Newport Coast

[quote author="JoonB" date=1242537158]I can't believe someone paid $2.1 million for that back in 2006. Crazy! That kitchen is tiny!</blockquote>
Why wouldn't they? The kool-aid was flowing like water back then, especially with the banks allowing you to overpay using 100% financing.
 
[quote author="JoonB" date=1242537158]I can't believe someone paid $2.1 million for that back in 2006. Crazy! That kitchen is tiny!</blockquote>


They probably didn't even put 5% down. You and me taxpayers paid $2.1M.
 
[quote author="freedomCM" date=1242532150]How many more Belcaras are REOs now? Will they be driving the prices down soon?</blockquote>




There's atleast 1 other I know (not yet listed) They already have driven prices down, some below the original price the buyer purchased from Taylor Woodrow, depending on variables (i.e. what phase the home was built during, condition internally/externally the home was left in, exact location (views, privacy, lot size, etc...) and others. 26 Still Water $1.150m(4/24/09), original owner $1.557m(9/16/05). 6 Sycamore $1.3m(5/14/09), original owner $1.337m(12/3/04)



Last 3 sales in Belcara (in order by date)

2 Eucalyptus $1,420,000 4/10/09 (organic)

26 Still Water $1,150,000 4/29/09 (bank owned)

6 Sycamore $1,300,000 5/14/09 (bank owned)





[quote author="freedomCM" date=1242532150]They probably didn?t even put 5% down. You and me taxpayers paid $2.1M. </blockquote>


15%
 
I spoke to a few realtors showing homes in the area and the story is that there is an investor who bought 8+ homes that are all underwater. This includes 6 Meridian and 14 Observatory. He still drives around in his exotic cars to check up on the homes.



He has still several homes to unload and I think that he will single handedly help to accelerate the price drops in the area. These are price drops that should/must happen. Of course, the banks know that he's sitting on all of these homes and don't want him to go short on all of them at once. One realtor was going on and on about how these short sales are ruining that neighborhood market and how she's had sooooo many people checking out the home she was showing (Cottonwood asking 2.6m- just dropped from 3.2m). I just rolled my eyes when she told me that it was a good time to buy again.



Another realtor was much more realistic saying anything that wants to sell in this market is basically a short sale.



I also looked at the home on 25 Canyon (short sale at 2.2) and the home itself has some build issues. The pervious owner took all of the appliances, pool pumps, and other misc. items they could tear off the walls. The bedroom has an addition that I don't think was permitted.
 
I expect missing appliances and unpermitted additions on a $100k REO out here in Riverside, but not on a $2.2 million dollar house. Sheesh.
 
Asked before, asking again... we looked at 6 Sykamore a couple of months ago out of curiosity ($1.3m is more than I would've paid though). The cluster or cell (and other?) antennas (antennae) was something I couldn't make myself ignore. Is there any mental exercise to purge the unfounded (are they?) fears of getting radiated?
 
[quote author="earthbm" date=1242698768]Asked before, asking again... we looked at 6 Sykamore a couple of months ago out of curiosity ($1.3m is more than I would've paid though). The cluster or cell (and other?) antennas (antennae) was something I couldn't make myself ignore. Is there any mental exercise to purge the unfounded (are they?) fears of getting radiated?</blockquote>


As another poster has commented, it's a legit issue. It's like being on your cell phone 24hours a day. That can't be good. On the other hand, you should get really good cell reception... maybe even without a phone! :)
 
What's the story on 31 Bargemon? I saw it, and thought the house was very choppy on the inside (I didn't even bother going upstairs because the downstairs layout was so bad). They hold an open house practically every Sat and Sun. All of a sudden they finally dropped the price 2x within a week to $1.225 million.
 
JoonB: This is one gripe I have with non-approved short-sales. Leaves too much flexibility on behalf of the listing agent to put any price in the listing. Obviously this tactic is too simply attract as many buyers. There is considerably more owed on the house, it's not the owner's main residence, and we'll have to wait and see if the lender actually agrees to that price, and the short-sale for that matter.
 
So I'm looking on Redfin and I'm seeing homes in what they designate as Newport Coast in the low $1mil range... is that right? I'm not really familiar with Newport Coast so are those homes actually in Newport Coast and if so... how are they (specifically Belcara models)?



I would consider buying there if the prices continue to drop... getting a house for sub $1mil in Newport Coast would be pretty good.
 
[quote author="irvine_home_owner" date=1242957206]So I'm looking on Redfin and I'm seeing homes in what they designate as Newport Coast in the low $1mil range... is that right? I'm not really familiar with Newport Coast so are those homes actually in Newport Coast and if so... how are they (specifically Belcara models)?



I would consider buying there if the prices continue to drop... getting a house for sub $1mil in Newport Coast would be pretty good.</blockquote>
I would start laughing if you could get a larger home in NC for less money than the same home in Irvine. NC > Irvine
 
I just looked at the floorplans for the Belcara models and although they range from 2500-3000 ft, the layouts aren't to my liking.



Plan 1s sold for 1.1mil in 2004 when they were built so I can't see why they can't drop below that... probably still higher priced than a similarly sized Irvine home but the location is redic.
 
I;m very interested in what will happen with this home: <a href="http://www.redfin.com/CA/Newport-Coast/12-Stargazer-92657/home/5928625">12 Stargazer, Newport Coast</a>.



Listed at $1,995,990, 27.5% below it's 2005 sales price of $2,762,000.



First, it will be interesting to see how much will be offered. Second, it will be interesting to see what price the bank will approve, or not...
 
They would need to get $2.4mil to cover agent commissions and escrow fees for it to not be a short sale. They just got their NTS from Countrywide two weeks ago, so we will see if they are willing to let someone have this on the cheap. I don't know who holds their 2nd, but if it is not Countrywide, plan on them trying their best to get paid. It's one thing to write off a $50k or $100k HELOC, but at $750k... it's a different story.
 
[quote author="graphrix" date=1245068689]They would need to get $2.4mil to cover agent commissions and escrow fees for it to not be a short sale. They just got their NTS from Countrywide two weeks ago, so we will see if they are willing to let someone have this on the cheap. I don't know who holds their 2nd, but if it is not Countrywide, plan on them trying their best to get paid. It's one thing to write off a $50k or $100k HELOC, but at $750k... it's a different story.</blockquote>
Who knows, maybe the second will be a bidder on the property if the opening bid is low enough. haha $750k HELOC....I didn't know they allowed HELOCs over $500k...OUCH.



The property was purchased with a first mortgage of $1,500,000 from Twn Mortgage and a second mortgage of $500,000 from Twn Mortgage. The owner refi'ed the second with one of $750,000 from Countywide on 1/31/07. Uh oh, I hope Countrywide...errr...BofA reserved for this loan loss. haha
 
[quote author="gray4gray" date=1245112034]Have you looked at any of the short sales in Big Canyon? The prices have dropped there too.</blockquote>


Pricing on short sales, along with everything else related to them, is mostly fictional, IMHO. Unless one closes, take said prices with a grain of salt.
 
[quote author="Geotpf" date=1245113274][quote author="gray4gray" date=1245112034]Have you looked at any of the short sales in Big Canyon? The prices have dropped there too.</blockquote>


Pricing on short sales, along with everything else related to them, is mostly fictional, IMHO. Unless one closes, take said prices with a grain of salt.</blockquote>


I don't entirely agree with this. They can tell where and how far/fast the market is going.
 
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