday for $2.52mil, and it was bought for $2.7mil in 2005. Ouch!</blockquote>


Remember this property? <a href="http://www.redfin.com/CA/Newport-Beach/22-Observatory-92657/home/5928769">It's back</a> 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.</blockquote>


Seems like alot for a 3000 sq ft tract home.
 
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...
 
[quote author="sell4u" date=1236746796]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...</blockquote>


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.
 
[quote author="skek" date=1236750038]For example, consider <a href="http://www.redfin.com/CA/Newport-Coast/28-Cruisers-Blf-92657/home/5930160">this home</a> in Crystal Cove. Sold for $3.3 million in 2005. Current asking price?



<em>drum roll please...</em>



$5.9 million.



In what alternate universe does that price make sense?</blockquote>


That?s absolutely absurd and just plain wrong in today?s market.
 
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.
 
[quote author="skek" date=1236752637][quote author="tenmagnet" date=1236751062][quote author="skek" date=1236750038]For example, consider <a href="http://www.redfin.com/CA/Newport-Coast/28-Cruisers-Blf-92657/home/5930160">this home</a> in Crystal Cove. Sold for $3.3 million in 2005. Current asking price?



<em>drum roll please...</em>



$5.9 million.



In what alternate universe does that price make sense?</blockquote>


That?s absolutely absurd and just plain wrong in today?s market.</blockquote>


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


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.
 
[quote author="tenmagnet" date=1236814649][quote author="skek" date=1236752637][quote author="tenmagnet" date=1236751062][quote author="skek" date=1236750038]For example, consider <a href="http://www.redfin.com/CA/Newport-Coast/28-Cruisers-Blf-92657/home/5930160">this home</a> in Crystal Cove. Sold for $3.3 million in 2005. Current asking price?



<em>drum roll please...</em>



$5.9 million.



In what alternate universe does that price make sense?</blockquote>


That?s absolutely absurd and just plain wrong in today?s market.</blockquote>


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


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.</blockquote>
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
 
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