Newport Coast

[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>


Along with the 200+ other sellers currently looking for a sucker in NC?



The next few years will not be pretty in NC.
 
[quote author="OC Zed" date=1236843136]



Along with the 200+ other sellers currently looking for a sucker in NC?



The next few years will not be pretty in NC.</blockquote>


From the various examples cited above, it seems like there are a lot of flippers still hoping to sell at a premium in the NC market.

30 Cliffhouse Bluff certainly fits the profile.
 
just sold over in Vistas. these are townhome style condos

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/95/hr96165895-2.jpg" alt="" />



Short-sale (lenders getting more aggressive w short-sales?)

Sold price: $825,000 / $358p/sq.ft.(new low p/sq.ft. for NC!)

Approx. 44% off the highest sale in 2007

Last identical comp to this home sold 5 months ago at $885,000



Last time condos were selling at this price was early to mid 2003



Highest recorded sale in Vistas was on the view side of the development for $1,485,000. Comparing this non view home with the highest comp would be a percentage drop of approx. 44%. This non view home had a market value of approx. $1,250,000 or so at the peak of the market.
 
Short-sale (lenders getting more aggressive w short-sales?)





Are you seeing signs of this in your market?



I just did a preliminary tally of Feb sales in CM, and for the first time, there were equal numbers of short sales and REOs (small numbers overall), whereas for much of the past year, REOs hugely outnumbered SS.



I wonder if this is some sort of sign of capitulation by the lenders, realizing (as we did long ago) that if they don't let the SS go through, they will just end up eating more $$ going through FC and putting it on the market months later.
 
I believe so freedomCM. Over in Ladera for instance, I was told a short-sale was approved on a home that had a balance of over $820,000, and the short-sale was approved at $492,000! As the reo's set the comps, this I think puts the pressure even more on the lender to be more aggressive with the short-sales so that new reo's don't start setting comps even lower than old reo's or atleast try and minimize this as much as possible.
 
[quote author="graphrix" date=1236755397]There is hope. It may only be one, but once the foundation begins to crack...



http://i42.tinypic.com/16if9rl.jpg</blockquote>


Is there a key somewhere of what the letters stand for? It looks like the condo areas are really the main ones in any trouble.
 
Someone correct me if I'm wrong on the foreclosureradar "key";



B = Bank owned

A = Up for auction

P = Preforeclosure, owners have missed at least three mortgage payments
 
[quote author="Booom" date=1237960946][quote author="graphrix" date=1236755397]There is hope. It may only be one, but once the foundation begins to crack...



http://i42.tinypic.com/16if9rl.jpg</blockquote>


Is there a key somewhere of what the letters stand for? It looks like the condo areas are really the main ones in any trouble.</blockquote>


the cluster on the right are not condos. also there are some REOs that are not showing on foreclosureradar. eg 22 Observatory (killer views, but for childless hedonists, 3 bedrooms in a $2m+ home? Would be perfect for shooting porn flicks... Hmm...
 
Is this condo really almost 50% off or is the last sale price wrong in redfin?



<a href="http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178">http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178</a>





29 San Pietro Newport Coast, CA 92657

Price: $759,000

Beds: 2

Baths: 2

Sq. Ft.: 1,610

$/Sq. Ft.: $471



Jul 20, 2005 Sold $1,475,000
 
[quote author="ABC123" date=1239833930]Is this condo really almost 50% off or is the last sale price wrong in redfin?



<a href="http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178">http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178</a>





29 San Pietro Newport Coast, CA 92657

Price: $759,000

Beds: 2

Baths: 2

Sq. Ft.: 1,610

$/Sq. Ft.: $471



Jul 20, 2005 Sold $1,475,000</blockquote>


That looks right. 50% off is nothing special any more.
 
[quote author="Geotpf" date=1239834610][quote author="ABC123" date=1239833930]Is this condo really almost 50% off or is the last sale price wrong in redfin?



<a href="http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178">http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178</a>





29 San Pietro Newport Coast, CA 92657

Price: $759,000

Beds: 2

Baths: 2

Sq. Ft.: 1,610

$/Sq. Ft.: $471



Jul 20, 2005 Sold $1,475,000</blockquote>


That looks right. 50% off is nothing special any more.</blockquote>






It's actually less than that. If you look at that particular floorplan, the highest recorded sale (atleast that I can find in the MLS) is approx $1.010m.

$1.450m, at the top of the market, is a larger floorplan (probably 6 or 7).

29 San Pietro is one of the smallest plans (Plan 2) at about 1,610sq.ft.
 
[quote author="Geotpf" date=1239834610][quote author="ABC123" date=1239833930]Is this condo really almost 50% off or is the last sale price wrong in redfin?



