Newport Coast

hang in there Socalmd. Prices are continually coming down, both condos and sfr's in NC- the hot air is not out yet. You should be able to pick up a nice single family home in NC in the next year, maybe two at a 25-30%(or more) discount off 2006 peak prices...



NC peaked a little earlie than the rest of OC. middle to top of 2006.



by the looks of some asking prices in Crystal Cove, you'd think the sellers thought prices were continually going up after 2006, either that or their realtor blows good amounts of smoke up their ass
 
I love crystal cove...that would be a dream. I would love to know how all those people were able afford their 3-10mill dollar home.
 
<p>Skek,</p>

<p> I used to own a little triplex out there... it was absolutely beautiful! The downside was that the rent was 7k a month. But you back door opened to the beautiful Pacific Ocean.</p>

<p>as for the better mousetrap. I hold a few patents... unfortunately my specialization has been in weapons design. Thus all the patents are held by the US Govt. , "for our protection". I did however receive "$1" for my work!! ha ha.</p>

<p>Oh well.</p>

<p>good luck</p>

<p>-bix</p>
 
Skek:

What's happening in Crystal Cove right now is a complete slowdown in home sales, which is placing pressure on sellers now, throughout 2008, and 2009 to lower asking prices, or price aggressively if they truly are set on selling their home. Yes homes are are still selling, but I've noticed its just been the larger homes atleast the first quarter of 2008. Currently there are 35 active properties via the MLS for sale right now in CC, plus the other two home builders up at the top(Standard Pacific the Tides, and John Laing Sea Point) who do not cooperate with the MLS who probably each have 1-3 homes currently for sale outside the MLS. The homebuilders are pricing aggressively, much more-so than the re-sale market in CC. I believe they are pricing in the $700 sq.ft. range but don't hold me to that. Even with that said, sales have slowed in both Tides and SeaPoint. I wouldn't be surprised to see SeaPoint hold off for the time being on building their next two phases of homes. Most re-sale homes are not selling because the owners are asking way too much, north of $1,000sq.ft. when they should really be priced well under $1,000 a sq.ft. if they want to sell in this market. There are always a few trophy locations that can command that high $/Sq.Ft., but i can't help but laugh when most if not all of the 35 homes currently listed by sellers right now are all listed at trophy prices. Back in early 2006 they most likely could have gotten there homes sold at their asking prices, not the case in this market - the boat has passed and they're free to list at whatever prices they want, but goodluck selling the home. I would estimate a 5-8% decline in home prices in 2007 in CC, a rather mild decline compared to all of NC. I have my opinions as to why that is.



Currently there are two seascape homes (seascape is one of the many tracts within crystal cove, they are the smaller homes, the homes you see when your driving down PCH and look just up behind the Promenade shopping center) for sale priced at or just under $800 a sq.ft. and even those homes have yet to sell. Of course there are also the other 3 or 4 seascape or seabourn homes that are around $1,000sq.ft. for sale.



Here is a breakdown of home sales by quarters in Crystal Cove

1/1/2008 - 4/2/2008 - 6 (all 6 of these homes were bigger homes, i.e. 4,300sq.ft+)

1/1/2007- 4/2/2007 - 5 (all 5 of these homes were smaller homes, i.e. 3,800sq.ft. or less)

1/1/2006 - 4/2/2006 - 2

1/1/2005 - 4/2/2005 - 10

1/1/2004 - 4/2/2004 - 8



If i can remember correctly it was not until the beginning of 2006 that Crystal Cove started having 25+ homes for sale at any given time in the MLS.

Rollback pricing is difficult to comp in CC because different tracts were built in all different years.



However if you take Seascape and Seabourn as an example (built in 2001) these homes need to roll back to 2004,2005 before you see activity start to pick up here.



Crystal Cove is a great place to live. Unique location (in-between cdm and laguna beach), easy access to the beach, shops, stores, and restaurants. But it still overpriced for the time being.







socalmd:



I will go out on the limb and say the marjority of homeowners living in the $3.0m home region in Crystal Cove (which are most likely seascape and seabourn homes) originally purchased around $1.3-1.5m when purchased new from the builder around 2001. A non view new home from the builder could have been had for under $1.0m back in 2001. The Seabourn and Seascape original owners were selling for $3.0m (or more or a little less) during the peak, not the case today.



Then there are the owners who spent around $2.6-$3.0m on a new Whitesails home (built by Taylor Woodrow in 2003/2004, these are the 4,800-5,500sq.ft. homes) These homes were selling in the high 4's to mid 5's. Not the case today.



