Newport Coast

<img src="http://galeri.milliyet.com.tr/2008/3/7En_geometrik_yerlesimler/10.jpg" alt="" />



Bitchin looking site plan with powerful forms may look good from a bird's eye perspective but they are extremely boring, repetitive, dysfunctional, traffic chaos, and difficult to get from point A to point B. It is a nightmare from the street perspective. District parking lot is one example.
 
I don't know why anyone would pay nearly $4 million dollars to live next to a former dump (speaking about Newport Coast not the above pictures).
 
Does sand hold up better than dirt?



<img src="http://i30.tinypic.com/23icp60.jpg" alt="" /> <img src="http://i31.tinypic.com/345ejvl.jpg" alt="" />
 
[quote author="ABC123" date=1249722465]I don't know why anyone would pay nearly $4 million dollars to live next to a former dump (speaking about Newport Coast not the above pictures).</blockquote>


Being a newbie to the area...can somebody elaborate on this? How far away from the "former dump" is the community from?



Thanks :)
 
[quote author="Moonshell" date=1249818761][quote author="ABC123" date=1249722465]I don't know why anyone would pay nearly $4 million dollars to live next to a former dump (speaking about Newport Coast not the above pictures).</blockquote>


Being a newbie to the area...can somebody elaborate on this? How far away from the "former dump" is the community from?



Thanks :)</blockquote>
Information on the closed Coyote Canyon Landfill is <a href="http://www.ciwmb.ca.gov/LEAcentral/Closure/Restoration/CaseStudies/CoyoteCanyon.htm">HERE </a> You can download a PDF from that web site that has a barely readable map about 16 pages into the document. If you are driving north on Newport Coast Drive, and pass the Pavilions Grocery, the main landfill will be on your left (west) as you drive down the hill into Irvine and cross under the toll road. There also are a couple of minor legs of the landfill on the right (east) of the Newport Coast Drive. I haven't been past the area in a few years, but I presume you can spot the white gas vents spaced out on and around the landfill. The school on the east side has a methane gas protection system to prevent gas from causing a hazard there.
 
[quote author="GoIllini" date=1249855881][quote author="Moonshell" date=1249818761][quote author="ABC123" date=1249722465]I don't know why anyone would pay nearly $4 million dollars to live next to a former dump (speaking about Newport Coast not the above pictures).</blockquote>


Being a newbie to the area...can somebody elaborate on this? How far away from the "former dump" is the community from?



Thanks :)</blockquote>
Information on the closed Coyote Canyon Landfill is <a href="http://www.ciwmb.ca.gov/LEAcentral/Closure/Restoration/CaseStudies/CoyoteCanyon.htm">HERE </a> You can download a PDF from that web site that has a barely readable map about 16 pages into the document. If you are driving north on Newport Coast Drive, and pass the Pavilions Grocery, the main landfill will be on your left (west) as you drive down the hill into Irvine and cross under the toll road. There also are a couple of minor legs of the landfill on the right (east) of the Newport Coast Drive. I haven't been past the area in a few years, but I presume you can spot the white gas vents spaced out on and around the landfill. The school on the east side has a methane gas protection system to prevent gas from causing a hazard there.</blockquote>


Thanks for posting that document. I had thought that the landfill was on the other side of Newport Coast Dr., but now I can clearly see where it is on the google satellite view.
 
[quote author="ABC123" date=1249859844][quote author="GoIllini" date=1249855881][quote author="Moonshell" date=1249818761][quote author="ABC123" date=1249722465]I don't know why anyone would pay nearly $4 million dollars to live next to a former dump (speaking about Newport Coast not the above pictures).</blockquote>


Being a newbie to the area...can somebody elaborate on this? How far away from the "former dump" is the community from?



