Newport Coast

"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."



lendingmaestro-buyers would go on a wild shopping spree if they could buy property right now at 2001 prices in NC. Current homeowners who live in NC might go on a wild trade up shopping spree as well depending on the equity status of their home. Right now NC is at rollback prices 2004-2005. Do you really think NC would roll back all the way to 2001? What about the communities like Pacific Ridge that are developed well after 2001?



I'd like to hear some peoples thoughts about whether or not NC would roll back to 2001 and beyond...
 
I'd probably move up to Belacara in pacific ridge if I could get in around 1.5...I think the lowest priced place in belcara is 1.7 now
 
"I'd probably move up to Belacara in pacific ridge if I could get in around 1.5...I think the lowest priced place in belcara is 1.7 now "



Socalmd: Currently there are 10 Belcara homes for sale. The first 4 have price ranges from $1.675-$1.8m. All are Plan 1's (about 2,500sq.ft.) All but 1 of those homes for sale right now are original owners. I'm looking at title and the original owners paid anywhere between $1.35-$1.8m, most paid between $1.7-$1.8m.



Heres the good part though

Of those 4 Belcara homes for sale, 1 of them is a short-sale. The home appears to be clean and the listing agent's remarks say: appealing Belcara home with larger than average yard for Belcara, some stone floors,some carpet, stone driveway,etc...". The short-sale home is being offered at $1.745(on the high side). When I look at the loans on the property here is what I find:

1st - $1,269,907 (Countrywide)

2nd - $530,092 (Countrywide)



That 2nd's going to get wiped out during this shortsale process, leaving the 1st of $1,269,907.

Offer a number less than $1.5m a few times(i.e. $1.4,$1.45,etc..), be tough with the bank let them eat the loss. Sometimes its easier telling a bank to swallow the loss than a family owned home. Have your final price set in mind of $1.5m, and I'm willing to bet you'll have the deal.
 
I just ran a update search in Belcara, and whatya know they dropped the price on that home seconds ago socalmd - now at $1.660
 
thanks for the info sell4u



Is the house you're talking about 3 Gentle Breeze?



If I could get that house for 1.5 I would take it. Any idea how I pursue a house like this. A regular realtor?
 
<p>That's right. I forgot about that. </p>

<p>In case anyone misinterpreted my comment, I have zero issues with Zovall getting a kickback. This site didn't create itself, and there are plenty of fees involved - labor, too.</p>
 
Just look at the ridiculous prices on redfin compared to the previous sales prices. Stupidity. Did they just recently discover this land by the ocean? Are there fountains main of gold and chocolate streams?
 
http://www.redfin.com/stingray/do/printable-listing?listing-id=1528402





Purchased for 1,650,000 in 2004 now listed for 2.7 million








http://www.redfin.com/stingray/do/printable-listing?listing-id=1403906





Purchased for 1.1 mil in 2002 now listed for 2.2mil








http://www.redfin.com/stingray/do/printable-listing?listing-id=1344421





Purchased for 800,000 in 1999 now listed for 2.275 mil








http://www.redfin.com/stingray/do/printable-listing?listing-id=1203980





Purchased for 1.54 mil in 2002 now listed for 2.85 mil








http://www.redfin.com/stingray/do/printable-listing?listing-id=949755





Purchased for 1.2 mil in 2002 now listed for 2.28 mil








http://www.redfin.com/stingray/do/printable-listing?listing-id=1524689





Purchased for 1.54 mil in 2003 now listed for 2.8 mil








http://www.redfin.com/stingray/do/printable-listing?listing-id=806876





Purchased for 645,000 in 2003 now listed for 1.04 mil








http://www.redfin.com/stingray/do/printable-listing?listing-id=1404466





Purchased for 950,000 in 2003 now listed for 1.65 mil








<strong>WTF</strong>










 
Socalmd:



the property is not 3 gentlebreeze, though I'm almost certain it's the identical floorplan. I believe 3 GB is currently priced at $1.675. I had another property come up on the mls today in Belcara for $1.1 short sale subject to bank approval. it won't sell for $1.1. it will sell for more as the property is assessed at $1.47. Why don't we touch base socalmd via email/phone so we can discuss all this in private.



i'm very familiar with newport coast, I'm also a resident and practice strictly in NC just so you know. you are more than welcome to use my services or somebody elses. No commission comes out of your pocket, commissions are paid by the seller. I'll be more than happy to share my commission with you and provide you all my knowledge of Belcara and NC.
 
ABC the former landfill is adjacent to the newport ridge side of newport coast. therefor i would say its closer to newport coast.
 
""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."



Unfortunately, in 2 years time, inflation-based price growth will place most homes at 2003-2004 prices (from 2000 prices). It is hard for me to believe that homes will ever see 2001 pricing again in the more desirable areas.



Heck, if NC prices dropped to 2003 pricing, there would probably be a buying frenzy.
 
lendingmaestro: this is why my entire post was created in the 1st place. It was to show that the majority of current listings in NC are overpriced. Hence the reason why sales have died in NC in the last couple years. You pull up a dozen or so properties, trust me there's plenty more of those that are overpriced in NC. However, not ALL homes are this case. Someone that knows the area knows when a home is overpriced or when a home is aggressively priced. And even a home that is aggressively priced in this market(NC) usually does not sell at that price. I have yet to see any chocoloate streems yet, boy would that be terrible for my love handles!
 
Heck, if NC prices dropped to 2003 pricing, there would probably be a buying frenzy.



that's along the lines I was thinking too. Huge huge jump in 03-04 prices in NC. I'm sure everywhere else too
 
<p>The street Fecamp is in an $8 million development? That's one of the worst street names I ever heard, I thought it was Fecal at first. Second worst is Furrows in Orchard Hills, I think of a worried person with a furrowed brow.</p>
 
You must log in or register to reply here.
Back
Top