Newport Coast

[quote author="SacRenter" date=1216706804]<strong>Sell4u</strong> - how are the resale prices of custom homes determined? I'm sure I'm showing my ignorance here but what makes a house a 10 million dollar house instead of 5 mil? I look at all the houses for sale in Pelican Crest and they all seem to have stunning views and beautiful architecture. So why is there a 15 million price difference? </blockquote>


There are a few other factors, but I would say these 6 weigh in pretty heavily



Size of the home (Pelican Crest ranges from approx. 5,500sq.ft. up to about 14,000-15,000sq.ft, with the exception of 1 at 38,000sq.ft.

Lot size and lot dimenstions (11,000sq.ft. ? 40,000sq.ft.)

View orientation and location

Condition of the home

Materials used throughout

Subterranean garage and area



[quote author="SacRenter" date=1216706804]<strong>Sell4u</strong>

Even within the lower end of Pelican Crest - the 5 million range. How do buyers determine if the house is worth 5.1 or 5.2? Is that as significant a difference to potential buyers in that area as it would be to us normal folk? </blockquote>


$5.1 or $5.2. that?s a tough call. I would say yes it is every bit as important to a buyer in this area. If the comps in the area (using factors above) and using a price per square foot reflect pricing at $5.1, a buyer might only spend that amount. But as we all know, R.E. 101 a home is only worth what a buyer is willing to pay, one buyer might feel the home is worth X and other worth Y, just hard to say.



[quote author="SacRenter" date=1216706804]<strong>Sell4u</strong>

I'm still not convinced the high end has been affected. Have the prices in that area actually come down? Or is it that they haven't gone up as dramatically as they used to? Is anyone in that area actually losing money or are they simply not making as much as they used to? </blockquote>


They have come down in the sense that they have ?rolled back? to year level pricing just like every area of Orange County. My listing currently reflects pricing along 2004 early 2005 levels.

</blockquote>


My apologies for all the questions!

Anytime, hope this helps!
 
[quote author="IrvineRealtor" date=1216703799][quote author="sell4u" date=1216680543]I have a beautiful listing right now in Pelican Crest and I've already gotten an offer in 30 days.</blockquote>


Gorgeous views, sell4u,



What is viewing traffic like, for homes in that price range? Just curious as to what you're seeing over there.</blockquote>


Thank you IrvineRealtor



So far I've had

24 scheduled showings (1 today, 1 tomorrow)

1 open house, 37 groups

and 1 offer so far.
 
Here's a condo in Newport Coast. Current asking price $999,000, this is a 16.7% drop from the January 2008 listing price. Too bad they don't list the square footage. <a href="http://www.redfin.com/CA/Newport-Coast/Undisclosed-address-92657/home/12469080">Undisclosed Address</a>



Here's a new listing in Crystal Cove

<a href="http://www.redfin.com/search#pt=3&v=3&lat=33.570398763013195&long;=-117.83338487148288&zoomLevel=16&region_id=24549&region_type=6&market=socal">Crystal Cove Condo</a> It's asking almost $1000/sq. ft. This will sit on th market for a pretty long time.
 
[quote author="Roo" date=1217027071]Here's a condo in Newport Coast. Current asking price $999,000, this is a 16.7% drop from the January 2008 listing price. Too bad they don't list the square footage. <a href="http://www.redfin.com/CA/Newport-Coast/Undisclosed-address-92657/home/12469080">Undisclosed Address</a>



Here's a new listing in Crystal Cove

<a href="http://www.redfin.com/search#pt=3&v=3&lat=33.570398763013195&long;=-117.83338487148288&zoomLevel=16&region_id=24549&region_type=6&market=socal">Crystal Cove Condo</a> It's asking almost $1000/sq. ft. This will sit on th market for a pretty long time.</blockquote>


Roo the first one is a condo in Ziani, plan 3. A plan 3 sold just a while ago via short-sale/bankowned in the very low 9's if I remember correctly. That home, my guess sits for a long time unless the price comes down.



Yeah that Crystal Cove home is way overpriced. If I was a buyer I'd base that listing off of the recent Sidra Cove Seascape that sold I think right around $2.2-$2.3m ($664,$694 p/sq.ft.)
 