Thanks :)</blockquote>
Information on the closed Coyote Canyon Landfill is <a href="http://www.ciwmb.ca.gov/LEAcentral/Closure/Restoration/CaseStudies/CoyoteCanyon.htm">HERE </a> You can download a PDF from that web site that has a barely readable map about 16 pages into the document. If you are driving north on Newport Coast Drive, and pass the Pavilions Grocery, the main landfill will be on your left (west) as you drive down the hill into Irvine and cross under the toll road. There also are a couple of minor legs of the landfill on the right (east) of the Newport Coast Drive. I haven't been past the area in a few years, but I presume you can spot the white gas vents spaced out on and around the landfill. The school on the east side has a methane gas protection system to prevent gas from causing a hazard there.</blockquote>


Thanks for posting that document. I had thought that the landfill was on the other side of Newport Coast Dr., but now I can clearly see where it is on the google satellite view.</blockquote>
The listing agent on my Newport Coast transaction told us they there is talks that a golf course may be built on the landfill.
 
[quote author="sell4u" date=1249710130]Just Listed



Largest floorplan in Cypress. Really nice single loaded street (only 5 homes) with a front row view orientation





<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/21/hr96343321-11.jpg" alt="" />

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/21/hr96343321-7.jpg" alt="" />





1st owner (from the builder) 12/14/2006 - $3,952,909

2nd owner: $4,100,000

3rd owner (JP Morgan): $2,426,677

<strong>Current list price: $2,475,000</strong></blockquote>


Is this on redfin yet? Can't find it...
 
[quote author="Roo" date=1249952940][quote author="sell4u" date=1249710130]Just Listed



Largest floorplan in Cypress. Really nice single loaded street (only 5 homes) with a front row view orientation



1st owner (from the builder) 12/14/2006 - $3,952,909

2nd owner: $4,100,000

3rd owner (JP Morgan): $2,426,677

<strong>Current list price: $2,475,000</strong></blockquote>


Is this on redfin yet? Can't find it...</blockquote>


<a href="http://www.redfin.com/CA/Newport-Coast/10-Night-Sky-92657/home/5928659">10 Night Sky</a>
 
That is a great location. I ride my bike on the fire road next to there occasionally.



But you better keep your fire insurance up, and be sure to give big xmas tips to the local fire station. The park next to it is way overgrown. Next big coastal fire could well be its demise.
 
I'm curious about this property in the Summit in Newport Coast.



<a href="http://www.redfin.com/CA/Newport-Coast/18-Dauphine-92657/home/5528859">http://www.redfin.com/CA/Newport-Coast/18-Dauphine-92657/home/5528859</a>



We recently sold there, and I think just before the bottom really falls out. We looked at this one in 2007, and it was listed at $1.3 million. The owner had completely gutted the inside, covered everything in travertine and marble. It seemed to us that they were going for the "Italian Villa" look everyone in OC inexplicably can't get enough of, but we though it was the most hideous thing we'd ever seen, completely inappropriate for a 1750 sq. ft. condo. We started calling it the Tuscan Monstrosity. It went unsold forever. The Realtor played games by delisting it and relisting it a few days later. They lowered the price until earlier this spring, it was on sale for $649,900. At that point, we found out it was a short sale. Then it disappeared from the listings and I guessed that it had been foreclosed on. Sure enough, it's just reappeared as a bank repo. Apparently the bank bought it for $600,000. By my calculations, that's 46% of the original asking price.



My question is this: I suspest that there was massive HELOC abuse, given the amount of work that was put into the renovation. More for reasons of Schadenfreude than anything else, I just want to know how much of a bath the bank is taking on this one. Can any one help? Also, why does the bank think it can sell at $649,900 when it sat for months before the foreclosure at the exact same price with absolutely no activity?
 
Not sure if they had 2nd on the place at the time of foreclosure or not, unless I do some real research. They might have had a $200k HELOC still outstanding. But... they did have a $760k option ARM 1st lien that had a balance of $840k when they foreclosed on it. So for sure the bank is eating over $200k when you factor in legal fees and RE commissions.
 
[quote author="jmatthew" date=1251426736]we though it was the most hideous thing we'd ever seen, completely inappropriate for a 1750 sq. ft. condo. We started calling it the Tuscan Monstrosity</blockquote>Though they obviously wasted their money and a bit too trendy, I've see a lot worse remodels than that.
 
