Newport Coast

[quote author="Roo" date=1245155253][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.</blockquote>


I will even expand on this a bit. All asking prices are useless, including REOs and traditional sales. Look at sold comps only.



Frequently, conventional sales are priced too high. Sometimes, REOs are priced too low to get a bidding war going. Short sales are usually priced too low, sometimes too high, but it doesn't matter since they almost never sell anyways.
 
Short sales actually have been getting done in my tracking. They have accounted for about 20% of total sales since January. Nearly the same percentage as for REO sales.
 
Note the steep rollback regarding price for this particular Pelican Point property:

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/13/hr95853613-1.jpg" alt="" />

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/13/hr95853613-8.jpg" alt="" />





Current list price: $4,350,000 (6/18)

Original list price: $6,250,000

Total days on the market: 711



Last sold: 4/15/2002 $3,850,000
 
heh, after 711 days, I would hope that there would be a big rollback.



Do you think that it will sell for less that the 2002 price ultimately?
 
[quote author="freedomCM" date=1245459582]heh, after 711 days, I would hope that there would be a big rollback.



Do you think that it will sell for less that the 2002 price ultimately?</blockquote>
My 8-ball says...HELL YEAH!
 
Any experts here have any comments on the Ziani condo complex?



Despite being a condo complex, listing prices are borderline comical. Unsurprisingly, I only see one sale (a short sale) having closed this year, clearly by a knife-catcher. Meanwhile the number of listings continue to grow and foreclosureradar is showing at least seven defaults in the complex. Any predictions on when market conditions will air dry the kool aid out of these prices? End of summer 2009? Summer 2010?
 
I'm not an expert, but I wouldn't expect things Ziani to get close to a bottom until the end of 2011. Ziani came online during the run-up of the bubble. There are a lot of people there that are way underwater and just don't know it yet. The place seems to be promoted to give the feel of an exclusive resort. The sellers aren't going to give in easily.
 
<a href="http://www.redfin.com/CA/Newport-Coast/7-Serenity-92657/home/5922219">http://www.redfin.com/CA/Newport-Coast/7-Serenity-92657/home/5922219</a>



This comp killer is a short sale listing $900k or about 50 percent from $1.9 sale in 05.



Just fishing?
 
[quote author="NewportCoastRenter" date=1246231124]<a href="http://www.redfin.com/CA/Newport-Coast/7-Serenity-92657/home/5922219">http://www.redfin.com/CA/Newport-Coast/7-Serenity-92657/home/5922219</a>



This comp killer is a short sale listing $900k or about 50 percent from $1.9 sale in 05.



Just fishing?</blockquote>


Only lasted on the market one day at that price. I suspect it was a mistake
 
[quote author="NewportCoastRenter" date=1246231124]<a href="http://www.redfin.com/CA/Newport-Coast/7-Serenity-92657/home/5922219">http://www.redfin.com/CA/Newport-Coast/7-Serenity-92657/home/5922219</a>



This comp killer is a short sale listing $900k or about 50 percent from $1.9 sale in 05.



Just fishing?</blockquote>


Judging by what's owed on this property, $999,000 is a great price to attract the buyer. My guess is the home sells for more. Comps for this property are in $1.1m-$1.2m. There is a 1st for $1.5m, and a HELOC for $570k. If all the HELOC is used, that's over $2.0m owed. Not sure if the lender is willing to haircut that much in the short-sale.
 
106 Sidney Bay is officially the 1st bank owned home to come on the market in Crystal Cove. (took the bank 10 months)



<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/40/hr96305140-1.jpg" alt="" />

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/40/hr96305140-7.jpg" alt="" />



Seascape Plan 1

$2,178,000

There are 10 other Seascape homes for sale ranging in price from $2.17-$2.9m. There are only 2 other Seascape homes near the $2.1m price and 106 Sideny Bay has by far the best views in in that $2.1X range. This will be a huge comp setter. Look out.
 