[quote author="sell4u" date=1217030037][quote author="Roo" date=1217027071]Here's a condo in Newport Coast. Current asking price $999,000, this is a 16.7% drop from the January 2008 listing price. Too bad they don't list the square footage. <a href="http://www.redfin.com/CA/Newport-Coast/Undisclosed-address-92657/home/12469080">Undisclosed Address</a>



Here's a new listing in Crystal Cove

<a href="http://www.redfin.com/search#pt=3&v=3&lat=33.570398763013195&long;=-117.83338487148288&zoomLevel=16&region_id=24549&region_type=6&market=socal">Crystal Cove Condo</a> It's asking almost $1000/sq. ft. This will sit on th market for a pretty long time.</blockquote>


Roo the first one is a condo in Ziani, plan 3. A plan 3 sold just a while ago via short-sale/bankowned in the very low 9's if I remember correctly. That home, my guess sits for a long time unless the price comes down.



Yeah that Crystal Cove home is way overpriced. If I was a buyer I'd base that listing off of the recent Sidra Cove Seascape that sold I think right around $2.2-$2.3m ($664,$694 p/sq.ft.)</blockquote>


I found a sale for $905,000. This would match the low 900s you are refering to.



How do you know what model and plan each home/condo is? Do you have access to the floorplans also?
 
I do Roo, but when I opened up your link I could just tell from the pictures it was a Plan 3 (sq.ft is approx. 1,955). I verified that listing in the MLS, it is a plan 3 (65 Mandria). That $905k number sounds right.

Just to throw my $.02 out there, Plan 3 and 7 are my favorite in Ziani.

I'll be doing open house tomorrow from 1-4pm at 3 Pacific Winds in Belcara if anyone wants to stop by.

I have floorplans for most housing tracks (minus the customs) in OC. If anyone needs something, just shoot me a PM.
 
[quote author="sell4u" date=1210908331]Here is what I see as one of, if not the best deal (as of today) for a SFR in Newport Coast.



Bank owned, $879k ~ $502sq.ft. (not a shortsale)

Previous owner bought the home in 2005 for $1,051,000

3 bed, 3 bath, 1,750sq.ft.



Current Inventory for sale in Sancerre

159 Lessay - 1,750sq.ft. $990k ~ $565

<em><strong>45 Calvados - 1,750sq.ft. $999k ~ $570</strong></em>

18 Lessay - 1,750sq.ft. $1,029,000 $588

152 Lessay - 1,956 sq.ft. $1,085,000 ~ $554

66 Lessay - 1,750 sq.ft. $1,099,000 ~ $628

21 Fecamp - 1,956 sq.ft. $1,179,000 ~ 602



Last home sold in Sancerre (via MLS)

48 Lessay - 1,750 sq.ft. $1,100,000 ~ $628 (11/26/2007)</blockquote>


Looks like the townhouse at 45 Calvados just dropped under $500/SF to $860,000 or $491/SF down from $1,139,000 (WTF) in Jun 2007. Keep coming! Maybe at <$400/SF I might be interested as a starter home for my new family... NCR



Listing Price History

Date Price

Jun 05, 2007 $1,139,000

Aug 09, 2007 $1,089,000

Mar 30, 2008 $1,039,000

Apr 27, 2008 $999,000

Jun 06, 2008 $949,000

Jul 29, 2008 $860,000



Source: SoCalMLS
 
I'm still hoping for prices to end up in the $300-350/sq ft. range for Newport.



Does anyone know if the price per sq. ft for condos will likely end up less or more than for SFRs? I would think they would be more because they have less footage, but then I would think they would be less because you might have higher assoc fees and because condos are usually less desirable than SFRs.
 
[quote author="T!m" date=1217463409]I'm still hoping for prices to end up in the $300-350/sq ft. range for Newport.



Does anyone know if the price per sq. ft for condos will likely end up less or more than for SFRs? I would think they would be more because they have less footage, but then I would think they would be less because you might have higher assoc fees and because condos are usually less desirable than SFRs.</blockquote>


Agreed, that would put this NC 1,750 SF townhouse at $525,000-$612,500. As a first time buyer, in the current credit market, my first purchase will have to be conforming, which under the new limits which will be about $725k I believe for OC.
 
<strong></strong>[quote author="NewportCoastRenter" date=1217465234][quote author="T!m" date=1217463409]I'm still hoping for prices to end up in the $300-350/sq ft. range for Newport.