$10 home is going to be a custom home. Spending $3.5m on the lot, and another $500-$800 a square foot approximately to build the house, and the customs are usually minimum 5,500 square feet. One being built right now in CC is about 17,000sq.ft.(liveable)





Middle Easterns, Asians, and White people make up the majority of Newport Coast, including Crystal Cove.
 
sell4u



"Middle Easterns, Asians, and White people make up the majority of Newport Coast, including Crystal Cove."



Are those "typical white people" as Obama says?



As you know you shouldn't refer in any way to the racial makeup of the neighborhood per DRE regs and the fed guidlines. It is a NO-NO!



Regards
 
I'm confused. Except for Santa Ana and maybe Anaheim, don't Middle Easterners, Asians, and White people make up the majority of every city in Orange County?
 
I don't know, nor do I care what their ethnicity is, but 2 Fecamp went back to the bank today for $877.5k. And, a place in Laguna Beach went back to the bank for $1mil.





The high-end IS NOT IMMUNE!
 
<p>Sell, </p>

<p> Is there any outstanding deals around? I've been looking to get back into that place and I have a few $$ burning a hole in my pocket.</p>

<p>-bix</p>
 
sell, you said "I would estimate a 5-8% decline in home prices in 2007 in CC, a rather mild decline compared to all of NC. I have my opinions as to why that is." What's your opinion on why just a 5-8% decline, which is pretty small compared to what happened in other areas?
 
fumbling:

My $.02 for the mild decline - The demand is still somewhat there for CC. CC is extremely popular to not only future buyers, but curious minds as well. I'm sure some curious minds turn into buyers later down the road. CC is one of few (maybe the only?) communities along the coast that have this style of living, (i.e. where the architecture of your home is santa barbaran / italian style, live among tons of open air space, plenty of walking exercise trails, easy beach access(a walking tunnel that takes you underneath PCH and dumps you straight onto the beach), a nice shopping center you can just walk to from your house and a few other things I'm probably missing. Of course the location factor, minutes from Laguna, CDM, Newport Beach, John Wayne Airport, Fashion Island, South Coast Plaza, the list goes on... Any given weekend, potential buyers or looky loos are coming from all over the map: NC ,Laguna, Anaheim Hills, Temecula, LA area, other states or countries. This is my $.02 for the mild 2007 decline, but judging by the lengthy days on the market count for most homes in there, prices are going to have to come down atleast another 5-10% this year.



Biscuitninja: Are you speaking of strictly CC or entire NC? If I'm buying a home right now in NC and I'm looking for a deal, I'm making an offer based on one of 2 scenarios:

A.) a motivated seller -

one that has equity in the home

did not purchase in the last couple years

does not have the home overpriced, rather priced aggressively, or atleast priced to entertain offers.

And they are there, its just that the majority of overpriced listings overshadow them.

B.) short-sale or bank owned home. I see more short-sales than bank-owned in NC. (depending on the size of the loan the borrower has, a shortsale might not be an attractive deal)
 
i forget the name of the development, it might be the Tides, it's the development lower down in CC than the uppermost one, but the Plan 1 Tuscan model home is the most amazing (in a good way) looking house I've ever seen. You enter through the courtyard, then you see a series of arches with the pacific ocean in the distance, and it looks huge and dramatic and different than any home I've ever seen. It's like a hotel feeling. One of the nicest tract homes I've ever seen. Of course it's $7 million. I've never looked at a $7 million home before. But of the three or four models, Plan 1 was the most amazing. The others looked like other tract homes I've seen before. And probably for say Londoners, CC homes are not that expensive
 
CC attracts a lot of buyers from out of state and country. With our dollar in the pooper, international buyers come out here and grab a beautiful property such as the one you described for pennies on the dollar. However, they might not negotiate as aggressive as the locals who live nearby and know the market trends. This is another example as to why the prices have held up better than most other areas of NC, lots of demand from International buyers looking to buy a home or a 2nd home in CC.



graphix: 2 Fecamp was owned by a realtor (not his main home) who obviously had no clue what he was doing with regards to purchasing the home and timing the market. Him and the rest of the crow bought on spec most likely. That home selling in the 8's would roll back to middle to late 2004. That home in the 7's would roll back to middle to late 2003. I think the house selling today in the low 8's would be a great deal. I've yet to see rollbacks to 2003 in NC.
 
<p>Either one, I used to own a triplex out there and would love to return to there. Unfortunatley I, spent most of the cash I had on a 10 condo deal (actually part of a REALLY big condo deal). So we'll see what happens, I still have some left over cash, but its not nearly as much as i'd like.</p>

<p>-bix</p>
 
In 2 years time, homes everywhere in OC will be 2001 rollbacks and beyond. The bubble gains will be all but wiped out, and only inflation based price growth will have remained from 2000 prices.
 
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