Newport Coast

[quote author="awgee" date=1258758768][quote author="RoLar_USC" date=1258734462][quote author="awgee" date=1258695355]

I find this method works better with no agent involved.</blockquote>


Whether he does it or his agent does it, wasn't the point. Just offering advice for what to do with slow neighborhoods.</blockquote>
Yes, but it was my point. My family has noticed that there is a more numerous response to a letter from a regular Joe than from a realtor/salesperson. Just offering advice for what to do with slow neighborhoods.</blockquote>
From personal experience, I know realtors put "personal" letters on your door saying they have a qualified buyer for your specific house when in fact they are just fishing for new clients.



If it was a letter from the person interested in buying and even if I wasn't serious about selling, I would consider it and maybe follow up.
 
[quote author="Roo" date=1258501636]Here's a pretty nice house at a very reasonable price. I bet it will sell quickly:



<a href="http://www.redfin.com/CA/Newport-Coast/8-Castellina-Dr-92657/home/5768078">8 Castellina Dr</a></blockquote>


Looks like it was already taken off the market. Anyone know the story? Did it sell?
 
[quote author="Strom" date=1258807351][quote author="Roo" date=1258501636]Here's a pretty nice house at a very reasonable price. I bet it will sell quickly:



<a href="http://www.redfin.com/CA/Newport-Coast/8-Castellina-Dr-92657/home/5768078">8 Castellina Dr</a></blockquote>


Looks like it was already taken off the market. Anyone know the story? Did it sell?</blockquote>
It didn't sell and it's not in escrow....the status is "Hold Do Not Show." The reactivation date is 11/24/09.
 
[quote author="garrison" date=1258770666][quote author="JCie" date=1258744789]



Curious: Was this home that you lost out on in the same neighborhood? (Ocean Heights)? I went through what you did so when I found the right house (and it was much nicer than the "one that got away"), I didn't screw around.</blockquote>


No, Ocean Heights is too rich for my blood (I'm a blue collar workin' stiff, not a business owner ;) ) However, I think I know the house you recently purchased (did it recently close at 1.6?) If so, wow it's beautiful! I'm looking in EastBluff (2229 Alta Vista was "the one") I know there will be others, and if the price is right, I won't have a "fish tale" to share.



You know, as stupid as it sounds, I think what's accelerated my desire to buy has been the deterioration of the living conditions in my apartment. A young college age girl and her boyfriend recently moved in below us, and all they do all day and night is play video games on their 60" plasma with the volume up full-blast. I sound like a curmudgeonous old man, but I'm not a fan of that generation...gen Y, whatever it's called....no respect for rules, all about me, yada yada.</blockquote>


Your reasoning doesn't sound stupid at all. It's all about the lifestyle you want. The 1.6 home isn't the one I bought but I am very happy with my home so thank you for the comment!



I had to change brokers before I had a real shot at getting a home. I can turn you onto somone who can give you more of an inside track if you're interested. We negotiated like hell on things after we settled on a price. I got 15 - 20k in concessions because my broker was a hard-nosed negotiator.
 
[quote author="JCie" date=1258808043][quote author="garrison" date=1258770666][quote author="JCie" date=1258744789]



Curious: Was this home that you lost out on in the same neighborhood? (Ocean Heights)? I went through what you did so when I found the right house (and it was much nicer than the "one that got away"), I didn't screw around.</blockquote>


No, Ocean Heights is too rich for my blood (I'm a blue collar workin' stiff, not a business owner ;) ) However, I think I know the house you recently purchased (did it recently close at 1.6?) If so, wow it's beautiful! I'm looking in EastBluff (2229 Alta Vista was "the one") I know there will be others, and if the price is right, I won't have a "fish tale" to share.



You know, as stupid as it sounds, I think what's accelerated my desire to buy has been the deterioration of the living conditions in my apartment. A young college age girl and her boyfriend recently moved in below us, and all they do all day and night is play video games on their 60" plasma with the volume up full-blast. I sound like a curmudgeonous old man, but I'm not a fan of that generation...gen Y, whatever it's called....no respect for rules, all about me, yada yada.</blockquote>


Your reasoning doesn't sound stupid at all. It's all about the lifestyle you want. The 1.6 home isn't the one I bought. I was in the 2 range.



I had to change brokers before I had a real shot at getting a home. I can turn you onto somone who can give you more of an inside track if you're interested. We negotiated like hell on things after we settled on a price. I got 15 - 20k in concessions because my broker was a hard-nosed negotiator.</blockquote>
JC, just curious why you had to change your broker? What was the problem? Too passive?
 
[quote author="USCTrojanCPA" date=1258808278]

JC, just curious why you had to change your broker? What was the problem? Too passive?</blockquote>


Yes and he didn't know the area. I started looking a year ago in Sea Cliff in HB. I thought Newport was too far, too expensive, and too pretentious. I had a lower-middle income upbringing and I thought that Newport was where the older rich people lived (I'm early/mid 30's). So I chose a broker that was familiar with Sea Cliff/HB. After fruitlessly searching in HB and being sticker-shocked by what sellers were trying to get for their homes, I asked him to expand the search to Newport. My first day looking in Newport was an eye opener. The homes weren't too much more expensive but the newer homes up in the hills were jaw dropping in comparison to HB. Once I saw an ocean view I couldn't settle for anything less. I had to see the ocean from my backyard. And I had to have that "indoor/outdoor" feel that many of the newer plans had. The longer drive suddenly became acceptable and "max budget" went a little higher every weekend that I looked at the homes in Newport.