Does anyone know if the price per sq. ft for condos will likely end up less or more than for SFRs? I would think they would be more because they have less footage, but then I would think they would be less because you might have higher assoc fees and because condos are usually less desirable than SFRs.</blockquote>


Agreed, that would put this NC 1,750 SF townhouse at $525,000-$612,500. As a first time buyer, in the current credit market, my first purchase will have to be conforming, which under the new limits which will be about $725k I believe for OC.</blockquote>


Sorry, I checked and the increase in conforming loan limits for Fannie, Freddie and FHA were actually increased to $625,500 from $417,000. So, with 20% down (what are the banks really requiring now? my company offers employees conforming loans with 5% down), that would mean the purchase price would have to be less than $781,875 to qualify for conforming. So, this 1,750 SF townhouse would have to fall another $78,125 to qualify for a conforming loan with 20% down? Is this correct newbie math?



Of course, there may be significant further downside to NC prices and I wouldn't want to catch a falling knife. NCR



<span style="font-size: 13px;"><strong>Summary of New Housing "Rescue" Provisions</strong></span>

http://money.cnn.com/2008/07/30/news/economy/housing_bill_Bush/index.htm



<strong>A stronger regulator for the GSEs</strong>. The new regulator will have a greater say over how well funded the two government sponsored enterprises (GSEs) are - a major concern in the markets that has sent stocks in both companies plunging in the past two months.



<strong>A permanent increase in "conforming loan" limits</strong>. The law will permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625,500 from $417,000.



The FHA maximum loan limits for high-cost areas would also increase to a maximum of $625,500. Higher loan limits will make it easier for borrowers to get mortgages, because those mortgages are more likely to be traded if they are considered conforming.



A new home-buyer credit. The new law includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500.



The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments.



<strong>A ban on down-payment assistance from sellers</strong>. The new law eliminates a program that has allowed sellers to provide down payment assistance for FHA loans.



The law would also increase to 3.5% from 3% the down payment requirement for borrowers getting FHA loans.



<strong>A new affordable housing trust fund.</strong> The law establishes a permanent fund to promote affordable housing. The fund will be paid for by fees from Fannie and Freddie.



Grants to states to buy foreclosed properties. The law grants $4 billion to states to buy up and rehabilitate foreclosed properties. The White House has opposed such funding, contending that it will benefit lenders and not homeowners.
 
[quote author="NewportCoastRenter" date=1217461315][quote author="sell4u" date=1210908331]Here is what I see as one of, if not the best deal (as of today) for a SFR in Newport Coast.



Bank owned, $879k ~ $502sq.ft. (not a shortsale)

Previous owner bought the home in 2005 for $1,051,000

3 bed, 3 bath, 1,750sq.ft.



Current Inventory for sale in Sancerre

159 Lessay - 1,750sq.ft. $990k ~ $565

45 Calvados - 1,750sq.ft. $999k ~ $570

<em><strong>18 Lessay - 1,750sq.ft. $1,029,000 $588 </strong></em>

152 Lessay - 1,956 sq.ft. $1,085,000 ~ $554

66 Lessay - 1,750 sq.ft. $1,099,000 ~ $628

21 Fecamp - 1,956 sq.ft. $1,179,000 ~ 602



Last home sold in Sancerre (via MLS)

48 Lessay - 1,750 sq.ft. $1,100,000 ~ $628 (11/26/2007)</blockquote>


Also, 18 Lessay is down to $890,000 or $509 SF for 1750 SF Townhouse.



Listing Price History

Date Price

Mar 06, 2008 $1,079,000

Apr 03, 2008 $1,029,000

May 27, 2008 $990,000

Jun 19, 2008 $890,000



Source: SoCalMLS
 
[quote author="NewportCoastRenter" date=1217466355]<strong></strong>[quote author="NewportCoastRenter" date=1217465234][quote author="T!m" date=1217463409]I'm still hoping for prices to end up in the $300-350/sq ft. range for Newport.