[quote author="sell4u" date=1246961340]106 Sidney Bay is officially the 1st bank owned home to come on the market in Crystal Cove. (took the bank 10 months)



<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/40/hr96305140-1.jpg" alt="" />

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/40/hr96305140-7.jpg" alt="" />



Seascape Plan 1

$2,178,000

There are 10 other Seascape homes for sale ranging in price from $2.17-$2.9m. There are only 2 other Seascape homes near the $2.1m price and 106 Sideny Bay has by far the best views in in that $2.1X range. This will be a huge comp setter. Look out.</blockquote>
These homes will fall below the $2m mark with 6-12 months.
 
[quote author="sell4u" date=1246317798]There is a 1st for $1.5m, and a HELOC for $570k</blockquote>What services can show me this kind of data if I am not an agent or realtor ? Dont mind paying, just wondering.
 
[quote author="xoneinax" date=1247104186][quote author="sell4u" date=1246317798]There is a 1st for $1.5m, and a HELOC for $570k</blockquote>What services can show me this kind of data if I am not an agent or realtor ? Dont mind paying, just wondering.</blockquote>


Call sell4u.
 
[quote author="xoneinax" date=1247104186][quote author="sell4u" date=1246317798]There is a 1st for $1.5m, and a HELOC for $570k</blockquote>What services can show me this kind of data if I am not an agent or realtor ? Dont mind paying, just wondering.</blockquote>


As IR2 mentioned, you can PM one of the helpful agents on our forums and you'll likely get a quick response.



If you want to get this information yourself, you will need to subscribe to a service like:

<a href="http://www.sitexdata.com">http://www.sitexdata.com/</a>

It looks like they offer a Free Trial.



If the home is in any stage of foreclosure, you can also get some loan information via Foreclosure Radar:

<a href="http://www.foreclosureradar.com/">http://www.foreclosureradar.com/</a>
 
[quote author="xoneinax" date=1247104186][quote author="sell4u" date=1246317798]There is a 1st for $1.5m, and a HELOC for $570k</blockquote>What services can show me this kind of data if I am not an agent or realtor ? Dont mind paying, just wondering.</blockquote>
As Zovall said, feel free to PM myself, IR2, or Sell4u for this information. Why pay for it when one of us can send it to you for free?
 
I don't know if this one should be in this thread but I was goofing around looking at what was for sale around Lido and found TONS of stuff that has just crashed. Like this one, 550 grand under its 2006 price and 100 grand BELOW its 2004 price!! Yikes, I didn't know it was this bad in the NB.



Jun 23, 2009 Listed $799,000 -- SoCalMLS #U9002863

Apr 06, 2006 Sold $1,345,000 21.7%/yr Public Records

Apr 19, 2004 Sold $915,000 -- Public Records



<a href="http://www.redfin.com/CA/Newport-Beach/520-Tustin-Ave-92663/home/3242036">cute little beach bungalow</a>
 
<a href="http://www.redfin.com/CA/Newport-Coast/23-Fayence-92657/home/5855644">23 Fayence Newport Coast, CA 92657 </a>



Price: $1,788,000 Last Sale: $2,100,000 (04/28/2006)

Beds: 5

Baths: 4

Sq. Ft.: 3,250

$/Sq. Ft.: $550

Lot Size: 7,316 Sq. Ft.



<em>BANK AND OWNER SAYS SELL..BUT THIS IS NOT A SHORT SALE..A MUST SEE AT THIS PRICE..REDUCED OVER $500,000. UNOBSTRUCTED CITY LIGHTS VIEW LOCATION VERY PRIVATE with new travertine and wood floors,granite counters,custom finishes throughout.Owner installed $ 100,000 home media system w/ separate controls !!</em>



So this person bought a house for 2.1 million (when his next door neighbors bought theirs for $855k & 955K) and then put in 100k worth of speakers and then wants to sell two years later?



It looks like a nice house though, if you got rid of the paint colors. I wonder if it gets a lot of noise from the toll road & bonita canyon.
 
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