<a href="http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178">http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178</a>

</blockquote>


That looks right. 50% off is nothing special any more.</blockquote>


Yeah, and notice it is still $471/sq ft. That whole development has a long way to fall. It was built during the bubble.
 
[quote author="T!m" date=1239836226][quote author="Geotpf" date=1239834610][quote author="ABC123" date=1239833930]Is this condo really almost 50% off or is the last sale price wrong in redfin?



<a href="http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178">http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178</a>

</blockquote>


That looks right. 50% off is nothing special any more.</blockquote>


Yeah, and notice it is still $471/sq ft. That whole development has a long way to fall. It was built during the bubble.</blockquote>


I think that sale price is a mistake. The same floor plan (linked below) sold in the $600,000's around the same time. Anyways, this entire development is still priced at 2005 -2007 levels:



http://www.redfin.com/CA/Newport-Coast/24-San-Sovino-92657/home/5953121



http://www.redfin.com/CA/Newport-Coast/1-San-Sovino-92657/home/5953075



http://www.redfin.com/CA/Newport-Coast/23-San-Sovino-92657/home/5981461





I'll bet my HELOC-financed bentley that at least one of these will sell below $400/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>


Closed today in the MLS

$705,000 ($370p/sq.ft.)

That's a new low price per square foot for a detached residence in NC
 
[quote author="sell4u" date=1239938166][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>


Closed today in the MLS

$705,000 ($370p/sq.ft.)

That's a new low price per square foot for a detached residence in NC</blockquote>


That's a 15% drop from the late-03 price and 30% from original list price.



IPO, what would be your IPO-Shiller on this?
 
I just had to vent a little. My family and I went to Newport Coast looking at some of the open homes in Newport Ridge. You would have thought it was 2005. There was such a frenzy at the open houses. Seriously- we were shocked at the number of people going through the homes. Carry on...
 
[quote author="JoonB" date=1240276610]I just had to vent a little. My family and I went to Newport Coast looking at some of the open homes in Newport Ridge. You would have thought it was 2005. There was such a frenzy at the open houses. Seriously- we were shocked at the number of people going through the homes. Carry on...</blockquote>
Haven't you heard....we have hit bottom and the good times are back. Better buy before you get priced out of the market again!
 
I was reading this thread and found it quite interesting.



Let's see how things played out for these listings lendingmaestro provided in April 2008 (1 year ago).



[quote author="lendingmaestro" date=1207269205]http://www.redfin.com/stingray/do/printable-listing?listing-id=1528402


Purchased for 1,650,000 in 2004 now listed for 2.7 million
</blockquote>
Sold for $2,050,000 (08/13/2008)



[quote author="lendingmaestro" date=1207269205]http://www.redfin.com/stingray/do/printable-listing?listing-id=1403906


Purchased for 1.1 mil in 2002 now listed for 2.2mil
</blockquote>
Off Redfin since August 2008



[quote author="lendingmaestro" date=1207269205]http://www.redfin.com/stingray/do/printable-listing?listing-id=1344421


Purchased for 800,000 in 1999 now listed for 2.275 mil
</blockquote>
Now listed at $1,889,999. 494 Days on the market





[quote author="lendingmaestro" date=1207269205]http://www.redfin.com/stingray/do/printable-listing?listing-id=1203980


Purchased for 1.54 mil in 2002 now listed for 2.85 mil
</blockquote>
Sold for $2,500,000 (07/02/2008)



[quote author="lendingmaestro" date=1207269205]http://www.redfin.com/stingray/do/printable-listing?listing-id=949755


Purchased for 1.2 mil in 2002 now listed for 2.28 mil
</blockquote>
Off Redfin since May 2008



[quote author="lendingmaestro" date=1207269205]http://www.redfin.com/stingray/do/printable-listing?listing-id=1524689


Purchased for 1.54 mil in 2003 now listed for 2.8 mil
</blockquote>
Sold for $2,525,000 (07/15/2008)



[quote author="lendingmaestro" date=1207269205]http://www.redfin.com/stingray/do/printable-listing?listing-id=806876


Purchased for 645,000 in 2003 now listed for 1.04 mil
</blockquote>
Off Redfin since August 2008



[quote author="lendingmaestro" date=1207269205]http://www.redfin.com/stingray/do/printable-listing?listing-id=1404466


Purchased for 950,000 in 2003 now listed for 1.65 mil
</blockquote>
Now listed at $1,299,999. 133 Days on the market...it was first listed in August 2007.



[quote author="lendingmaestro" date=1207269205]<strong>WTF</strong>
</blockquote>


WTF indeed!
 
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