Does anyone know if the price per sq. ft for condos will likely end up less or more than for SFRs? I would think they would be more because they have less footage, but then I would think they would be less because you might have higher assoc fees and because condos are usually less desirable than SFRs.</blockquote>


Agreed, that would put this NC 1,750 SF townhouse at $525,000-$612,500. As a first time buyer, in the current credit market, my first purchase will have to be conforming, which under the new limits which will be about $725k I believe for OC.</blockquote>


Sorry, I checked and the increase in conforming loan limits for Fannie, Freddie and FHA were actually increased to $625,500 from $417,000. So, with 20% down (what are the banks really requiring now? my company offers employees conforming loans with 5% down), that would mean the purchase price would have to be less than $781,875 to qualify for conforming. So, this 1,750 SF townhouse would have to fall another $78,125 to qualify for a conforming loan with 20% down? Is this correct newbie math?



Of course, there may be significant further downside to NC prices and I wouldn't want to catch a falling knife. NCR



</blockquote>




heh, yes on the math, and yes on the <strong>knife</strong>.



How much market do you think that there will be in the coming years for a $800k townhouse, even if it is in NC? I suspect that the pool of rich retirees who have equity to cash out of their mcmansions and want to move to the coast will be small. Families will want a SFR more, etc.
 
<blockquote>How much market do you think that there will be in the coming years for a $800k townhouse, even if it is in NC? I suspect that the pool of rich retirees who have equity to cash out of their mcmansions and want to move to the coast will be small. Families will want a SFR more, etc.</blockquote>


Agreed. I've been lurking on IHB for some time and am in no rush. I happily signed another 10 month lease at Bordeaux in NC until May 2009 to bid my time and see how deep the Rabbit Hole goes in NB, NC or Irvine... Although we have our first baby on the way in Nov, we are prepared to wait as long as it takes (2010/2011) to not catch that <strong>knife</strong>. Thanks!



NCR
 
[quote author="T!m" date=1217463409]I'm still hoping for prices to end up in the $300-350/sq ft. range for Newport.



Does anyone know if the price per sq. ft for condos will likely end up less or more than for SFRs? I would think they would be more because they have less footage, but then I would think they would be less because you might have higher assoc fees and because condos are usually less desirable than SFRs.</blockquote>


Usually condos will be less. Hang in there, Ziani Plan 7 just went for $400sq.ft. on the nose a few months ago. It was a nice end unit with Canyon Views too (about 2,700sq.ft.)



Lowest priced per square foot for SFR's currently in NC are still in the low 5's
 
Oops!!! I was totally wrong about the math.



the new limit (after this year) for FHA mortgages is 115% of the median for the area.



I don't know when they determine the median, nor what source, but it looks to be ~$470 right now. that would mean that you could finance only $540k, not $625.
 
[quote author="freedomCM" date=1217479836]Oops!!! I was totally wrong about the math.



the new limit (after this year) for FHA mortgages is 115% of the median for the area.



I don't know when they determine the median, nor what source, but it looks to be ~$470 right now. that would mean that you could finance only $540k, not $625.</blockquote>


According to cnn.com athttp://money.cnn.com/2008/07/30/news/economy/housing_bill_Bush/index.htm,the new bailout bill that Bush just signed yesterday raises conforming limits to $625,500:



A permanent increase in "conforming loan" limits. The law will permanently increase the cap on the size of mortgages guaranteed by <strong>Fannie and Freddie </strong>to a <strong>maximum of $625,500 </strong>from $417,000.



The <strong>FHA maximum </strong>loan limits for high-cost areas would also increase to a <strong>maximum of $625,500</strong>. Higher loan limits will make it easier for borrowers to get mortgages, because those mortgages are more likely to be traded if they are considered conforming.
 
right, that is the maximum.



but it is still 115% of the median.



when the median in OC was $600k, no problem. but it is no longer.



in parts of the country where the median is $200k, they will only lend $230k.
 
[quote author="freedomCM" date=1217559422]right, that is the maximum.



but it is still 115% of the median.



when the median in OC was $600k, no problem. but it is no longer.



in parts of the country where the median is $200k, they will only lend $230k.</blockquote>


Just FYI, and it probably doesn't matter much, but the GSEs and FHA use OFHEO pricing guidelines that use the CAR numbers. They will also use the annualized number, and although <a href="http://www.car.org/newsstand/0608junesalesandpricereport/?view=Standard">CARs numbers are down on a monthly basis to $560,900</a>, it would still mean that the max of $625k would be available for OC. Will this help people in OC out? Sure... but not that many, you still need to show you can pay the payment.
 
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