Anyway, very long story short: My HB broker didn't know Newport and also didn't "hustle" to really get to know the market. He was also "faxing and waiting" when I made offers. I felt I had no control and wasn't taken seriously by the seller's brokers. I had a few frank talks with him and when things didn't really turn around, I started working with a friend of mine that was super aggressive and focused. We got a home within 2 months and I closed escrow in 30 days. I really ended up with the right home for me; the home I ended up with was much nicer than the three that I had bid on/tried to bid on. I am so glad now that I didn't have a winning bid on the homes that "got away".



The first evening I got the keys, I drove up to the house late at night to show the house to my GF and his friend. I explained to the guard at the gate that my name was on the list and that I was the new owner at my address. He checked the list and said, "Welcome home sir".... "Wow" is all I thought to myself...it felt so great to hear that.
 
[quote author="JCie" date=1258819299][quote author="USCTrojanCPA" date=1258808278]

JC, just curious why you had to change your broker? What was the problem? Too passive?</blockquote>


Yes and he didn't know the area. I started looking a year ago in Sea Cliff in HB. I thought Newport was too far, too expensive, and too pretentious. I had a lower-middle income upbringing and I thought that Newport was where the older rich people lived (I'm early/mid 30's). So I chose a broker that was familiar with Sea Cliff/HB. After fruitlessly searching in HB and being sticker-shocked by what sellers were trying to get for their homes, I asked him to expand the search to Newport. My first day looking in Newport was an eye opener. The homes weren't too much more expensive but the newer homes up in the hills were jaw dropping in comparison to HB. Once I saw an ocean view I couldn't settle for anything less. I had to see the ocean from my backyard. And I had to have that "indoor/outdoor" feel that many of the newer plans had. The longer drive suddenly became acceptable and "max budget" went a little higher every weekend that I looked at the homes in Newport.



Anyway, very long story short: My HB broker didn't know Newport and also didn't "hustle" to really get to know the market. He was also "faxing and waiting" when I made offers. I felt I had no control and wasn't taken seriously by the seller's brokers. I had a few frank talks with him and when things didn't really turn around, I started working with a friend of mine that was super aggressive and focused. We got a home within 2 months and I closed escrow in 30 days. I really ended up with the right home for me; the home I ended up with was much nicer than the three that I had bid on/tried to bid on. I am so glad now that I didn't have a winning bid on the homes that "got away".



The first evening I got the keys, I drove up to the house late at night to show the house to my GF and his friend. I explained to the guard at the gate that my name was on the list and that I was the new owner at my address. He checked the list and said, "Welcome home sir".... "Wow" is all I thought to myself...it felt so great to hear that.</blockquote>
It seems like things worked out perfectly in the end and just goes to prove one of the mottoes that I live by....sometimes things happen for a ready and sometimes things DONT happen for a reason (it's the second part that some people don't get). I do understand what you are saying and made the right choice. In the current market, you have to be a bulldog if you are gonna be a closer as a buyer's agent. I get in listing agents faces (not literally) letting them know how strong my buyers are. The real estate game isn't for meek or passive types...as Gorden Gecko said in Wall Street...."If you want a friend, go buy a dog." :cheese:
 
[quote author="OC Zed" date=1258726330][quote author="Roo" date=1258681639]The sentiment has changed drmatically because of short-term fluctuations in the housing market.



<strong>There's one thing I don't want to miss out and it's the opporunity to buy a home at a very low interest rate (<6%). </strong> You must always balance the home price vs. interest rates and see how it plays out on your true cost of ownership.

</blockquote>


This is not sound reasoning. When interest rates rise, prices go down to provide for a comparable monthly payment. Buying at lower prices with higher interest also has ancillary benefits by (i) being able to refinance later on when rates eventually decrease again (thus lowering your cost of ownership), and (ii) having a lower property tax payment upon purchase.</blockquote>


Good point, but I don't believe there's a linear relationship between interest rates and home prices. Also, since homes are illiquid and move slowly (much slower than interest rate could change), there might be a mismatch in home prices and interest rate.



IMO interest rates would go up before home prices decline. So if you don't time it right, you would have to wait a little longer for home prices to adjust.



I agree that you can eventually refinace later at lower rates, but i doubt that would be happening quickly enough for me to benefit from it.
 
[quote author="Roo" date=1258971934][quote author="OC Zed" date=1258726330][quote author="Roo" date=1258681639]The sentiment has changed drmatically because of short-term fluctuations in the housing market.



<strong>There's one thing I don't want to miss out and it's the opporunity to buy a home at a very low interest rate (<6%). </strong> You must always balance the home price vs. interest rates and see how it plays out on your true cost of ownership.

</blockquote>


This is not sound reasoning. When interest rates rise, prices go down to provide for a comparable monthly payment. Buying at lower prices with higher interest also has ancillary benefits by (i) being able to refinance later on when rates eventually decrease again (thus lowering your cost of ownership), and (ii) having a lower property tax payment upon purchase.</blockquote>


Good point, but I don't believe there's a linear relationship between interest rates and home prices. Also, since homes are illiquid and move slowly (much slower than interest rate could change), there might be a mismatch in home prices and interest rate.



IMO interest rates would go up before home prices decline. So if you don't time it right, you would have to wait a little longer for home prices to adjust.



I agree that you can eventually refinace later at lower rates, but i doubt that would be happening quickly enough for me to benefit from it.</blockquote>


For a given monthly payment, if interest rate jumps/falls 1%, the loan amount has to decreas/increase roughly by 10%.

I used "loan amount" not "house price" to imply that if you want to pay a large portion by cash, then lower house price financially outweighs lower interest rate.
 
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