[quote author="xoneinax" date=1251430917][quote author="jmatthew" date=1251426736]we though it was the most hideous thing we'd ever seen, completely inappropriate for a 1750 sq. ft. condo. We started calling it the Tuscan Monstrosity</blockquote>Though they obviously wasted their money and a bit too trendy, I've see a lot worse remodels than that.</blockquote>


Actually, this is one time where it looks a lot better without furniture. They carried the theme into the furnishings. I remember they had a huge china cabinet in the dining room and a massive round 8 seat table with a giant marble pillar for a pedestal. Even with the 2-story ceilings, they were too big for the space. Upstairs, the master bedroom had a 4-poster bed. The posts were easily 8 or 10 inches in diameter and the had about an inch of clearance at the ceiling. It was all just so over the top that we had to struggle to keep from cracking up in front of the Realtor.
 
[quote author="Strom" date=1251429149]Did the 10 Night Sky property sell?</blockquote>
It went off the market on 8/18/09 and currently shows as "pending" on MLS.
 
Not sure if this is considered "Newport Coast" still, but check out the pricing history on this one:



<a href="http://www.redfin.com/CA/Newport-Coast/5-Shoreline-92657/home/4749004">http://www.redfin.com/CA/Newport-Coast/5-Shoreline-92657/home/4749004</a>



Looks like they're just trying to get their original equity out at this point (unless they've refinanced since they originally bought). The "taxable value" is almost exactly the same as the list price...
 
[quote author="usctrojanman29" date=1251452598][quote author="Strom" date=1251429149]Did the 10 Night Sky property sell?</blockquote>
It went off the market on 8/18/09 and currently shows as "pending" on MLS.</blockquote>


It went for all cash at substantially ABOVE asking with multiple backup offers ABOVE that offer. So the final price is going to be somewhere around 2.6 to 2.7. The property needs a good $250k to finish up (deck out the backyard, fix the interior).



I've missed out on the short term bottom here in NC. I was close on a few properties, but no cigar. Now, things in that area are starting to move and the selling prices are inching up. This sucks for someone like me who is a strong buyer and has been waiting patiently (sold in late 2005, renting ever since)-- people with 100% cash (stronger buyers) who are impatient are jumping in.



I could have moved more aggressively to try and secure the last home I was going after but the deal involved what I considered to be mortgage fraud. The new rule is: honesty loses.



I hope that at some point, banks have to unleash all the shadow inventory that they have and I get a true market deal. :S
 
[quote author="JCie" date=1251467712][quote author="usctrojanman29" date=1251452598][quote author="Strom" date=1251429149]Did the 10 Night Sky property sell?</blockquote>
It went off the market on 8/18/09 and currently shows as "pending" on MLS.</blockquote>


It went for all cash at substantially ABOVE asking with multiple backup offers ABOVE that offer. So the final price is going to be somewhere around 2.6 to 2.7. The property needs a good $250k to finish up (deck out the backyard, fix the interior).



I've missed out on the short term bottom here in NC. I was close on a few properties, but no cigar. Now, things in that area are starting to move and the selling prices are inching up. This sucks for someone like me who is a strong buyer and has been waiting patiently (sold in late 2005, renting ever since)-- people with 100% cash (stronger buyers) who are impatient are jumping in.



I could have moved more aggressively to try and secure the last home I was going after but the deal involved what I considered to be mortgage fraud. The new rule is: honesty loses.



I hope that at some point, banks have to unleash all the shadow inventory that they have and I get a true market deal. :S</blockquote>
Don't get frustrated, your time and property will come. Keep something in mind...one of my buyers (member on the forum) closed on his home in the Tesoro tract at a new low price per sf of just a little over $400/sf (when you add in my rebate). I see the same thing, buyers are acting a bit irrationally due to the lack of inventory but comps and lenders will keep prices from zooming. You may not feel like it right now, but your patience will be rewarded. Remember, not do some things happy for a reason but some things DONT happen for a reason as well.
 
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